Profits of ICBC bank increase by 28%

Profits of ICBC bank increase by 28%

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Asia Bizz: ICBC bank profits increased by around 28% to around 65bn yuan. The success story for China’s economy has seen a lot of lending from banks, which results into huge profits for Chinese lenders.

For the year 2010, the Agricultural Bank of China announced a huge jump in profits to 46%. The government of China is also looking forward to reduce the growth of the country as it is overheating the economy and also increasing the property rates across the country.

They have started property tax in many cities; as well as the liquid cash for Chinese banks have been raised. This might become a problem for big Chinese lenders later on.

ICBC bank plans on increasing new loans by around 820 billion yuan in the market. The shares of the bank have risen by 1.3 percent. The top 5 biggest banks in China that have lent money are Bank of China, ICBC, Construction Bank, Agricultural Bank and Bank of Communications. The net income of ICBC increased to 165 billion yuan from last year.