ICBC profit up 28.3% in first 3 quarters

ICBC recorded a profit after tax of RMB 164 billion in the first three quarters of 2011, up 28.31% over the same period last year.

The Bank has consistently improved its asset quality while maintaining steady growth in operating performance in all business lines. Balance and percentage of ICBC non-performing loans both went down.

At the end of September, balance of non-performing loans was RMB 4.051 billion less over end of previous year. Non-performing loan rate slid 0.17 percentage point to 0.91% from the prior year-end, a percentage on par with global peers. Provision coverage rate soared 44.46 percentage points over the end of 2010 to reach an impressive 272.66%, demonstrating the significant boost to the Bank's risk capabilities.

In the third quarter of 2011, ICBC maintained its momentum in the first half of the year. In deposit business, the Bank's customer deposits rose nearly RMB 1 trillion from end of 2010 to RMB 12.14 trillion at the end of September this year, up 7.64% when compared to the same period last year.

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