Banking News
- ICBC sees positive profit growth
Date: 6-Jun-2007 Sources: (Shenzhen Daily)
CHINA'S top lender Industrial and Commercial Bank of China Ltd. said yesterday it expects to achieve positive profit growth this year.
ICBC's after-tax profit in the first quarter rose 52 percent on higher interest margins and fee income. Its full-year profits for 2006 were up 31 percent. 'In the past four years, our profit growth has averaged around 30 percent. I think that this year, profits will continue to see positive growth,'Pan Gongsheng, secretary to the board of directors of ICBC, told reporters on the sidelines of a banking conference. Pan also said that he expected ICBC's loan book to grow by around 10 percent this year, little changed from the 10.4 percent growth seen in 2006.
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