Reported on: March 30, 2012 10:26 AM
Reported in: Business
BEIJING, Mar 30 (AP/UNB) - Industrial & Commercial Bank of China, the country's biggest state-owned lender, says its 2011 profit soared to $33.1 billion despite a slowing economy and government lending controls.
ICBC said Friday its annual profit increased 26.2 percent over 2010, driven by a 20 percent rise in interest income.
Most of China's major state-owned lenders have reported strong profit increases for 2011 despite concerns they might be hurt by government lending and investment curbs imposed to cool inflation and surging housing costs.