ICBC's net profit may rise 21%
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Shanghai Daily, July 22, 2011
Industrial and Commercial Bank of China expects a net profit of more than 200 billion yuan (US$31 billion) this year, a 21 percent growth from its 2010 net earnings.
"I am confident about the outlook for Chinese banks, with China's solid economic growth and banks' diversified income channels," Shen Liqiang, head of the Beijing-based bank's Shanghai branch, told Shanghai Daily on sidelines of a financial forum in Shanghai yesterday.
The bank's net profits last year jumped an annual 28 percent to 165.16 billion yuan.
The Shanghai branch may generate net profit of 22 billion yuan this year, up from last year's 19.1 billion yuan, Shen said, adding that the Shanghai branch's contribution to the bank is around 10 percent.
The local branch, holding one-fifth of banking assets in the city, is the biggest lender in Shanghai.
Shen also noted the Shanghai branch has extended 100 billion yuan of loans to local government financing arms and is confident the risks are under control.
He added that so far no bad loans have been reported from the local government financing arms.
