ICBC first half profit up 12.4%

The Industrial and Commercial Bank of China has announced that its net profit rose 12.4 percent year-on-year for the first half of 2013, helped by interest income growth.

Net profit for the bank for the first six months of the year stood at 138.35 billion yuan 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.

"In the first half of 2013, in response to the complex economic conditions both domestically and globally, ICBC forged ahead with its business transformation that strengthened cost control and enforced strict risk management," ICBC said in a statement. "These initiatives helped to enhance the support of the real economy in terms of quality and efficiency, while maintaining a steady and healthy growth momentum.

"ICBC has been proactively responding to the new changes on the economic and financial landscape, as well as new trends in relation to the economic transformation," it added.

China's biggest lender by assets was deposed as the world's largest lender by market capitalisation by Wells Fargo in July.

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

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