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ICBC Sees Rise in Individual Consumption Loans
The Industrial and Commercial Bank of China (ICBC) said Monday that its individual consumption loans have risen by a big margin in the first half of the year.
Statistics show that by the end of June, the bank's individual housing loans increased 21.7 billion yuan (about 2.8 billion US dollars), or 13 billion yuan more than the same period last year, while automobiles, durable goods wholesale consumption loans and other kinds of individual consumption loans increased 5.1 billion yuan, 4.4 billion yuan more than the same period last year.
A spokesman for the ICBC that the bank's housing loans maintained growth in the first half of the year. By the end of June, the outstanding amount of individual housing loans reached 62.7 billion yuan, increasing 21.7 billion yuan from the beginning of the year.
At the same time, ICBC branches starting automobile consumption loans expanded from 286 to 663, covering 35 provinces, municipalities and autonomous regions across the country.
By the end of June, the outstanding amount of automobile consumption loans was 4.23 billion yuan. Durable goods wholesale consumption loans reached 440 million yuan.
The ICBC's individual consumption loans also include loans pledged with petty deposits, comprehensive consumption loans, tourism loans, petty short-term credit loans, state grant-in-aid loans and loans to aid students studying overseas. By the end of June, the ICBC had granted 10.87 billion yuan in such loans.
The spokesman said that in the second half of the year, the ICBC will continue to promote consumption loans, with housing loans being given top priority. The bank has decided to raise the target for this year's individual housing loans from 36 billion yuan to 55 billion yuan.
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