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The Industrial and Commercial Bank of China, the country's biggest lender, said on Wednesday its after-tax profits in the first quarter rose 51.6 percent year-on-year to 18.9 billion yuan (2.42 billion U.S. dollars).

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The bank's non-performing loans (NPL) ratio declined from last year's 3.79 percent to the current 3.6 percent, while its NPL provisional coverage ratio increased from 70.6 percent to 74.5 percent, substantially reducing risks.

"The high increase in earnings reflect the bank's enhanced profitability and great potential thanks to the bank's reforms and the listing of its shares," the bank said in a statement.

In the first quarter, the bank saw its outstanding loans increase by 167.3 billion yuan, or 4.6 percent, as loans to individuals and small enterprises grew by 39.2 billion yuan and 27 billion yuan respectively.

Savings deposits expanded by 194.3 billion yuan, or 6.3 percent, while a large capital flow from term deposits into wealth management business led the bank's sales of individual wealth management products to surge 91 percent to 186 billion yuan.

The bank's service fee and commission income rose 58.3 percent to 6.5 billion yuan in the first quarter, 11.8 percent of the period's operating income.

Chinese shares rose to another record high on Wednesday, with heavyweight bank stocks leading the stock market. ICBC's share price was up 2.6 percent, closing at 5.53 yuan.

(For more biz stories, please visit Industry Updates)