ICBC records rising profits

by Richard Kilner

Story link: ICBC records rising profits

The Industrial and Commercial Bank of China (ICBC) has released its financial results for the first three quarters of the year, including post-tax profits of RMB 100.544bn, growth of 8% on the same period last year.

Net profit was up by 19%, year-on-year, maintaining the Chinese bank’s strong momentum.

The ICBC made a net profit of RMB 41.1bn on banking charges and commission fees, up almost 19% from the same period last year.

Investment banking service and bank card service also grew rapidly, up 44% and 36% respectively to make a combined profit of over RMB 16bn.

Wealth management increased by more than half to achieve income of more than RMB 11.56bn.