DUBAI – Industrial and Commercial Bank of China Middle East (ICBC ME), a unit of the world's largest lending bank, posted pre-tax profits of $36 million in the H1 2012 compared to $14 million in H1 2011, representing 157 percent year-on-year growth, the bank said in a statement Wednesday. Operating income surged 132 percent to $44 million compared to $19 million in the period under review. Total assets grew by 128 percent to $6.06 billion in H1 2012 from $2.66 billion in the year ago period. Moreover, the volume of trade finance grew by 187 percent to $4.36 billion in H1 2012 from $1.52 billion in H1 2011. Thus far, ICBC ME has already surpassed its 2011 full-year profits and has laid the foundation for the addition of new business lines and expansion into new GCC markets. The bank currently has a subsidiary office in Dubai, as well as branches in Abu Dhabi and Doha, Qatar. The bank has applied for licenses to operate in Kuwait and Saudi Arabia which would enable ICBC to extend its branch network in significant new growth markets. Commenting on the bank's performance, Tian Zhiping, CEO of ICBC Middle East, said: "We are very pleased with the growth we have achieved in the first half of 2012 and intend to leverage our strong performance to increase both our geographical presence and product portfolio. We remain very positive on the growth prospects for the Middle East and we are committed to increasing our active support for the region's economic growth, particularly in the areas of infrastructure development, high technology and energy." "We have been able to leverage our leadership position to grow market share in the region, while establishing important relationships with key stakeholders in both the public and private sectors.” – SG
