ICBC, Industrial and Commercial Bank of China, the largest bank in China (and arguably in the world), announced its year 2007 results recently. Here is the webcast (good stuff). And quote the Reuters news: ICBC earned 81.52 billion yuan ($11.56 billion) in net profit in 2007, compared with 49.3 billion yuan in 2006, a 64.9% increase.
Notes from webcast Q&A
1) Money management (fees) will not decrease as A share market goes down. There is potential in corporate customers; new products.
2) Subprime exposure was not significant. ICBC invested much more foreign currencies in US treasuries.
3) Credit risk, non-performing loan. Property dev loan 7%, personal mortgage 15%.