reported impressive annual results – though fourth-quarter figures
suggest 2009 will be a wholly tougher year.
Industrial and Commercial Bank of China (ICBC), the
world’s biggest bank by market cap ($180 billion), posted Q4 net
income of CNY18.11 billion ($2.65 billion) down 0.5 percent
year-on-year. For the full year, ICBC earned CNY111 billion, up 36
percent.
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Bank of China said its annual profit was up
14.4 percent to CNY64.4 billion. Total assets increased by 16
percent to CNY6.95 trillion; deposits grew year-on-year also by 16
percent to CNY5.1 trillion. China Construction Bank, in which Bank
of America has a 16.6 percent stake, reported net profit up 34
percent to CNY92.60 billion.
Bank of Communications (BoCom), 18.6 percent
owned by HSBC, said it issued 7.47 million new debit cards and 4.72
million credit cards in 2008; income from cards increased by 45.66
percent. The bank said sales of wealth management products also
increased “significantly” during the year: its ‘De Li Bao’ branded
product line saw sales rise ten-fold, for instance.
New assets from upper and mass affluent
customers accounted for 90 percent of all new individual assets
managed by BoCom, “making it a dominant driver of growth”.
• A full Chinese banking survey
will appear in the next issue of RBI.
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