China's biggest lender Industrial and Commercial Bank of China (ICBC) said here Saturday that its Middle Eastearn branch achieved in 2012 a pre-tax profit of $54 million, up 69 percent year on year, while its total assets increased 29 percent to $4 billion.
ICBC, the world's biggest bank in terms of market capital, added that the Chinese RMB's trade volume reached $2.25 billion, while greenback transactions in the interbank money market were up 718 percent last year to hit $11.07 billion. The total liabilities reached $3.81 billion, an increase of 28 percent over 2011.
Tian Zhiping, regional CEO of Dubai-based ICBC Middle East, said that 2012 was another year of strong growth for them the company continued to benefit from its regional franchise and unique position as a bridge for trade and investment between the Middle East and China. "We have taken part in important syndications and witnessed growing volumes of RMB transactions, all of which added to our business growth."