ICBC's net profit surges 28%
By Zhang Fengming |
March 31, 2011, Thursday
|
Print Edition
Print Edition
INDUSTRIAL and Commercial Bank of China yesterday posted a better-than-expected 28 percent rise in profit for 2010 to retain its position as the world's most profitable bank for a third year.
Net income climbed to 165.2 billion yuan (US$25.2 billion), or 0.48 yuan a share, from 128.65 billion yuan, or 0.38 yuan, a year ago, the Beijing-based bank said in its annual report. That beat the 163.8 billion yuan average estimate of 19 analysts surveyed by Bloomberg News.
China's banks are tapping a widening interest rate margin following the central bank's new round of interest rate increases. "Banks will benefit further from widening margin this year," said Qiu Zhicheng, a Guosen Securities Co analyst, yesterday. "Banking shares were already boosted by banks' strong earnings these days."
ICBC's net interest margin, a measure of the profitability of loans, widened to 2.44 percent in 2010 from 2.26 percent in 2009. Its net interest income rose 24 percent to 303.75 billion yuan last year. Net fee-based income grew 32 percent to 72.8 billion yuan.
The People's Bank of China raised interest rates three times since October to fight inflation. The one-year benchmark deposit rate stands at 3 percent now after a 75 basis-point, or 0.75 percentage point, rise.
ICBC extended 1.06 trillion yuan of new loans last year.
Net income climbed to 165.2 billion yuan (US$25.2 billion), or 0.48 yuan a share, from 128.65 billion yuan, or 0.38 yuan, a year ago, the Beijing-based bank said in its annual report. That beat the 163.8 billion yuan average estimate of 19 analysts surveyed by Bloomberg News.
China's banks are tapping a widening interest rate margin following the central bank's new round of interest rate increases. "Banks will benefit further from widening margin this year," said Qiu Zhicheng, a Guosen Securities Co analyst, yesterday. "Banking shares were already boosted by banks' strong earnings these days."
ICBC's net interest margin, a measure of the profitability of loans, widened to 2.44 percent in 2010 from 2.26 percent in 2009. Its net interest income rose 24 percent to 303.75 billion yuan last year. Net fee-based income grew 32 percent to 72.8 billion yuan.
The People's Bank of China raised interest rates three times since October to fight inflation. The one-year benchmark deposit rate stands at 3 percent now after a 75 basis-point, or 0.75 percentage point, rise.
ICBC extended 1.06 trillion yuan of new loans last year.
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