Industrial and Commercial Bank of China, the nation's top lender, says it has become the world's most profitable bank in the first half after earning 64.879 billion yuan (€6.41 billion).
ICBC said its €6.41 billion profit after tax in the first six months of the year marked an increase of 56.75% from the same period in 2007.
'We not only maintained our position as the biggest bank in the world, but also became the most profitable bank in the world,' Jiang Jianqing, chairman of the bank, said.
ICBC's robust figures were due to strong growth in interest income and fee and commission-based services.
A lower 25% corporate tax rate since the beginning of this year, compared with 33% previously, also helped.
The lower tax rate reflected a new tax regime introduced January 1, unifying the taxes paid by foreign and local companies.
