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The Industrial and Commercial Bank of China (ICBC) has become China's No. 1 company after registering total assets of more than one trillion U.S. dollars at the end of March 2007.

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The bank said on Friday that it has joined the ranks of the few international financial groups with assets exceeding one trillion U.S. dollars.

The biggest Chinese lender garnered 50 billion yuan (6.5 billion U.S.dollars) in net profits last year, a growth of 31 percent over the year-earlier level.

According to its annual report released on Tuesday, ICBC's earnings per share reached 0.18 yuan.

The bank went public in Shanghai and Hong Kong on October 27, 2006.

The annual report shows that at the end of last year, ICBC's market value exceeded 250 billion U.S. dollars, making it the most valuable stock on China's A-share market, the biggest listed commercial bank in Asia and the third largest in the world.

(For more biz stories, please visit Industry Updates)