According to a statement issued by ICBC's chairman, the bank expects profits to keep growing in 2009.
Considering that 2008 profits were a record 111 bn RMB (12 bn €), and considering that ICBC is aggressively extending huge amounts of new loans to help fight the recession, that sounds a tad ambitious.
But then, non-performing loans only become officially non-performing when they are no longer serviced. As long as fresh money is handed out to service the existing loans, it should be possible to "postpone" the recognition of any such inconvenient problems for quite a while.
( See also: Earlier post on ICBC )
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