ICBC posts strong trade financing growth in Q1

BEIJING -- The Industrial and Commercial Bank of China (ICBC) said its trade financing business has posted robust growth in the first quarter, with domestic subsidiaries conducting almost 290 billion yuan of in-balance-sheet trade financing, up 42.58 percent year-on-year.

ICBC's overseas branches conducted more than $16 billion of international trade financing during the same period, up over 100 percent year-on-year, it said.

By the end of March, ICBC's domestic outstanding trade financing reached 527 billion yuan, according to bank.