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ICBC Net Profits Up 16%
The world's largest bank by market capitalization reported a 16 percent increase in net profits in 2009
(Caixin Online) The Industrial and Commercial Bank of China reaped 129.4 billion yuan in net profits in 2009, up 16.06 percent from its 2008 net profits, according to an annual report by the giant lender.
By the end of 2009, market capitalization of the Hong Kong and Shanghai listed lender reached 268.98 billion yuan, making it the largest lender in the world. Meanwhile, ICBC became the fourth largest listed company by capitalization.
Earnings per share were 0.39 yuan, up 18.2 percent from 2008, according to the annual report.
Meanwhile, the bank announced that it will issue less than 25 billion yuan in convertible bonds to replenish capital. Jiang Jianqing, chairman of the board of directors, said that the capital adequacy ratio at the bank will be boosted above 12 percent and the bank does not need to boost capital.
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