Industrial & Commercial Bank of China Ltd.

For H1 2026, ICBC reported total assets of CNY 57 trillion, operating revenue of CNY 446 billion (+9% YoY / +9.1% YoY in management commentary), fee income of CNY 69 billion (+3.3% YoY), and net profit of CNY 176 billion (+4.54% YoY). NIM was 1.29% (+1 bp YoY), NPL ratio was 1.29% (-2 bps vs. end-2025), capital adequacy ratio was 18.57%, and provision coverage was 217.5%. Loans were nearly CNY 32 trillion, investments were CNY 18.63 trillion (+CNY 1.73 trillion, +10.2%), and deposits were CNY 39 trillion (+CNY 1.86 trillion, +5%). Management said the interim cash dividend payout ratio was raised to 31%, implying CNY 1.51 per 10 shares, tax inclusive, for about CNY 53 billion in total. For noninterest income, the bank cited CNY 104.9 billion (+9.9% YoY) and other noninterest income of CNY 35.7 billion (+25.3% YoY). Guidance-wise, management said full-year revenue and profit remain positive in outlook, margin pressure may ease but the benefit from deposit repricing will gradually weaken, and the bank will keep managing assets and liabilities to stabilize NIM.

Management framed H1 as a “proactive and progressive” period, saying ICBC’s transformation is turning into earnings momentum. The CEO-level commentary emphasized that revenue growth was not only helped by deposit repricing but also by synchronized growth across NII, noninterest income, and all major business segments. The tone was confident but measured, with repeated emphasis on disciplined risk management, balance-sheet stability, and long-term value creation.

The board secretary highlighted a strong balance sheet and earnings base: CNY 446 billion of operating revenue, CNY 176 billion of net profit, NIM of 1.29%, NPL ratio of 1.29%, and provision coverage of 217.5%. He also pointed to strong deposits and loans growth, investments up to CNY 18.63 trillion, and a higher interim payout ratio of 31% because of the bank’s capital strength and performance improvement. On capital allocation, he said the dividend decision was made to balance shareholder returns, retained earnings, and sustainable capital adequacy, and noted ICBC has paid over RMB 1.64 trillion in cash dividends cumulatively.

Analysts focused on revenue and profit outlook, margin trends amid deposit repricing, asset quality in retail and inclusive finance, international business and RMB internationalization, fee income drivers, tech finance, AI adoption, and the higher dividend payout. Management said deposit repricing is supporting NIM for now, but that the benefit will fade as time deposits roll over, so ICBC will keep optimizing asset-liability management. On credit quality, management acknowledged pressure in retail and inclusive finance but said corporate asset quality improved and the platform-based intelligent risk control system now covers 323 business scenarios.