Industrial and Commercial Bank of China (ICBC; 601398.SH, 1398.HK) recorded 27% profit growth in the third quarter, Bloomberg reported. Profits at the world’s largest bank by market capitalization were largely driven by a 14.7% increase in overall lending from January to September. ICBC also announced it would put up US$180 million for a 60% stake in a joint insurance venture between AXA SA (CS.Euronext) and China Minmetals. The venture is an attempt by the bank to reduce its dependence on loans, as worries remain about the fallout from a lending binge in 2009 and as Beijing takes steps to curb loan growth. ICBC is on track to become China’s most profitable bank for the third year running, though smaller rivals such as the Bank of Communications (BoCom; 601328.SH, 3328.HK), Bank of China (BoC; 601988.SH, 3988.HK) and Agricultural Bank of China (ABC; 601288.SH, 1288.HK) also posted third-quarter profit growth ranging between 24% and 30%.
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