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Industrial And Commercial Bank Of China Ltd Class H 01398

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Morningstar’s Analysis

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ICBC Reported Strong Credit Quality Improvement, Fee Income Growth Remained Anemic in First Half

Iris Tan, CFA Senior Equity Analyst

Analyst Note

| Iris Tan, CFA |

Narrow-moat Industrial and Commercial Bank of China, or ICBC’s first-half results were largely in line. Revenue and net profit grew 4.3% and 9.9% year on year respectively, accelerating from 3.2% and 1.5% growth in the first quarter. Accelerating growth was attributable to strong loan growth of 11% and a 0.7% decline in provision expenses year on year.

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Company Profile

Business Description

ICBC is headquartered in Beijing and founded in 1984, the bank listed its shares in mainland China and Hong Kong in 2006. It is China's largest by asset scale and by share of lending and deposits. Central Huijin Investment (China's sovereign wealth fund manager) and China's Ministry of Finance are ICBC's two largest shareholders, each with a stake of around 35%. ICBC operates 16,270 outlets. Among these outlets, 417 outlets are located in 42 countries and regions overseas. Corporate banking, retail banking, and wholesale banking accounted for 46%, 42%, and 12% of total revenue, respectively, and 38%, 44%, and 17% of profit before tax in 2020. Overseas banking and other business contributed 14% of total revenue and 7% of profit before tax in 2020.

3 Garden Road, 33rd Floor, ICBC Tower
Hong Kong, Hong Kong
T +852 25881188
Sector Financial Services
Industry Banks - Diversified
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 430,335