International and Commercial Bank of
China (ICBC), the world’s biggest bank by market capitalisation,
posted a 16% rise in net profits to CNY128.6bn ($18.8bn) for fiscal
2009, bolstered by a jump in its retail arm.
ICBC, with a network of more than
16,000 branches across China, saw its personal deposits rise 48% to
CNY4.66 trillion at the end of 2009, from CNY4.01 trillion the year
before.
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Personal loans accounted for 21.1%
of total loans, and increased to CNY1.20 trillion, or by 45%.
For the 10th year in a row, the bank
maintained a drop in both non-performing loans (NPLs) and the NPL
ratio. The balance of NPLs slipped by CNY16.01bn in 2009 and the
NPL ratio fell by 0.75%age points to 1.54%.
The bank said it predicts total
assets and liabilities to continue increasing in 2010 with the NPL
ratio maintained below 1.40%.
Although net fee and commission
income increased by 25.3%, net interest income fell 6.5% to
CNY245.8bn.
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By GlobalDataBut the bank was upbeat and said:
“Not only did the bank consolidate its advantages in traditional
businesses, it also further established its leading position in
most emerging business sectors in China such as credit card,
e-banking, investment banking, asset custody and pension and cash
management.”
