ICBC's Five-Year Development Targets

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Last updated at: (Beijing Time) Saturday, February 09, 2002

ICBC's Five-Year Development Targets

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Over the next five years the Industrial and Commercial Bank of China (ICBC) will become a modern financial enterprise which is strongly competitive internationally, according to Jiang Jianqing, president of the bank.

Addressing the ICBC's annual working meeting here Friday, Jiangsaid that by 2005 the bank's non-performing loans will be lowered by 15.7 percent, and the international standard asset quality appraising system will be practiced throughout the bank.

He also said that during the next five years the bank's aggregate income is expected to reach 250 billion yuan, including a book value profit of 32.5 billion yuan, an average annual increase of 10 percent. By 2006, the bank's non-performing loans will be below 10 percent, and all historical financial burdens will no longer exist.

The major objectives of the bank in the next five years will include improving the legal personnel management structure; a study of the general plan for the shareholding system reform and working towards being listed on the stock exchange; building up a scientific management system; establishing a good operational mechanism; as well as building modern personnel resources management systems.

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