Industrial and Commercial Bank of china limited
Brief Introduction to ICBC
Since its foundation in 1984, Industrial and Commercial Bank of China has fully undertaken industrial and commercial credits and savings businesses which were originally transacted by People's Bank of China, therefore it has taken on the responsibility of accumulating the social wealth and supporting the national construction.
In 2005, Industrial and Commercial Bank of China has reformed the shareholding system and officially changed its name to "Industrial and Commercial Bank of China Ltd." (hereinafter referred to as "ICBC"). In 2006, ICBC has been successfully listed in both cities of Shanghai and Hong Kong simultaneously. After being listed in public market, ICBC altogether has 250,962,348,064 A shares, 83,056,501,962 H shares, and total equity of 334,018,850,026 shares.
With its leading market position, high-quality customer base, diversified business structure, strong ability of innovation, market competitiveness and excellent brand value in China, ICBC is now helping customers from all over the world to manage assets and create wealth with its sincere services and professional abilities, aiming at developing and improving itself to a leading international modern financial enterprise.
ICBC has very strong profitability. In 2007, the group has 81.99 billion yuan for after-tax profits, which is 65.9% growth than last year. Since the international audit has been introduced in 2003, ICBC's after-tax profits compound annual growth rate exceeded 38%. The cost-income ratio was 34.48%, continuing to maintain a reasonable level. It has won 0.24 yuan per share, an increase of 41.2%. By the end of 2007, its total market value rose to 338.934 billion U.S. dollars, an increase of 35%, it has the largest market value among listed banks in the world.
ICBC's excellent operation performance has won broad acknowledgment from domestic and foreign banking industry. In 2007, it won various honors such as "Best Bank in China", "Best Trading in the World", "Best Management Company in China" awarded by the magazine Bankers, Global Finance, The Assets, Finance Asia, and was appraised by Economic Observer as "Most Honored Corporation in China". The international professional certificating institutions have raised the ranks of ICBC continuously, among which the Moody's raised its long-term credit rank to "A1", and Standard & Poor's raised it to "A-".
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