Domestic commercial banks report improved profi t during fi rst half
Ten commercial banks in China have released their interim results as of Wednesday, reporting a combined net profi t of 551.95 billion yuan ($ 83.72 billion).
Industrial and Commercial Bank of China ( ICBC), Bank of China ( BOC), China Merchants Bank ( CMB) and Industrial Bank Co posted the highest profi ts.
ICBC reported net profi t of 153.7 billion yuan, up by 2 percent over the same period last year.
BOC reported the fastest growth of profi t at 11.45 percent year- on- year, with fi rst- half profi t of 103.7 billion yuan.
CMB achieved net profi t of 39.25 billion yuan in the fi rst half, up 11.43 percent year- onyear. Next came Industrial Bank Co with net profi t of 31.6 billion yuan and Shanghai Pudong Development Bank with 28.16 billion yuan.
According to ICBC, a deepened transformation and innovation to further enhance business vitality and development momentum contributed to its profi t.
Thanks to ICBC’s eff orts in further implementing its retail, asset management and investment bank strategies, new savings deposits in the fi rst half ranked fi rst in the industry, it said in a statement sent to the Global Times on Wednesday.
The net increase in the number of personal clients was 16.86 million, with aggregate personal fi nancial assets of 12.67 trillion yuan.
BOC said that the increasingly rapid development of its Internet fi nance business led to rapid growth in the volume of its mobile banking business and clients’ stickiness.
In the fi rst half of 2017, the bank’s substitution ratio of ebanking channels for outletbased business transactions reached 94.36 percent, while its e- channel transactions reached 89.65 trillion yuan, an increase of 18.88 percent year- on- year, it said.
International business also contributed to these banks’ profi t growth.
For example, CMB launched an enterprise- level online settlement campaign to implement companies’ “going global” strategies. As of the end of June, CMB had processed off shore international settlements of more than $ 155.9 billion and served nearly 40,000 enterprises registered in many countries and regions around the world, according to domestic news website people. com. cn.
Huaxia Bank has set up 731 branches in 48 countries and regions along the Belt and Road route.
In the fi rst half, Huaxia Bank processed $ 33.3 billion in international settlements while trade fi nancing amounted to $ 6.2 billion, according to a recent report by sdjsb. bjd. com. cn.
ICBC said that its net profi t generated by overseas and controlling institutions increased by 21.4 percent year- on- year, which was a higher growth rate compared with the bank’s average.