Arab Today, arab today china\s icbc 2013 fullyear net profit up 102
Last Updated : GMT 10:36:23
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China\'s ICBC 2013 full-year net profit up 10.2%

Arab Today, arab today

Arab Today, arab today China\'s ICBC 2013 full-year net profit up 10.2%

Hong kong - AFP

The Industrial and Commercial Bank of China, the country's biggest lender by assets, said on Thursday its net profit rose 10.2 percent last year, amid "still-complicated" global economic situation. The bank, a symbol of the nation's financial might, reported in a filing to the Hong Kong Stock Exchange that its 2013 net profit to be 262.97 billion yuan ($42.32 billion), compared to 238.69 billion yuan in 2012. "In the face of still-complicated economic situations at home and abroad...profit continued to grow steadily," the bank, which is listed both in Hong Kong and Shanghai, said in the filing. The results were "hard-earned", it said however. China's economy grew 7.7 percent last year, the same as in 2012 -- which was the slowest rate since 1999. The bank's net interest income grew 6.1 percent to 443.34 billion yuan, and net fee and commission income rose 15.3 percent to 122.33 billion yuan. The bank said the latest growth, which slowed from 15 percent recorded in 2012, was achieved thanks to increased interest income, steady expansion and cost reduction. The Chinese economy is set to grow at a "medium or high speed" as it undergoes further reforms, it said. ICBC shares ended down 0.59 percent in Shanghai trading and fell 0.22 percent in Hong Kong on Thursday. The results were announced after the markets closed.

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