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ICBC approved to issue RMB 20 bln in subordinate bonds

Jun. 6, 2012 (China Knowledge) - Industrial and Commercial Bank of China or ICBC<601398><1398>, the world's biggest lender by market value, announced yesterday that it has received approval from the China Banking Regulatory Commission and the People's Bank of China to issue up to RMB 20 billion in subordinate bonds.

In late November 2011, the bank's shareholders approved it to float up to RMB 70 billion of subordinate bonds by the end of June 2012. The lender issued RMB 50 billion of subordinate bonds on the inter-bank bond market in December 2011.

At the end of the first quarter, the bank's capital adequacy ratio was 10.15%, and its core capital adequacy ratio was 13.13%.
ICBC's net profit grew 14% YoY to RMB 61.37 billion in the first quarter of this year. Operation revenue increased 15.11% than a year earlier to RMB 131.02 billion in the three-month period, China Knowledge reported earlier.

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