BEIJING - 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), 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.