Industrial and Commercial Bank of China maintains dynamic growth in Middle East in 2012
- United Arab Emirates: Saturday, February 23 - 2013 at 11:33
- PRESS RELEASE
Industrial and Commercial Bank of China Middle East (ICBC ME), a unit of the world's largest lending bank, released its trading results for the full year ended 31 December 2012. ICBC ME continued to break its own records, as it benefited from stronger business and trade relations between the Middle East and China.
Commenting on the Bank's performance, Tian Zhiping, Regional CEO of the Middle East, said: "2012 was another year of strong growth for us as we continued to benefit from our regional franchise and unique position as a bridge for trade and investment between the Middle East and China. We have taken part in important syndications and witnessed growing volumes of RMB transactions, all of which added to our business growth. We are also providing project financing to the increasing number of Chinese businesses operating in the Middle East.
Over the course of 2012, we strengthened our relationships with key government entities, private institutions and financial institutions across the region, which enhanced our business expansion. We also signed a Memorandum of Understanding with Qatar Holding to boost bilateral cooperation and investments between Qatar and China."
ICBC's lending is focused on large infrastructure projects, energy, transportation, technology and telecommunications - all of which are at the core of the Middle East's economic development.
2012 Detailed Performance
ICBC ME's 2012 pre-tax profit grew by 69% to reach $54m, up from $32m in 2011.
Operating income was up to US$ 72m, compared to $49m, representing a year-over-year increase of $23m or 47%. Net fee and commission income was up to $7.29m for 2012.
As of 31 December 2012, total assets stood at $3.96bn, a year-over-year increase of US$900m or 29%. Balance of Deposits at year-end was $111.9m, representing an increase of 32% compared to the year-end 2011.
The total liabilities reached $3.81bn, an increase of $840m compared with 2011, representing an increase of 28%.
In 2012, the bank conducted $2.25bn of RMB transactions in interbank money market. In addition, US dollar transactions in interbank money market were up by 718% year-on-year from $1.35bn to $11.07bn. The foreign exchange transactions against RMB amounted to $1.64bn.
Tian Zhiping concluded: "We are committed to increasing our support for the long-term economic development of the Middle East and are confident about the growth prospects of our business in the region. We will continue to focus on commercial banking, while we aim to develop investment banking and asset management services. We are also hopeful that our Kuwait and Riyadh branches will be joining our GCC net work within this year.
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