CRI NEWS

ICBC Reports 20% Jump in Profits

2005-1-7 13:43:44 CRIENGLISH.com

The Industrial and Commercial Bank of China or ICBC, the country's largest lender, chalked up a roughly 20 percent year-on-year growth in operating profits in 2004.

Its combined assets increased by 430 billion yuan or about 52 billion US dollars on the year.

The bank also posted a 46 percent surge in income from intermediate business, such as bank card and bill business last year.

This is eye-catching because Chinese banks traditionally resort to differentials between loan and deposit rates to make earnings, but for the ICBC, its intermediate business income has climbed to 14 percent of that from rate gaps.

Meanwhile the bank's outstanding non-performing assets plummeted by 40.5 billion yuan over the course of the year.

The ICBC says it would seek a public listing in 2006.

(Photo Source:Sina)

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