ICBC Makes Big Progress in 1st Three QuartersBy the end of September, the Industrial and Commercial Bank of China (ICBC) saw an increase of 216.6 billion yuan in its loans, up 62 billion yuan from the same period last year.A spokesman for the ICBC said the bank has been actively readjusting its credit structure and paying attention to improving the overall quality of its credit assets, largely rationalizing the structure of its credit products. Of the newly increased loans since the beginning of this year, that for State's key projects was 51.3 billion yuan, accounting for 23.68 percent; while residential housing loans and various other consumption loans was 69.8 billion yuan, accounting for 32.22 percent. The proportion of these loans in the bank's total outstanding amount of loans has increased 17 percentage points from the same period last year. By the end of September, the amount of working capital loans increased 95.5 billion yuan, which has mainly been extended to reliable clients, including State-owned large enterprises with good profits, international company groups, non-government enterprises with adequate strength, quality listed companies and emerging industries with good potential. Thanks to the ICBC's efforts in controlling the quality of credit assets, the newly increased loans are mostly in good condition. The ICBC has also reinforced its efforts in financing, and timely readjusted its depositing strategy in line with the changes in the deposit market. By the end of September, the outstanding amount of deposits from institutions increased 152.3 billion yuan,that of interbank deposits increased 73.9 billion yuan, while that of foreign exchange deposits increased 3.5 billion U.S. dollars. In addition, the ICBC has also finished all necessary legal procedures for acquiring the Hong Kong Union Bank, and has made big progress in Internet banking, telephone and mobile phone banking, fund trusts and other businesses. |
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