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ICBC Posts 18% Gain in Profit as China Economy Booms BusinessWeek

29.04.10

(Adds comment from analyst in fourth paragraph.)

April 29 (Bloomberg) -- Industrial & Commercial Bank of China Ltd., the world’s largest lender by market value, said first-quarter profit rose 18 percent as the nation’s economic recovery boosted demand for credit.

Net income climbed to 41.55 billion yuan ($6.1 billion) from 35.15 billion yuan a year earlier, the Beijing-based company said in a statement today. That fell short of the 43.6 billion yuan average estimate of five analysts surveyed by Bloomberg.

Chairman Jiang Jianqing, 57, who steered ICBC through the financial crisis to make it the world’s most profitable bank, boosted provision coverage for bad loans in the quarter as China’s government clamped down on property speculation. Chinese bank shares have fallen this year even as the economy gathered steam, reflecting investor concern that the record lending of 2009 will force them to raise capital.

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