Industrial & Commercial Bank of China enjoys net profit of 28%
Shanghai, China (AHN) – Profitable lending made possible by fast economic growth in China helped boost net profit 28 percent at Industrial & Commercial Bank of China Ltd (ICBC), the world’s largest lender by market value.
ICBC (1398.HK) is also China’s largest bank by assets.
That translated to $25.19 billion in net profit for the 12 month period ending Dec. 31, which was better than had been expected.
In addition, net interest income was up by 24 percent.
However, ICBC officials do not expect the pace of lending to keep up because government officials have asked banks to cut back on expansion of loans.
Bank officials expect only a 13.2 percent growth in loans during 2011 compared to a 19 percent expansion rate in 2010 and 25 percent in 2009.
View full post on Economy, Business And Finance Stories
