INDUSTRIAL & Commercial Bank of China Ltd, the world's biggest by market value, expects first-quarter profit to soar by more than 50 percent as China's economic growth boosts demand for loans.

"Income from various businesses such as net interest income and net fee and commission income recorded rapid growth," the Beijing-based bank said in a statement to the Hong Kong Stock Exchange yesterday. ICBC's profit was 18.71 billion yuan (US$2.67 billion) in last year's first quarter, based on Chinese accounting standards, the company said.