China's largest commercial lender by assets has reported that its net profit increased 4.58 percent year on year in the first quarter this year.

Its net profit reached 82.69 billion yuan (about 12.29 billion U.S. dollars) during the first three months, the Industrial and Commercial Bank of China (ICBC) said in a statement to the Shanghai Stock Exchange.

Business revenue saw a notable rise of 19.42 percent from a year earlier to 235.5 billion yuan in the period.

Basic earnings per share grew 4.55 percent year on year to 0.23 yuan, the statement said.

By the end of March, the ICBC's total assets amounted to 29.25 trillion yuan, up 5.59 percent from the end of last year, it added.