ICBC's net fee income from corporate wealth management business up 43%

Wealth management products of CNY2.81t were issued in 1H13.

According to Nomura, net fee income from personal/corporate wealth management services in 1H13 grew by 12% y-y and 43% y-y respectively. The bank issued wealth management products (WMPs) of CNY2.81tn in aggregate in 1H13. 

Here's more from Nomura:

Outstanding amount at the end of 1H13 was CNY1.2tn, up 20% hh, among which 22% was principal-guaranteed. Around 75% WMPs have maturities less than 1 year.

By investment types, 14% were deposits, 39% were bond investments and 44% were invested in interest in projects. 34% (equals 2.8% of total assets) were “non-standard” WMPs under the standards stated in the Document No.8, within regulatory limit.

Management will continue to place much effort on balancing between risk management and innovation and business development.