ICBC posts 46% rise in nine-month profit.
Global Banking News - 27 October 2008(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk
Industrial and Commercial Bank of China (ICBC) (HKG: 1398) (601398.SS), China's largest lender, has reported that its profits in the past nine months ended September 30, 2008 increased to CNY92.7bn (USD13.54bn), up 46.03 percent from the same period last year.
In the first nine months ICBC recorded a net interest income of CNY196.6bn, up 23.08 percent year-on-year. Fee and commission income advanced 27.9 percent to CNY34.58bn, according to the report. At end- September, total assets reached CNY9.38tn, up 8.06 percent from the end of last year.
The lender held USD1.2m of subprime residential mortgage-backed securities and USD605m of 'Alt-A' residential mortgage-backed securities.
In addition, the company had USD152m in bonds issued by Lehman Brothers and nearly USD1.676bn in bonds by Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE).
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