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ICBC forecasts 50% rise in net profit of 1st half year

(Xinhua)
Updated: 2008-07-04 16:59

The Industrial and Commercial Bank of China (ICBC), the country's largest lender, said on Friday its unaudited first half net profit may jump more than 50 percent from a year earlier.

Net profit was likely to be more than 61.26 billion yuan ($8.9 billion) in the six months ending on June 30, according to Xinhua's calculation.

This was driven by rapid growth in the net interest and fee incomes and lower corporate income tax rate, ICBC said in a statement to the Shanghai Stock Exchange.

China's economy, which grew 10.6 percent year-on-year in the first quarter, has boosted bank card sales and loans demand from businesses and individuals.

Net income was 40.84 billion yuan ($5.9 billion), or 0.12 yuan per share, in the first six months of last year, based on the Chinese accounting standards.

ICBC saw net profit soar 77.02 percent in the first quarter of 2008 on top of a 66.4 percent increase last year.