The FINANCIAL — FinanceAsia, one of Asian's renowned finance media, recently released the results of the 2009 best bank selection, in which the award "Best Bank in China" was granted to ICBC, it is the fifth time that ICBC has won this honor since its participation in the selection.
"The most important factors leading to ICBC's reaping the "Best Bank in China" award include its sound profit growth, effective crisis response measures, strong market position, and positive analyst evaluation. During the selection, FinanceAsia held that despite the complex financial situation both at home and abroad in the last year, ICBC further enhanced its endeavor of transition, improved internal management, and promoted innovation and development, hence achieving considerable profit growth. Its after-tax profit continued to grow and the total volume of gross profit hit a new record, making it the most profitable bank in the world. Its return rate of right and interest as well as the rate of return on assets both reached historical high, while the capital adequacy ratio continued to maintain a reasonable level. Meanwhile, ICBC's adjustment of its operation structure was fruitful, while its revenue structure, investment portfolio structure, loan structure and quality were further optimized. All the businesses of ICBC maintained sound development: whereas it kept the leading position in businesses of maintaining deposit and loans, bond underwriting, asset custody, bank card and enterprise annuity, it also emerged as the world's largest deposit-taking bank, accompanied by the rapid rise of its impact in the international market. ICBC's outstanding performance has won extensive recognition in the market, and most analysts held optimistic attitudes towards ICBC stock by giving a "buy" recommendation, which revealed the bank's high value for investment," ICBC informs.
Meanwhile, during the selection ICBC also won the award of the "Best Cash Management Bank in China".
ICBC's official who is responsible said that ICBC will stick to the strategy of stable and sustainable development, speed up the transformation of business model and growth pattern, and actively adjust the operation structure, so as to constantly promote the bank's internationalized and integrated development and to create a new advantage in market competition. Ultimately, ICBC aims to build the most profitable, most outstanding, and most respectful modern commercial bank.
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