Friday, July 04, 2008

ICBC sees H1 profit to rise over 50%

Industrial & Commercial Bank of China Ltd, the world's biggest by market value, said it expects first-half profit to rise by more than 50 percent as China's economic growth boosts demand for loans.

"Income from various businesses such as net interest income and net fee and commission income recorded rapid growth," the Beijing-based bank said in a statement to the Hong Kong stock exchange yesterday. ICBC's profit was 40.84 billion yuan (US$5.96 billion) in the first half of last year, based on Chinese accounting standards, the company said.

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