Thursday 30 August 2012
Last Update 30 August 2012 4:25 am
Industrial and Commercial Bank of China Middle East (ICBC ME), a unit of the world's largest lending bank, has released its trading results for the first six months of 2012. Thus far, ICBC ME has already surpassed its 2011 full-year profits and has laid the foundation for the addition of new business lines and expansion into new GCC markets.
The bank currently has a subsidiary office in Dubai, as well as branches in Abu Dhabi and Doha. The bank has applied for licenses to operate in Kuwait and the Kingdom, which would enable ICBC to extend its branch network in significant new growth markets.
H1 2012 pretax profit reached $ 36 million, up from $ 14 million in the same period in 2011 and representing 157 percent year-on-year growth.
Operating income was up to $ 44 million, compared to $ 19 million, representing a year-on-year increase of $ 25 million or 132 percent. Net fee and commission income also amounted to $ 3 million for H1 2012.
As of Jun 30, 2012, total assets stood at $ 6.06 billion, a year-on-year increase of $ 3.40 billion or 128 percent. The balance of loans and advances, which was $ 5.17 billion in H1 2012, increased by $ 2.86 billion compared with H1 2011, representing a year-on-year increase of 124 percent.
The volume of Trade Finance grew to $ 4.36 billion in H1 2012 compared to $ 1.52 billion for the same period in 2011, representing 187 percent year-on-year growth.
Tian Zhiping, CEO of ICBC ME, said: "We are very pleased with the growth we have achieved in the first half of 2012 and intend to leverage our strong performance to increase both our geographical presence and product portfolio."
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