ICBC sees profits rise by 18%

by Richard Kilner

Story link: ICBC sees profits rise by 18%

The Industrial and Commercial Bank of China Limited (ICBC) has announced its financial results for the first quarter of 2010.

The ICBC recorded net profits of RMB41.725bn, a rise of more than 18% compared to Q1 2009, with earnings per share up 9% to RMB0.12.

The bank also managed to achieve a 6% rise in revenue, despite difficult operating conditions that saw other banks suffering substantial revenue declines.

Total customer deposits rose by 5.7% to RMB10.3 trillion, with deposits from other banks increasing the deposit total to RMB11.5 trillion.

The 18% rise in profits for the ICBC indicate that its strong trend of growth continues, following the 16.3% rise in profits achieved in the annual results for 2009.