ICBC’s Overseas Operations Shine: Profits Soar 9.5% in First Half

China’s Industrial and Commercial Bank of China (ICBC) has reported strong growth in its overseas operations, with pre-tax profits exceeding $2.68 billion in the first half of 2024, representing a 9.5% increase year-on-year. The bank attributed the robust performance to its commitment to serving high-quality outbound investment and trade activities, particularly in key areas like cross-border finance and promoting the internationalization of the Chinese yuan. Key highlights include providing over 500 billion yuan in financing for domestic foreign trade and investment companies, optimizing financial services for cross-border e-commerce, and achieving significant progress in yuan-based settlements for oil and gas transactions. Despite a complex global economic landscape, ICBC plans to continue its international expansion by extending its investment banking, custody, global cash management, and financial market transaction services to overseas markets. The bank will also enhance coordination between its domestic and international operations and implement tailored strategies for each overseas branch.