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ICBC going gangbusters

ICBC going gangbusters

(10 July 2007 - China) Industrial and Commercial Bank of China (ICBC) has forecast that it will deliver more than 50 percent growth in its first half net profit announcement. ICBC, which is China's largest lender, said the strong performance was based on lending growth and non-interest income.

ICBC told the Shanghai stock exchange that its net profit jump was driven by growth in lending and its treasury businesses.

The bank said fee income grew significantly over the period.

The bank reported net profit of US$3.31 billion for the corresponding period last year.

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