Industrial and Commercial Bank of China Limited (ICBC, 601398) is the largest commercial bank in China. ICBC has forged non-exclusive strategic cooperation agreements with Goldman Sachs Group, Allianz Group and American Express. In 2006, ICBC was recognised as the Best National Retailer Bank of China. In 2007, ICBC, with USD 59.17 bln in first-class capital, was ranked 7th among the Top 1,000 Banks Worldwide, an annual ranking compiled by The Banker, a British magazine. These rankings demonstrate the internal strengths of ICBC. In the first quarter of 2008, the bank also saw rapid growth in its net interest margin, commissions and surcharges. It is expected that the bank's YOY net profit growth in the first quarter of 2008 will be more than 50%. As a large-cap and main index constituent stock, it can be a main stabilizing force for the market and has attracted large institutional investors. The stock has been climbing since rebounding from its low of RMB 5 per share within the period.


Source: Shanghai Securities News

Date: 26 May 2008

CN01/JC/MM/KM