ICBC (SH: 601398; HK: 1398) formally released the operating results for the first three quarters of 2015. According to the report, ICBC realized net profits of RMB 222.3 billion in the first three quarters this year, up 0.65% year on year. Net asset value per share increased to RMB 4.62, up RMB 0.39 or 9.22% over the end of last year. The capital adequacy was enhanced steadily. As at the end of September, ICBC's core tier 1 capital adequacy ratio and tier 1 capital adequacy ratio were 12.41% and 12.67%, up 0.49 percentage point and 0.48 percentage point over the end of last year, respectively.

Amid consecutive interest cuts and gradual removal of deposit rate ceiling in the first three quarters of 2015, ICBC achieved a year-on-year increase of 4.69% in net interest income by improving assets and liabilities structure and strengthening domestic and overseas treasury operations. After accelerating the business innovation and development at the same time of further regulating and reducing fee items, it witnessed a year-on-year increase of 10.21% in net fee and commission income. With diversified operation and overseas development driving the Bank's profit growth more aggressively, the overseas institutions and comprehensive subsidiaries posted a year-on-year profit growth of 19.3%.

In terms of credit granting, ICBC actively innovated the credit operation and management and enhanced the efficiency in serving real economy and its own operation and development. In the first three quarters, the outstanding RMB loans of domestic branches increased by RMB765.558 billion or 7.88% over the end of last year. In terms of credit directions, first, by actively serving key areas of economic development and major engineering projects, ICBC witnessed an increase of RMB255 billion in loans to infrastructure and basic industries, including rail transit, port and highway, and emerging industries such as electronic information and culture industry, accounting for 84% of the growth of corporate loans. ICBC increased reserves for and credit to "Three-Support-Belt Strategy" projects. Second, ICBC actively satisfied the financial demands of micro and small enterprises. It launched the second batch of pilot micro and small enterprise banking centers and propelled the SME banking business with a focus on key products such as direct bill discounting and “Online Revolving Loan”. In the first three quarters, the approval ratio of loan applications of micro and small enterprises exceeded 90%, an increase of 1.23 percentage point on a year-on-year basis. Third, ICBC has actively developed financing in personal consumption. Personal credit consumption center has officially commenced operation. Credit card loan balance and residential mortgage balance went up by 9.6% and 16.1% compared to the end of last year, respectively. Fourth, bond underwriting and investment, syndicated loans and other non-credit financing business maintained a good momentum of development after ICBC actively developed diversified financing. In terms of deposit, ICBC enjoyed a steady growth by actively responding to the customer's need and changes of deposits and leveraging its comprehensive advantages arising from financial services. As at the end of September, the outstanding RMB deposits of domestic branches reached RMB17.02 trillion, up RMB1.23 trillion or 7.8% compared to the end of last year, thus ICBC remained the largest deposit taker.

In terms of risk management, ICBC deepened the transformation of credit operation and management and consolidated the foundation of credit management through forward-looking structural adjustment and reduction of potential risks. As at the end of September, with the NPL ratio of 1.44%, ICBC's asset quality maintained high level among comparable peers both at home and abroad. Facing the pressure of increasing NPLs, ICBC has improved big data risk monitoring system and collaboration system of risk treatment, properly transformed potential risks and reinforced the security. Meanwhile, it has taken various measures to strengthen the recovery and disposal of non-performing assets and enhance the recovery ratio of NPLs.

As for business innovation, ICBC's internet finance business consisting of three online platforms and three product lines has seen rapid growth and is becoming a new engine for business transformation and development. “e-Buy”, the Bank’s e-commerce platform, had a transaction volume topping RMB 500 billion and around 24 million registered customers in the first nine months this year. ICBC has established an Internet Finance Center and devoted itself to achieving batch development of credit business especially micro and small enterprise and personal banking services through internet and big data subject to the controllable risks. Currently, ICBC had an internet financing volume of around RMB 450 billion, becoming the largest internet financing bank in China. "Easy Loan", a credit loan product based on customers' online and offline direct consumptions, had 4.3 million customers and a balance of over RMB200 billion. "Online Revolving Loan", an online revolving loan product designed to meet short-term, frequent and urgent financing needs of micro and small enterprises has accumulatively granted loans of RMB1.85 trillion to 80,000 micro and small enterprises, and had a balance of close to RMB230 billion. It has become the internet financing product with the single largest amount in China. Online "Personal Self-service Pledged Loan" has granted loans of RMB62 billion with a balance of RMB25.8 billion.

ICBC has continued to promote the internationalized and diversified operation and further strengthen the support for Chinese enterprises going global and the "Belt and Road" Initiative in the first three quarters of 2015. It has completed the acquisition of Standard Bank Plc and TekstilBank. Myanmar Yangon Branch, Saudi Arabia Riyadh Branch and Italy Roman Branch were established. As at the end of September, ICBC became a Chinese financial institution with the widest footprint in the world, covering 42 foreign countries and territories. By owning shares of Standard Bank, ICBC indirectly increased its exposure to 20 African countries, thus forming a global service network covering Asia, Africa, Latin America, Europe, America and Australia. Its global service ability has been greatly enhanced. Meanwhile, by obtaining the qualification as the RMB clearing bank, ICBC has established a global RMB clearing network across Asian, European and American time zones and the Middle East.