ICBC posts 31% gain in profits
5 April 2007
Industrial and Commercial Bank of China (ICBC) announced a 31% rise in annual profits to US$6.4 billion Tuesday, the Financial Times reported. The gains - in the first set of results posted by ICBC since its world record US$21.2 billion initial public offering in October - came thanks to a strong performance in the personal banking and wealth management businesses of the country's largest lender. ICBC Chairman Jiang Jianqing said the bank only targeted modest growth in lending as it placed greater emphasis on wealth management and other fee-based products. "In the past, the Chinese relied on rice and noodles when we were not so well-off. Now we eat beef and drink milk. This is similar in banking," Jiang said, explaining the increasingly diverse income streams. He added that ICBC would pursue overseas expansion in the coming year and also participate in investment banking and capital markets, regulators permitting.