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ICBC H1 profits rise 29 pct


13:48, August 26, 2011

BEIJING, Aug. 25 (Xinhua) -- The Industrial and Commercial Bank of China (ICBC), the country's biggest lender by market value, said Thursday that its profits for the first half of this year rose 29 percent year-on-year as the result of higher loans and fees.

The bank's net profits increased to 109.6 billion yuan (17.13 billion U.S. dollars), or 0.31 yuan per share, from 84.6 billion yuan, or 0.25 yuan per share, one year earlier, the company said in a statement filed to the Shanghai Stock Exchange.

The figures were calculated according to international financial reporting standards, according to the statement.

ICBC posted rapid growth in its fee and commission income for the first half of the year. The amount the company raised through fees and commissions surged 45.8 percent year-on-year to 53.8 billion yuan, accounting for 23.27 percent of the bank's total revenues.

The Beijing-based lender extended 410.9 billion yuan in yuan-denominated loans during the January-June period, a rise of 6.6 percent from one year earlier.

It said it reported a sharp increase in small enterprise loans, trade financing and personal loans.

The government has been trying to slow lending growth by steadily hiking interest rates and ordering banks to keep more money in reserve. These efforts are part of the government's goal of curbing inflation, which hit a 37-month high of 6.5 percent in July.

The bank's non-performing loan (NPL) ratio stood at 0.95 percent as of the end of the first half, down from 1.08 percent at the end of last year.

The lender said that risks related to local government debt default are controllable, with the bank's NPL ratio on lending to local government financing vehicles down to 0.25 percent around the end of June.

The total assets of the lender's overseas branches hit 103.87 billion U.S. dollars, up from 37.2 percent at the end of last year.

The bank's shares climbed 2.45 percent to reach 4.18 yuan on the Shanghai Stock Exchange.


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