Industrial and Commercial Bank of China Ltd

XMUN:ICK

Revenue: ICBC reported first-half operating revenue of CNY 446 billion, up 9% year-over-year, with management describing growth as 9.1% in the Q&A; net profit rose 4.54% to CNY 176 billion.

Margins: Net interest margin was 1.29%, up 1 basis point year-over-year. Deposit repricing supported margins, but management expects that benefit to weaken as older time deposits mature and rate spreads narrow.

Asset quality: The NPL ratio improved to 1.29%, down 2 basis points from the start of the year, while provision coverage rose to 217.5%. Retail and inclusive-finance asset quality remains under pressure but is expected to stay within a reasonable range.

Shareholder returns: ICBC raised its 2026 interim payout ratio to 31%, equivalent to CNY 1.51 per 10 shares and approximately CNY 53 billion in total dividends.

Growth drivers: Fee income, wealth management, overseas operations, digital finance and investment-related activities helped diversify growth beyond traditional lending.

International business: Overseas assets exceeded USD 500 billion and rose 11% year-over-year. Cross-border RMB settlement and clearing activity expanded, with the RMB clearing network extending to 19 African countries.

Technology and AI: ICBC said more than 600 large-model application scenarios are live, while AI tools are being deployed across customer service, trading, asset-liability management, compliance and risk control.

Tech finance: Loans to technology companies reached CNY 3 trillion, while subsidiaries provided over CNY 100 billion of equity financing to technology companies in the first half.