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China's ICBC 2013 half-year net profit up 12.4%

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(Globalpost/GlobalPost)

The Industrial and Commercial Bank of China, the country's biggest lender by assets, said Thursday its net profit rose 12.4 percent year-on-year for the first half of 2013, helped by interest income growth.

The bank, a symbol of the country's financial might, was deposed as the world's largest lender by market capitalisation by Wells Fargo in July.

Net profit for the bank for the first six months of the year stood at 138.35 billion yuan ($22.6 million) compared to 123.16 billion yuan from the same period last year.

The bank's net interest income grew 5.8 percent to 215.89 billion yuan, and net fee and commission income rose 23.0 percent to 67.38 billion yuan.

"The bank maintained its strong momentum in the development of operation and management, and achieved operating results that exceeded its expectation," it said in a statement.

However, the bank said the international economic situation will "remain complicated and uncertain" and that it expects slow growth in the world economy.

ICBC has 17,125 domestic branches and claims nearly 400 million corporate and individual customers.

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http://www.globalpost.com/dispatch/news/afp/130829/chinas-icbc-2013-half-year-net-profit-124