Deposits in ICBC Exceed 4 Trillion Yuan

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Last updated at: (Beijing Time) Wednesday, November 06, 2002

Deposits in ICBC Exceed 4 Trillion Yuan

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The Industrial and Commercial Bank of China (ICBC) reached a Chinese banking milestone when it announced Wednesday that deposits had reached 4.0029 trillion yuan (484 billion US dollars) by the end of October.

The news makes the ICBC the first financial institution in China with deposits exceeding 4 trillion yuan.

A spokesman for the ICBC said that when the bank was founded in1984, deposits were only 169.6 billion yuan. In 1994 it reached 1 trillion yuan, while in 1997 and 2000 it exceeded 2 trillion yuan and 3 trillion yuan, respectively.

Over the past 18 years, the bank's deposits had grown by nearly 23 times, he said.

Statistics show that individual savings deposits in the bank stood at 2.2462 trillion yuan, accounting for 56 percent of the total. Individual savings deposits had become the most important capital source for the bank.

By the end of October, outstanding loans by the ICBC had reached 2.8654 trillion yuan, a large part of which has been channeled to energy, transportation, telecommunications, petrochemicals, metallurgy, construction materials and other industries which have been listed as the state's key development areas.

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