ICBC Mideast 2012 profit rockets 69%

RIYADH -The Middle East branch of Industrial and Commercial Bank of China, or ICBC, enjoyed surging profits and asset growth in 2012, it said on Saturday, underscoring increasingly close economic ties between Beijing and the Gulf.

The bank’s Middle East unit, based in Dubai, said pre-tax profit surged 69 per cent in 2012 from 2011 to $54 million, while operating income jumped 47 per cent to $72 million.

Total assets at end of 2012 were $3.96 billion, a rise of 29 per cent over the same figure at the end of 2011, it said in an e-mailed statement.

Annual trade between China and the UAE grew fifteen-fold to $37 billion from 2000 to 2011, Hong Kong Monetary Authority chief executive Norman Chan told China’s official Xinhua news agency last month.

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