China's biggest bank reports deposits hitting 5 trillion yuan mark

The Industrial and Commercial Bank of China (ICBC), the country's biggest bank, reported Monday its outstanding deposits had reached 5.07 trillion yuan (613.4 billion US dollars).

The bank's deposits took the lead among its peers to hit the 5 trillion yuan (604 billion dollars) mark at Jan. 13.

Savings deposits, usually stable in sources and less pervious to external climate, hit 2.83 trillion yuan (342 billion dollars), making up 56 percent of the bank's total. High-end clients, whose savings stood at 50,000 yuan (6,040 dollars) or above, reached 12 million in number, accounting for 12 percent of the total, the bank said in a report.

Robust deposits came on the back of the bank's innovation efforts and improved financial service, as well as China's rapid economic growth and a steady rise in the people's income, it noted.

ICBC witnessed an almost thirtyfold increase in its outstanding deposits from 1984 -- when it was inaugurated -- to 2004.