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  1. Wealth
March 31, 2009

Asian Banker: Chinese bank shows healthy WM unit

By Spear's

Industrial and Commercial Bank of China Limited has announced its annual results for the financial year 2008.

From the Asian Banker:

Industrial and Commercial Bank of China Limited has announced its annual results for the financial year 2008.

Based on International Financial Reporting Standards, ICBC’s profit after tax for the year ended 31 December 2008 was RMB 111.2 billion, up 35.2% from the year 2007. Earnings per share were RMB 0.33.

This has been the sixth consecutive year of high growth since 2003. During these six years, the compound annual growth rate of after tax profit was 37.5%, making ICBC one of the world’s fastest growing major international banks.

In 2008, ICBC strengthened its position as the world’s largest bank by market value and became the most profitable bank in the world.

To read the full story, visit theasianbanker.com

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