ICBC's 2007 profit up 65% on loans growth, fee income

BEIJING, March 25 (Xinhua) -- Industrial and Commercial Bank of China (ICBC) on Tuesday said 2007 net profit rose 64.9 percent year-on-year under international accounting standards on greater interest and fee incomes.

Profit rose to 82.3 billion yuan (11.7 billion U.S. dollars), or 0.24 yuan per share, China's biggest lender said in its annual financial statement. Its board of directors suggested offering 0.133 yuan of cash dividend for per share.

Its outstanding loans expanded 10.3 percent to 3.75 trillion yuan and outstanding deposits rose 13.9 percent to 7.63 trillion yuan, according to the statement.

Fee income soared 110.4 percent to 34.4 billion yuan on booming stock market and credit cards growth.