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.