China's banks strong, ICBC still nation's most profitable company

13:27, August 27, 2010      

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China's banking industry continued to maintain rapid growth in the first half of 2010, according to financial reports released by the Bank of China (BOC) as well as the Industrial and Commercial Bank of China (ICBC) on Aug. 27. ICBC remains China's most profitable company, and 12 major domestic banks, including China Everbright Bank, reaped a total half-year net profit of 283.3 billion yuan.

ICBC's report shows the bank recorded revenue of more than 181.7 billion yuan in the first half of this year, up nearly 23 percent from the same period of last year. Of the total revenue, more than 149.7 billion yuan was from interest, up nearly 9 percent from last year, and the non-interest income only reached 38.4 billion yuan.

BOC's report shows that its total assets are close to 10 trillion yuan, and the after-tax profits that belong to the bank's shareholders reached over 52 billion yuan in the first half of 2010, up nearly 27 percent from a year earlier.

It is worth noting that as of June this year, BOC held 819 million U.S. dollars of bonds issued by Fannie Mae and Freddie Mac, and nearly 3.4 billion yuan of bonds issued by various institutions in Portugal, Ireland, Italy, Greece and Spain. This way, BOC reduced the bonds issued by the five European countries by more than 3.6 billion yuan in total in the first half.

Zhang Qinfeng, an analyst at Guotai Junan Securities Company, predicted that the average growth rate of Chinese banks' net profits will exceed 18 percent in 2010 and drop to around 15 percent in 2011.

By People's Daily Online


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