China's Largest Lender Extends 110 bln Yuan of New Loans in Jan.

The Industrial and Commercial Bank of China (ICBC), the world's largest lender by market value, said Monday it extended 110 billion yuan (16.1 billion U.S. dollars) of new loans in January, less than the amount in the same period of 2009.

"The lending growth in January was stable and moderate, which has well satisfied the real economic demand," the bank said.

The ICBC statistics showed lendings of the bank totaled 117.1 billion yuan in January 2009.

The bank said it would focus on financing ongoing government projects and continue to extend more loans to small businesses, while strictly controlling loans to new projects and high energy-consuming and polluting industries.

ICBC last Wednesday said its loan growth in early and mid-January was "a little fast" as many ongoing projects needed funds, but the lending pace had stabilized since, as a concentrated volume of existing loans had come due and some credit card debts had been repaid.

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