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Industrial & Commercial Bank of China Ltd., which smashed records in October with the world's biggest initial public offering, said Tuesday its 2006 profit soared 31 percent on strong growth in lending and services.

China's biggest state-owned commercial lender said net profit rose to 49.3 billion yuan (US$6.4 billion).

Interest income rose 6 percent to 163.1 billion yuan (US$21.2 billion), while fee income jumped 55 percent to 16.3 billion yuan (US$2.1 billion), the Beijing-based bank said.

ICBC said it improved customer services, management and profit margins during its first year as a publicly traded company. The bank raised a record US$21.9 billion in its October IPO held simultaneously in Hong Kong and Shanghai.

"Our operations and growth prospects became more robust and positive," the bank said in a statement. "Our level of competitiveness and management also reached new heights."

China's state-owned commercial banks have seen business grow sharply in recent years amid a booming economy.

Last month, the country's No. 2 bank, Bank of China Ltd., said 2006 profits rose 65 percent to 42.8 billion yuan (US$5.5 billion) on strong lending growth.

But lenders are struggling to create modern financial services and improve management. They face growing competition from foreign rivals as China opens its banking market under World Trade Organization commitments.

Major lenders have responded by taking on foreign partners who can help to launch credit cards and other services. Last year, Goldman Sachs Group Inc., American Express Co. and Allianz AG of Germany paid a total of US$3.8 billion for an 8.89 percent stake in ICBC before the IPO.

In a sign of its new commercial focus, ICBC said small-business loans grew by 71.8 percent last year to 59.7 billion yuan (US$7.7 billion).

Fee and commission income rose 55 percent to 16.3 billion yuan (US$2.1 billion), accounting for 9 percent of operating income, a rise of 2.9 percentage points from 2005, the bank said.

Sales of "wealth management products" soared by 93 percent to 432.8 billion yuan (US$55.9 billion), the bank said, reflecting the growing service market for China's new rich.