ICBC credits new products for increased incomes

ICBC introduced 320 varieties of new financial products during the first half of this year to increase its incomes in investment banking, debt financing tool underwriting and corporate financing.

The new products brought the total varieties of the Industrial and Commercial Bank of China's financial products to 2,375, representing a 15 percent growth from the end of 2008.

In investment banking business, ICBC has realised total incomes of US$1.045 billion, representing a year-on-year growth of 48.1 percent.

In syndicated loan business, the business of underwriting and management of ICBC's syndicated loan realised incomes of US$64.86 million in total in the period, representing a year-on-year growth of 58.8 percent.

ICBC's issuance volume of underwriting business initiated by ICBC reached US$20.84 billon, representing a year-on-year growth of 140 percent. Of them, the total issuance volume of non-financial corporate debt financing projects such as short-term financing bonds and middle-term notes reached US$19.67 billion, accounting for 24 percent of total issuance volume in the market. Accordingly ICBC has further enhanced its leading mark.

Meanwhile, the sale volume of ICBC's corporate financing products reached US$100.85 billion, representing 144 percent growth in comparison with the same period of the previous year. Its income from corporate financing business reached US$268.8 million, increasing 25.9 percent compared with the same period last year while it helped enterprises realise fund appreciation.

ICBC also set up product innovation departments in seven branches across several regions including Beijing, Shanghai, Jiangsu and Zhejiang and brought into full play the roles of key branches as regional product R & D centres and product innovation demonstration banks.