On April 10, the Industrial and Commercial Bank of China Limited published ICBC's Announcement on Profit Increase Estimate for Q1 2008 on "China Securities Journal", "Shanghai Securities News", "Securities Times ", and on the websites of both Shanghai and Hong Kong Stock Exchanges.
According to the announcement, ICBC will witness good momentum of businesses growth in the first quarter of 2008, with rapid increase in various business revenues such as interest net revenue, service charge and net commission; meanwhile, ICBC's significant increase in net profits is also the result of new income tax rate implemented according to relevant regulations.
Calculated tentatively based on China Accounting Standards, it is estimated ICBC's net profit will increase by more than 50% year-on-year in the first quarter of 2008 (The net profit in Q1 2007 that belongs to the shareholder of ICBC's parent company is RMB18,706,000,000, the basic (diluted) earning per share is RMB 0.
06).
