ICBC （stock code: 601398）says 2007 profit to be `very good'
INDUSTRIAL & Commercial Bank of China said it's aiming to increase lending by 10 percent this year, as economic growth raises borrowing needs for housing, cars and consumption.
"Net income this year will be very good,'' said ICBC's corporate secretary Pang Gongsheng, speaking at a forum today in Beijing, declining to elaborate. The country's largest bank by branches is aiming to increase 2007 loans by 10 percent from last year, Bloomberg reported.
The growth target is in line with the average 10 percent rate by which ICBC has been expanding. State-controlled ICBC, which lends almost one in every six dollars in China, said its 2006 loans grew 10 percent to 3.53 trillion yuan (US$462 billion) while the bank expects 5 trillion yuan of loans in three years. Deposits increased 11 percent last year to 6.35 trillion yuan.
Profit jumped 31 percent last year to 49.3 billion yuan, or 0.18 yuan per share, from 37.6 billion yuan, or 0.15 yuan a share, in 2005, the bank said on April 3, citing international accounting standards.