Economy

ICBC posts strong trade financing growth in Q1

(Xinhua)
Updated: 2011-05-15 07:36

BEIJING - The Industrial and Commercial Bank of China (ICBC) said its trade financing business has posted robust growth in the first quarter, with domestic subsidiaries conducting almost 290 billion yuan of in-balance-sheet trade financing, up 42.58 percent year on year.

Related readings:  ICBC's small business lending Q1 balance surges 53.5b yuan  ICBC's int'l settlements exceed $1t in 2010  ICBC's Q1 net profits up nearly 30%  ICBC reduces local government loans

Meanwhile, the bank's domestic branches granted nearly $30 billion of international trade financing, up 160.27 percent year on year, said the ICBC, the country's largest lender by market value.

ICBC's overseas branches conducted more than $16 billion of international trade financing during the same period, up over 100 percent year on year, it said.

By the end of March, ICBC's domestic outstanding trade financing reached 527 billion yuan, according to bank.