ICBC's profit surged 69% to US$54m in Dubai

Thanks to stronger trade between China and Dubai.

The Dubai branch of the Industrial and Commercial Bank of China generated pre-tax profits of US$54 million in 2012, up 69% year-on-year by taking advantage of stronger trade between China and Dubai.

Tian Zhiping, the bank's regional chief executive, said ICBC took part in important syndications and witnessed growing volumes in renminbi transactions, all of which added to its business growth.

"We are also providing project financing to the increasing number of Chinese businesses operating in the Middle East."

The bank was also confident about its growth prospects in the region. He said ICBC will continue to focus on commercial banking and develop investment banking and asset management services.

"We are also hopeful that our Kuwait and Riyadh branches will be joining our GCC network within this year," he said.

The bank is seeking to provide the Arabian Gulf's financing needs for large infrastructure projects, including energy, transportation, technology and telecommunications.

It said it had conducted US$2.25 billion worth of regional interbank transactions using the Chinese renminbi in 2012 and US$1.64 billion of foreign exchange transactions to capitalize upon regional demand for the renminbi.