Industrial and Commercial Bank of China Middle East posts record growth in 2012 | Industrial and Commercial Bank of China Middle East posts record growth in 2012 -

Industrial and Commercial Bank of China Middle East posts record growth in 2012

United Arab Emirates: Wednesday, August 29 - 2012 @ 13:38

Thus far, ICBC ME has already surpassed its 2011 full-year profits and has laid the foundation for the addition of new business lines and expansion into new GCC markets.

The Bank currently has a subsidiary office in Dubai, as well as branches in Abu Dhabi and Doha, Qatar. The Bank has applied for licences to operate in Kuwait and the Kingdom of Saudi Arabia which would enable ICBC to extend its branch network in significant new growth markets.

Commenting on the bank’s performance, Tian Zhiping, CEO of ICBC Middle East, said: “We are very pleased with the growth we have achieved in the first half of 2012 and intend to leverage our strong performance to increase both our geographical presence and product portfolio. We remain very positive on the growth prospects for the Middle East and we are committed to increasing our active support for the region’s economic growth, particularly in the areas of infrastructure development, high-technology and energy,” Tian Zhiping added.

“As the first Chinese bank to establish a presence here, we have been able to leverage our leadership position to grow market share in the region, while establishing important relationships with key stakeholders in both the public and private sectors. We also continue to develop strong business partnerships with leading regional companies in addition to Chinese companies operating in the GCC.”

As the only Chinese bank operated in GCC, ICBC Middle East is a premier provider of RMB treasury solutions. The bank provides banks and corporations with the tailor-made RMB financing and risk management services on interbank RMB financing, foreign exchange transactions and other treasury services.

H1 2012 Detailed Performance

H1 2012 pre-tax profit reached $36m, up from $14m in the same period in 2011 and representing 157% year-on-year growth.

Operating income was up to $44m, compared to $19m, representing a year-on-year increase of $25m or 132 %. Net fee and commission income also amounted to $3m for H1 2012.

As of 30 June 2012, total assets stood at $6.06bn, a year-on-year increase of $3.40bn or 128%. The balance of loans and advances which was $5.17bn in H1 2012, increased by $2.86bn compared with H1 2011, representing a year-on-year increase of 124%.

In H1 2012, the bank conducted $2.07bn of RMB transactions in interbank money market, up 58% compared to the same period of last year. The foreign exchange transactions against RMB amounted to $1.02bn, which is nearly 19 times larger than the same period of last year, out of which the RMB transactions for corporations reached $125m.

The volume of Trade Finance grew to $4.36bn in H1 2012 compared to $1.52bn in for the same period in 2011, representing 187% year-on-year growth.

As the only Chinese bank in the region with a wholesale license from the UAE Central Bank, ICBC ME significantly increased the number of its relationships with local financial institutions and exchange houses to facilitate remittances into China. Renminbi (RMB) remittances witnessed a 600% increase in value and a 150% increase in volume of transactions compared to the same period in 2011.

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Wednesday, August 29- 2012 @ 13:38 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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