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China's biggest bank reports business
(crienglish.com)
Updated: 2005-06-28 15:19

China's largest commercial bank, the Industrial and Commercial Bank of China, reports its business profits went up in 2004 by around 17 percent from the previous year.

The bank reported on Tuesday its business profits totalled 74.6 billion Yuan or about nine billion US dollars in 2004.

Meanwhile in its annual report, the bank said its non-performing asset ratio also dropped to 14.32 percent at the end of last year.

In addition, the bank plans to issue 100 billion Yuan, or 12 billion US dollars, in subordinated bonds later this year to replenish its capital base ahead of a planned initial public offering.

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