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ICBC 2011 net profit up 25.6%

Updated: 2012-03-30 11:21


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BEIJING - Industrial and Commercial Bank of China (ICBC), the nation's largest lender by market value, said Thursday its net profit in 2011 rose 25.6 percent year-on-year to reach 208.4 billion yuan ($33.1 billion), consolidating its position as the country's most profitable bank.

Net interest income, or revenue from borrowers minus interest paid to depositors, rose 19.4 percent from the previous year to 362.76 billion yuan in 2011, according to the annual report ICBC filed with the Shanghai Stock Exchange.

Commissions and income from services fees remained another major contributor to the bank's profit growth, with an increase of 39.4 percent to reach 101.55 billion yuan.

The capital adequacy ratio of the bank stood at 13.17 percent last year.

Non-performing loans outstanding fell to 73 billion yuan at the end of 2011 from 137.7 billion in 2006, with its non-performing loan ratio dropping to 0.94 percent from 3.79 percent over the past five years.

The Board of Directors proposed a pre-tax year-end cash dividend of 0.203 yuan per share, which is subject to shareholders' approval.