SHANGHAI, April 14 The Industrial and Commercial
Bank of China (601398.SS)(1398.HK), already the world's most
profitable lender and the largest bank by market capitalisation,
said its deposits have also topped global counterparts.
ICBC's customer deposits reached 8.9 trillion yuan ($1.30
trillion) at the end of the first quarter, rising 950 billion
from the beginning of this year, it said in a statement published
on its Web site, www.icbc.com.cn/, late on Monday.
Its total deposits would be 9.8 trillion yuan ($1.43
trillion) if interbank deposits were also included, compared with
$1.01 trillion of deposits at JPMorgan Chase, the U.S. bank with
the largest deposits, ICBC said.
"In recent years, assets and deposits of European, American
and Japanese banks have risen sharply due to mergers and
acquisitions of major banks," it said in the statement.
"In contrast, ICBC's expansion has largely been propelled by
the domestic market," and that reflected the development of
China's economy and financial industry, it said.
(Reporting by Lu Jianxin and Edmund Klaman; Editing by Ken