Leading bank records deposits surge in January

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Last updated at: (Beijing Time) Tuesday, February 03, 2004

Leading bank records deposits surge in January

Leading Chinese bank ICBC posted Tuesday a surge in its RMB yuan savings deposits in the first month of 2004 -- rocketing 114.83 billion yuan (13.8 billions US dollars) in a single month.

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Leading Chinese bank ICBC posted Tuesday a surge in its RMB yuan savings deposits in the first month of 2004 -- rocketing 114.83 billion yuan (13.8 billions US dollars) in a single month.

The one-month increase reported by the Industrial and Commercial Bank of China was 24.1 billion yuan (2.9 billion US dollars) more than that of January 2003 and for the first time exceeded 100 billion yuan (12 billion US dollars), a bank spokesman said.

The spokesman noted that China's sound macro-economic performance and a stable rise in residents' income were factors behind the ICBC's achievements.

The ICBC is one of the country's "big four" state-owned commercial banks.

"Meanwhile, the hike can also be attributed to efforts exerted by the ICBC to streamline operations and promote marketing," he said.

The bank has upgraded more than 3,500 individual financing centers over the past few years. The spokesman said the ICBC ensured the sustained development of its deposits business through optimizing the structure of deposits and expanding the sources of deposits funds.

The ICBC has also been upgrading its sales network and services. One example is that it has so far put into use as many as 14,000 ATM machines and 72,000 point-of-sale machines, the spokesman said.

Chinese banks are all gearing up to address fierce competition from foreign rivals in the coming years, including in the field of savings deposits, since China made commitments to gradually open the market to foreign banks when it joined the World Trade Organization.

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