ICBC moves up 29 places to 170th in the 2007 Fortune 500 companies listing with a business turnover of USD 36.8329 billion in 2006 announced by Fortune (US) recently in the July edition of the magazine. Meanwhile, The Banker (UK) publishes its ranking of 2007 Top 1000 World Banks by Tier 1 capital (The Banker, July 2007). ICBC moves up 9 places from last year and becomes the 7th world bank with a Tier 1 capital of USD 59.166 billion.
The latest Fortune listing shows Wal-Mart back again to be the largest company in the world with a business turnover of USD 351.139 billion, while the top company in 2006, Exxon Mobil, moves down to the second. Shell and BP maintain their premier third and fourth place. This year's listing has 24 companies coming from China. ICBC is the fourth China Company after Sinopec Group (17), CNPC (24) and State Grid (29). ICBC ahead of all the four China Banks in the list ICBC (170th), Agriculture Bank of China (277th), Bank of China (215th) and China Construction Bank (230th).
ICBC is in the list of Fortune 500 companies for the eighth year in a row since participation in the ranking in 1999. Starting from 2004 as business turnover has kept growing, ICBC jumped up the ranking every year from 243rd (2004), 229th (2005), 199th (2006) to 170th (2007).
Insiders believe that ICBC is moving on a fast track since its simultaneous listing in HK H-shares and Mainland A-shares on Oct 27 2006. Over the past one year, ICBC shows a staggering growth of 30.2% in after-tax profit and 16.3% in total assets. In the space of 8 long years from 1999 to 2007, non-performance rate of all new ICBC loans remain under 2%. The figures clearly demonstrate that ICBC is taking a number of opportunities for fast and strong growth.
