Industrial & Commercial Bank of China

ICBC's net profit rose 5.25% yoy to CNY 85,926 mil in 2Q2019

By Helgi Analytics - November 05, 2019

Industrial & Commercial Bank of China made a net profit of CNY 85,926 mil under revenues of CNY 194,236 mil in the second quarter of 2019...

ICBC's market capitalisation (end of period) rose 6.32% to USD 305,560 mil in 2Q2019

By Helgi Analytics - November 05, 2019

Industrial & Commercial Bank of China stock traded at JPY 1,645 per share at the end of second quarter of 2019 implying a market cap...

ICBC's capital adequacy ratio rose 6.92% yoy to 15.8% in 2Q2019

By Helgi Analytics - November 05, 2019

Industrial & Commercial Bank of China's capital adequacy ratio reached 15.8% at the end of second quarter of 2019, up from 15...

Profit Statement 2016 2017 2018
Net Interest Income CNY mil 472,189 522,406 572,747
Fee Income (As % Of Revenues) % 22.0 20.1 19.6
Other Income CNY mil 41,963 31,008 22,183
Total Revenues CNY mil 659,125 693,039 740,231
Operating Profit CNY mil 465,936 506,707 529,845
Provisions CNY mil 86,138 124,096 147,347
Net Profit CNY mil 273,799 281,612 293,170
Balance Sheet 2016 2017 2018
Interbank Loans CNY mil 1,553,100 1,834,200 1,696,500
Customer Loans CNY mil 12,767,300 13,893,000 15,046,100
Debt Securities CNY mil 5,481,200 5,756,700 6,754,700
Total Assets CNY mil 24,137,300 26,087,000 27,699,500
Shareholders' Equity CNY mil 1,969,800 2,127,500 2,330,000
Interbank Borrowing CNY mil 2,606,700 2,753,300 2,329,800
Customer Deposits CNY mil 18,043,700 19,486,600 21,750,300
Issued Debt Securities CNY mil 357,937 526,940 617,842
Ratios 2016 2017 2018
ROE % 14.6 13.7 13.2
ROA % 1.18 1.12 1.09
Costs (As % Of Assets) % 0.834 0.742 0.782
Costs (As % Of Income) % 29.3 26.9 28.4
Capital Adequacy Ratio % 14.6 15.1 15.4
Net Interest Margin % 2.04 2.08 2.13
Loans (As % Of Deposits) % 70.8 71.3 69.2
NPLs (As % Of Loans) % 1.73 1.65 1.64
Provisions (As % Of NPLs) % 128 145 148
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 213,734 286,862 251,260
Share Price (End Of Period) HKD 4.65 6.29 5.52
Price/Earnings (P/E) 6.75 9.55 7.64
Price/Book Value (P/BV) 0.939 1.26 0.961
Earnings Per Share (EPS) CNY 0.768 0.790 0.823
Book Value Per Share CNY 5.53 5.97 6.54

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summary Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                      
Net Interest Income CNY mil                         417,877 443,436 493,522 508,022 472,189    
Total Revenues CNY mil                         537,795 590,306 647,554 684,890 659,125    
Operating Profit CNY mil                         347,758 386,108 428,872 463,944 465,936    
Net Profit CNY mil                         238,532 262,649 275,811 274,800 273,799    
balance sheet                                      
Interbank Loans CNY mil                         1,181,000 1,049,900 1,251,200 1,680,100 1,553,100    
Customer Loans CNY mil                         8,583,300 9,681,400 10,768,800 11,652,800 12,767,300    
Debt Securities CNY mil                         4,083,900 4,322,200 4,433,200 5,010,000 5,481,200    
Total Assets CNY mil                         17,542,200 18,917,800 20,610,000 22,209,800 24,137,300    
Shareholders' Equity CNY mil                         1,125,000 1,274,100 1,530,900 1,789,500 1,969,800    
Interbank Borrowing CNY mil                         1,725,700 1,569,300 1,920,800 2,603,300 2,606,700    
Customer Deposits CNY mil                         13,680,900 14,751,400 15,732,800 16,465,300 18,043,700    
Issued Debt Securities CNY mil                         232,186 253,018 279,590 306,622 357,937    
ratios                                      
ROE %                         22.9 21.9 19.7 16.6 14.6    
ROA %                         1.44 1.44 1.40 1.28 1.18    
Costs (As % Of Assets) %                         1.15 1.12 1.11 1.03 0.834    
Costs (As % Of Income) %                         35.3 34.6 33.8 32.3 29.3    
Capital Adequacy Ratio % ... ... ... ... ...               13.7 13.1 14.5 15.2 14.6    
Net Interest Margin %                         2.53 2.43 2.50 2.37 2.04    
Interest Income (As % Of Revenues) %                         77.7 75.1 76.2 74.2 71.6    
Fee Income (As % Of Revenues) %                         19.7 20.7 20.5 20.9 22.0    
Equity (As % Of Assets) %                         6.41 6.73 7.43 8.06 8.16    
Loans (As % Of Deposits) %                         62.7 65.6 68.4 70.8 70.8    
Loans (As % Assets) %                         48.9 51.2 52.3 52.5 52.9    
NPLs (As % Of Loans) % ... ... ...                   0.950 1.01 1.20 1.60 1.73    
Provisions (As % Of NPLs) % ... ... ...                   264 240 194 147 128    
valuation                                      
Market Capitalisation (End Of Period) USD mil ... ... ... ... ... ...             254,287 240,399 265,217 215,210 213,734    
Number Of Shares (Average) mil ... ... ... ... ... ...             356,407 356,407 356,407 356,407 356,407    
Share Price (End Of Period) HKD ... ... ... ... ... ...             5.53 5.23 5.77 4.68 4.65    
Earnings Per Share (EPS) CNY ... ... ... ... ... ...             0.669 0.737 0.774 0.771 0.768    
Book Value Per Share CNY ... ... ... ... ... ...             3.16 3.57 4.30 5.02 5.53    
Price/Earnings (P/E) ... ... ... ... ... ...             10.3 9.09 9.32 7.25 6.75    
Price/Book Value (P/BV) ... ... ... ... ... ...             2.18 1.87 1.68 1.11 0.939    
Earnings Per Share Growth % ... ... ... ... ... ... ...           14.5 10.1 5.01 -0.367 -0.364    
Book Value Per Share Growth % ... ... ... ... ... ... ...           17.6 13.3 20.2 16.9 10.1    
income statement Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                      
Interest Income CNY mil                         721,488 767,212 849,879 871,934 791,823    
Interest Cost CNY mil                         303,611 323,776 356,357 363,912 319,634    
Net Interest Income CNY mil                         417,877 443,436 493,522 508,022 472,189    
Net Fee Income CNY mil                         106,064 122,326 132,497 143,391 144,973    
Other Income CNY mil                         13,854 24,544 21,535 33,477 41,963    
Total Revenues CNY mil                         537,795 590,306 647,554 684,890 659,125    
Operating Cost CNY mil                         190,037 204,198 218,682 220,946 193,189    
Operating Profit CNY mil                         347,758 386,108 428,872 463,944 465,936    
Provisions CNY mil                         32,572 38,098 56,267 86,022 86,138    
Extra and Other Cost CNY mil                         6,499 9,473 10,993 14,687 16,519    
Pre-Tax Profit CNY mil                         308,687 338,537 361,612 363,235 363,279    
Tax CNY mil                         69,996 75,572 85,326 85,515 84,173    
Minorities CNY mil                         159 316 475 589 857    
Net Profit CNY mil                         238,532 262,649 275,811 274,800 273,799    
growth rates                                      
Net Interest Income Growth % ...                       15.2 6.12 11.3 2.94 -7.05    
Net Fee Income Growth % ...                       4.45 15.3 8.31 8.22 1.10    
Total Revenue Growth % ...                       12.7 9.76 9.70 5.77 -3.76    
Operating Cost Growth % ...                       12.0 7.45 7.09 1.04 -12.6    
Operating Profit Growth % ...                       13.0 11.0 11.1 8.18 0.429    
Pre-Tax Profit Growth % ...                       13.4 9.67 6.82 0.449 0.012    
Net Profit Growth % ...                       14.5 10.1 5.01 -0.367 -0.364    
market share                                      
Market Share in Revenues % ... ... ... ... ... ... ... ... ... ...     17.0 16.5 15.4 14.7 14.0   ...
Market Share in Net Profit % ... ... ... ... ... ... ...           15.8 ... ... ... ... ... ...
Market Share in Employees % ... ... ... ... ... ... ... ... ... ...   ... ... ... ... ... ... ... ...
balance sheet Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                      
Cash CNY mil                         3,174,900 3,294,000 3,523,600 3,059,600 3,350,800    
Interbank Loans CNY mil                         1,181,000 1,049,900 1,251,200 1,680,100 1,553,100    
Customer Loans CNY mil                         8,583,300 9,681,400 10,768,800 11,652,800 12,767,300    
Retail Loans CNY mil ... ... ... ... ... ...             2,287,100 2,727,600 3,063,500 3,541,900 4,196,200    
Corporate Loans CNY mil ... ... ... ... ... ...             6,332,600 7,046,500 7,612,600 7,869,600 8,860,700    
Debt Securities CNY mil                         4,083,900 4,322,200 4,433,200 5,010,000 5,481,200    
Fixed Assets CNY mil                         156,810 185,386 219,779 244,182 265,473    
Total Assets CNY mil                         17,542,200 18,917,800 20,610,000 22,209,800 24,137,300    
Shareholders' Equity CNY mil                         1,125,000 1,274,100 1,530,900 1,789,500 1,969,800    
Of Which Minority Interest CNY mil                         3,462 4,329 6,445 11,045 11,412    
Liabilities CNY mil                         16,417,200 17,643,700 19,079,100 20,420,300 22,167,500    
Interbank Borrowing CNY mil                         1,725,700 1,569,300 1,920,800 2,603,300 2,606,700    
Customer Deposits CNY mil                         13,680,900 14,751,400 15,732,800 16,465,300 18,043,700    
Sight Deposits CNY mil ... ... ...                   6,793,300 7,033,600 7,288,600 7,898,200 8,992,100    
Term Deposits CNY mil ... ... ...                   6,887,600 7,717,800 8,444,200 8,567,100 9,051,600    
Issued Debt Securities CNY mil                         232,186 253,018 279,590 306,622 357,937    
Other Liabilities CNY mil                         778,414 1,069,980 1,145,910 1,045,080 1,159,160    
asset quality                                      
Non-Performing Loans CNY mil ... ... ...                   83,612 100,544 132,802 190,883 225,615    
Gross Loans CNY mil                         8,803,700 9,922,400 11,026,300 11,933,500 13,056,800    
Total Provisions CNY mil                         220,403 240,959 257,581 280,654 289,512    
growth rates                                      
Customer Loan Growth % ...                       13.0 12.8 11.2 8.21 9.56    
Retail Loan Growth % ... ... ... ... ... ... ...           14.9 19.3 12.3 15.6 18.5    
Corporate Loan Growth % ... ... ... ... ... ... ...           21.4 11.3 8.03 3.38 12.6    
Total Asset Growth % ...                       13.3 7.84 8.95 7.76 8.68    
Shareholders' Equity Growth % ...                       17.6 13.3 20.2 16.9 10.1    
Customer Deposit Growth % ...                       11.2 7.82 6.65 4.66 9.59    
market share                                      
Market Share in Customer Loans % ... ... ...                   12.8 12.2 11.9 11.1 10.9    
Market Share in Total Assets % ... ... ...                   13.1 12.4 12.0 11.2 10.5    
Market Share in Customer Deposits % ... ... ...                   14.5 35.4 34.8 28.9 25.4    
ratios Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                      
ROE %                         22.9 21.9 19.7 16.6 14.6    
ROA %                         1.44 1.44 1.40 1.28 1.18    
Costs (As % Of Assets) %                         1.15 1.12 1.11 1.03 0.834    
Costs (As % Of Income) %                         35.3 34.6 33.8 32.3 29.3    
Capital Adequacy Ratio % ... ... ... ... ...               13.7 13.1 14.5 15.2 14.6    
Tier 1 Ratio % ... ... ... ... ...               10.6 10.6 12.2 13.5 13.4    
Net Interest Margin %                         2.53 2.43 2.50 2.37 2.04    
Interest Spread % ...                       2.41 2.31 2.36 2.23 1.92    
Asset Yield %                         4.37 4.21 4.30 4.07 3.42    
Cost Of Liabilities % ...                       1.96 1.90 1.94 1.84 1.50    
Interest Income (As % Of Revenues) %                         77.7 75.1 76.2 74.2 71.6    
Fee Income (As % Of Revenues) %                         19.7 20.7 20.5 20.9 22.0    
Other Income (As % Of Revenues) %                         2.58 4.16 3.33 4.89 6.37    
Equity (As % Of Assets) %                         6.41 6.73 7.43 8.06 8.16    
Loans (As % Of Deposits) %                         62.7 65.6 68.4 70.8 70.8    
Loans (As % Assets) %                         48.9 51.2 52.3 52.5 52.9    
NPLs (As % Of Loans) % ... ... ...                   0.950 1.01 1.20 1.60 1.73    
Provisions (As % Of NPLs) % ... ... ...                   264 240 194 147 128    
Provisions (As % Of Loans) %                         2.57 2.49 2.39 2.41 2.27    
Cost of Provisions (As % Of Loans) %                         0.403 0.417 0.550 0.767 0.705    
other data Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                      
Employees ... ... ...                   427,356 441,902 462,282 466,346 461,749    
Sight (As % Of Customer Deposits) % ... ... ...                   49.7 47.7 46.3 48.0 49.8    
On-balance Sheet Loans RMB mil ... ... ... ... ... ... ... ... ... ... ... ... ... 9,681,400 10,768,800 11,652,800 12,767,300    

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ICBC's npls (as % of loans) fell 3.47% yoy to 1.59% in 2Q2019

By Helgi Analytics - November 05, 2019

Industrial & Commercial Bank of China's non-performing loans reached 1.59% of total loans at the end of 2019-06-30, down from 1.65% compared to the previous year. Historically, the NPL ratio hit an all time high of 1.73% in 2016-12-31 and an all time low of 0...

ICBC's share price (end of period) rose 6.14% yoy to HKD 6.70 in 2Q2019

By Helgi Analytics - November 05, 2019

Industrial & Commercial Bank of China stock traded at HKD 6.70 per share at the end of second quarter of 2019 implying a market capitalization of USD 305,560 mil. Over the last five years, the stock has appreciated by 57.8 % implying an annual average growth of 9....

ICBC's net interest margin fell 2.40% yoy to 2.04% in 2Q2019

By Helgi Analytics - November 05, 2019

Industrial & Commercial Bank of China's net interest margin amounted to 2.04% in the second quarter of 2019, down from 2.08% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 3.80% in 4Q2015 a...

ICBC's price/earnings (P/E) fell 2.14% yoy to 8.89 in 2Q2019

By Helgi Analytics - November 05, 2019

Industrial & Commercial Bank of China stock traded at HKD 6.70 per share at the end second quarter of 2019 implying a market capitalization of USD 305,560 mil. Since the end of 2Q2014, the stock has appreciated by 57.8 % implying an annual average growth of 9.56 %...

ICBC's net interest income rose 7.47% yoy to CNY 151,111 mil in 2Q2019

By Helgi Analytics - November 05, 2019

Industrial & Commercial Bank of China generated total banking revenues of CNY 194,236 mil in the second quarter of 2019, up 6.39% when compared to the same period of last year and down 18.7% when compared to the previous quarter. Historically, t...

ICBC's equity (as % of assets) rose 0.869% yoy to 8.10% in 2Q2019

By Helgi Analytics - November 05, 2019

Industrial & Commercial Bank of China's Equity reached 7.25% of total assets in the 2Q2019, up from 7.16% for the previous year. As a share of net customer loans, the ratio amounted to 13.9% at the end of the second quarter of 2019. ...

ICBC's customer loan growth rose 24.5% yoy to 9.07% in 2Q2019

By Helgi Analytics - November 05, 2019

Industrial & Commercial Bank of China's customer loan growth reached 9.07% in 2019-06-30, up from 7.28% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 18.6% in 2010-12-31 and an all time low of 6.84% in 2018-0...

ICBC's net profit rose 4.10% to CNY 293,170 mil in 2018

By Helgi Analytics - November 05, 2019

Industrial & Commercial Bank of China made a net profit of CNY 293,170 mil under revenues of CNY 740,231 mil in 2018, up 4.10% and 6.81% respectively compared to the previous year. Historically, the bank’s net profit reached an all time high of CNY 293,170 mil in 201...

ICBC's capital adequacy ratio rose 1.65% to 15.4% in 2018

By Helgi Analytics - November 05, 2019

Industrial & Commercial Bank of China's capital adequacy ratio reached 15.4% at the end of 2018, up from 15.1% compared to the previous year. Historically, the bank’s capital ratio hit an all time high of 15.4% in 2018 and an all time low of 9.89% in 2005. ...

ICBC's npls (as % of loans) fell 0.461% to 1.64% in 2018

By Helgi Analytics - November 05, 2019

Industrial & Commercial Bank of China's non-performing loans reached 1.64% of total loans at the end of 2018, down from 1.65% compared to the previous year. Historically, the NPL ratio hit an all time high of 34.5% in 2003 and an all time low of 0.950% in 201...

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Industrial & Commercial Bank of China Logo

Finance

Industrial & Commercial Bank of China has been growing its revenues and asset by 9.73% and 11.0% a year on average in the last 10 years. Its loans and deposits have grown by 13.0% and 10.2% a year during that time and loans to deposits ratio reached 69.2% at the end of 2018. The company achieved an average return on equity of 18.8% in the last decade with net profit growing 10.2% a year on average. In terms of operating efficiency, its cost to income ratio reached 28.4% in 2018, compared to 33.1% average in the last decade.

Equity represented 8.41% of total assets or 15.5% of loans at the end of 2018. Industrial & Commercial Bank of China's non-performing loans were 1.64% of total loans while provisions covered some 148% of NPLs at the end of 2018.

Valuation

Industrial & Commercial Bank of China stock traded at HKD 5.52 per share at the end of 2018 resulting in a market capitalization of USD 251,260 mil. Over the previous five years, stock price rose by 5.54% or 1.09% a year on average. That’s compared to an average ROE of 15.5% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 7.64x and price to book value (PBV) of 0.961x in 2018.