Highlights:

•Total assets reached a record US$ 4 billion, up 29 per cent

•Compound Average Growth Rate of assets since 2008 166 per cent

•2012 pre-tax profit of US$ 54 million, up 69 per cent

•2012 pre-tax profit per ICBC ME employee US$ 900,000

•Renminbi trade volume US$ 2.25 billion

•US$ transactions in the interbank money market up 718% to US$ 11.07 billion

Dubai, 23 February 2013 - Industrial and Commercial Bank of China Middle East ('ICBC ME'), a unit of the world's largest lending bank, released today its trading results for the full year ended 31 December 2012. ICBC ME continued to break its own records, as it benefited from stronger business and trade relations between the Middle East and China.

The Bank has its subsidiary in Dubai, as well as branches in Abu Dhabi and Doha, Qatar, all contributing to the strategic expansion of the Bank's Middle Eastern business.

Commenting on the Bank's performance, Tian Zhiping, Regional CEO of the Middle East, said: "2012 was another year of strong growth for us as we continued to benefit from our 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.  We are also providing project financing to the increasing number of Chinese businesses operating in the Middle East.

Over the course of 2012, we strengthened our relationships with key government entities, private institutions and financial institutions across the region, which enhanced our business expansion. We also signed a Memorandum of Understanding with Qatar Holding to boost bilateral cooperation and investments between Qatar and China."

ICBC's lending is focused on large infrastructure projects, energy, transportation, technology and telecommunications - all of which are at the core of the Middle East's economic development.

2012 Detailed Performance

ICBC ME's 2012 pre-tax profit grew by 69% to reach US$54 million, up from US$ 32 million in 2011.

Operating income was up to US$ 72 million, compared to US$ 49 million, representing a year-over-year increase of US$ 23 million or 47%.  Net fee and commission income was up to US$ 7.29 million for 2012.

As of 31 December 2012, total assets stood at US$ 3.96 billion, a year-over-year increase of US$ 900 million or 29%. Balance of Deposits at year-end was US$ 111.9 million, representing an increase of 32% compared to the year-end 2011.

The total liabilities reached US$ 3.81 billion, an increase of US$ 840 million compared with 2011, representing an increase of 28%.  

In 2012, the bank conducted US$ 2.25 billion of RMB transactions in interbank money market. In addition, US$ transactions in interbank money market were up by 718% year-on-year from US$ 1.35 billion to US$ 11.07 billion. The foreign exchange transactions against RMB amounted to US$ 1.64 billion.

Tian Zhiping concluded:  "We are committed to increasing our support for the long-term economic development of the Middle East and are confident about the growth prospects of our business in the region. We will continue to focus on commercial banking, while we aim to develop investment banking and asset management services. We are also hopeful that our Kuwait and Riyadh branches will be joining our GCC net work within this year.

-Ends-

For media enquiries please contact:
Alex Blake-Milton
Brunswick Group
Phone:  +97144466270
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Email: ablakemilton@brunswickgroup.com

Katharine Crallé
Brunswick Group
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Email:  kcralle@brunswickgroup.com

About ICBC
Industrial and Commercial Bank of China is the largest commercial bank in China, and is ranked No. 1 worldwide in terms of market capitalization, profits, and customer deposits. ICBC maintains market leading position backed by its solid customer base, cutting-edge IT technology and diversified product portfolio.

ICBC has grown continuously in terms of performance and profitability since its simultaneous IPO in Shanghai and Hong Kong in 2006. In recent years ICBC has expanded its international presence by increasing overseas subsidiaries and business areas to offer financial services across the globe covering all the international finance centres including China's major trading regions.

ICBC is the largest bank of China's state-owned commercial banks and was the first to develop operations in the Middle East which launched in 2008.  Today, ICBC has branches in Abu Dhabi, Doha(QFC), and a subsidiary in Dubai(DIFC).

ICBC Middle East offers commercial banking and advisory services for its clients doing business in China and aims to provide a bridge for bilateral trade between the Middle East and China. It also helps facilitate relations for local corporations with the Chinese government.

© Press Release 2013