(Yicai Global) June 21-- The Industrial and Commercial Bank of China, the country's largest commercial bank, was found to have many problems in its operations and corporate governance during an audit. These involved assets of more than CNY300 billion (USD46 billion), a report by China's government audit office shows.

ICBC is one of the four largest state-owned banks and has the largest customer base in the country. The Beijing-based bank listed on the Shanghai Stock and Hong Kong stock exchanges in October 2006 with a market value topping CNY2 trillion.

ICBC's micro-enterprise loan figures of CNY90 billion were smudgy, the review discovered. Irregularities also cropped up in the bank's wealth management services in eight of its branches in the eastern provinces of Heilongjiang, Henan and Hubei from 2012 to 2016. These implicated CNY66.61 billion, the National Audit Office announced in the results of the check is conducted on the bank's assets, liabilities, profits and losses for 2016.

ICBC's Shanghai and Zhejiang branches further provided illegal loans of CNY11.92 billion to institutions from 2014 to 2016 that usurped the functions of the local government financing platform, the audit also found.

ICBC is undergoing rectification. It had corrected 96 percent of the problems identified, tightened up 258 rules and disciplined 662 violators as of May, the audit report also shows.

"As of the date of the announcement, the bank has rectified 98.01 percent of the problems found in the audit and has taken corresponding risk prevention and mitigation measures in respect of the loans involved, with the risks of such loans generally under control," ICBC responded in a statement issued soon afterward.

Editor: Ben Armour