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ICBC's Q1 profit up 14%

May. 2, 2012 (China Knowledge) – Industrial and Commercial Bank of China or ICBC<601398><1398>, the world's biggest lender by market value, announced its net profit grew 14% year on year to RMB 61.37 billion in the first quarter of this year.

Basic earnings per share were RMB 0.18, 20% more than it realized in the same period of last year.

Operation revenue increased 15.11% than a year earlier to RMB 131.02 billion in the three-month period, according to a statement filed with Shanghai Stock Exchange.

From January to March 2012, ICBC realized RMB 98.82 billion in net interest income, up 15.74% year on year, and its revenue from bank charges and brokerage increased 10.39% year on year to RMB 28.62 billion.

As of the end of March, the lender saw its total assets reached RMB 16.43 trillion, RMB 954.33 billion more than at the end of last year or increased 6.17%. Customer loans and advance in cash hit RMB 8.16 trillion which up RMB 369.19 billion from the end of last year, while the total customer deposits were RMB 354.06 billion more than 2011 to reach RMB 12.62 trillion.

Last year, Industrial and Commercial Bank of China saw its operating revenue increased 23.6% year on year to RMB 470.60 billion, and its net profit for 2011 grew 26.1% year on year to RMB 208.27 billion, China Knowledge reported earlier.

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