Industrial and Commercial Bank of China (ICBC) has reported a 69 per cent rise in profit in 2012 for its Middle East business, as the bank continues its regional expansion.

ICBC, China’s largest bank, said pre-tax profit had increased to $54m and operating income was up 47 per cent to $72m. Total assets rose by 29 per cent to $3.96bn.

The bank currently has offices in Dubai, Abu Dhabi and Doha, and is planning to open in Kuwait and Saudi Arabia this year. In addition to financing Chinese companies working on projects in the region, ICBC is also taking part in regional syndications, trading in the Renminbi, and aims to become a major bank for the top 200 companies in the Middle East.