ICBC reports 12% profit hike

Industrial and Commercial Bank of China, expected to issue a Hong Kong offering in September, announced net profits for 2005 of $4.21 billion, 12% higher than 2004. The results were audited by Ernst & Young LLP, marking the first time the bank's books were reviewed by an international accounting firm, the Wall Street Journal reported. The results, and the audit, may reflect Beijing's efforts to clean up the bank ahead of an offering later this year, which could be China's largest ever. ICBC's offering is expected to raise around $12 billion, ahead of the $11.2 billion raised by Bank of China last month. The bank is expected to apply this month to list in Hong Kong.