The Industrial and Commercial Bank of China, the country's biggest lender by market value, said Thursday that its after-tax profits for the first half of this year rose 29 percent year-on-year as the result of higher loans and fees.

The bank's net profits increased to 109.6 billion yuan (17.13 billion U.S. dollars), or 0.31 yuan per share, from 84.6 billion yuan, or 0.25 yuan per share, one year earlier.

The figures were calculated according to international financial reporting standards, the company said.