In 2009, despite the most challenging economic conditions in the country and worldwide, Industrial and Commercial Bank of China Limited ("ICBC") has weathered the crisis by taking steps in business re-orientation and service innovation, maintaining good portfolio balance and cost control. The measures have helped ICBC effectively ride through the negative effects brought by the global financial crisis and the slow recovery of China's economy. ICBC looked at the crisis as an opportunity and has come out stronger; growth was phenomenal with historic progress. Corporate governance was far improved.
At the end of 2009, ICBC has 386,723 employees under payroll. ICBC provides a wide range of financial products and services to 3.61 million corporate clients and 216 million individual customers through 16,232 outlets across China, 162 overseas subsidiaries and a global network of more than 1,504 correspondent banks as well as Internet Banking, Telephone Banking and self-service banking. ICBC establishes strong presence by its commercial banking operation and rapid expansion to markets worldwide. ICBC is also a market leader in the country in many business areas of commercial banking.
At the end of 2009, total assets of ICBC went up 20.8% to RMB 11,785.053 billion, total liabilities up 21.4% to RMB 11,106.119 billion. ICBC is the largest bank in the world with a market capitalization of USD 269 billion. Having its provision coverage rate up significantly to 164.41%, ICBC defended its position as the world's most profitable bank, reporting a net profit of RMB129.35 billion. This was a 16.4 percent or RMB 18.199 billion up from 2008. Earnings per share and return on weighted average equity rose respectively 18.2% and 0.75 percentage points from the period ending 2008 to RMB 0.39 and 20.14%. This witnessed another historic jump. Cost-to-income ratio was maintained at reasonable 32.87%. Bad loan balance and ratio both declined in its tenth year. Non-performing loans ratio fell to 1.54 percent. Capital adequacy ratio and core capital adequacy ratio were 12.36% and 9.90% respectively. ICBC kept its capital at a sound level while gathering speed. Income for the year basically leveled with a year earlier to RMB 309.454 billion, ICBC registered a growth of 36.2% in non-interest income to RMB 63.633 billion, operating expense down 13.7% to RMB 143.46 billion, while income tax expenses up 11.0% to RMB 37.898 billion.
ICBC set for global advance and achieved breakthrough in escalating its international presence in 2009. That included the purchase of 70 percent shares of Bank of East Asia Canadian unit, the voluntary tender offer for all shares in Thailand ACL Bank, the merge of Seng Heng Bank and Macau Branch to form ICBC Macau, the opening of Hanoi Branch and the business license received for Abu Dhabi Branch and the subsidiary bank in Malaysia. By the year-end 2009, ICBC beefed up its global services through its operation of 23 subsidiaries in 20 countries and regions and 162 branches in total. The ICBC overseas subsidiaries navigate this downtown well and gather pace by concentrating in business innovation and localization. All of them gain profits and show marked improvement in achieving profitability.
ICBC Taizhou Branch
Add: No. 188, North Qingnian Road, Taizhou, Jiangsu Province