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Industrial & Commercial Bank of China
(OTC:IDCBY)
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Rating:74Outperform
Price Target:
$22.00
â–²(15.36% Upside)
Action:Upgraded
Date:09/06/26
Overall score reflects attractive valuation (low P/E and solid yield) and constructive technical momentum, supported by a positive earnings-call outlook (growth, improving asset quality, higher interim payout). The primary offset is financial risk from a materially higher leverage profile and variability in margins and cash-flow trends.
Positive Factors
Broad-based revenue and profit growth
The combination of strong revenue growth and continued profit expansion indicates broad operating momentum across ICBC’s large customer and product base. Sustained top-line progress should support investment in technology, risk management and business development over the next several quarters.
Negative Factors
Persistent net interest margin pressure
Limited NIM improvement leaves earnings sensitive to funding costs and loan pricing. As favorable deposit repricing effects fade, the bank may need stronger volume growth, tighter liability management and greater fee income to offset pressure on its core lending spread.
Read all positive and negative factors
Positive Factors
Negative Factors
Broad-based revenue and profit growth
The combination of strong revenue growth and continued profit expansion indicates broad operating momentum across ICBC’s large customer and product base. Sustained top-line progress should support investment in technology, risk management and business development over the next several quarters.
Read all positive factors
Industrial & Commercial Bank of China (IDCBY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$411.84B
Dividend Yield4.53%
Average Volume (3M)10.98K
Price to Earnings (P/E)8.0
Beta (1Y)0.13
Revenue Growth0.63%
EPS Growth6.04%
CountryUS
Employees409,758
SectorFinancial
Sector Strength70
IndustryBanks - Diversified
Share Statistics
EPS (TTM)20.20
Shares Outstanding4,339,702,600
10 Day Avg. Volume11,871
30 Day Avg. Volume10,977
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)0.50
Price to Sales (P/S)1.35
P/FCF Ratio4.91
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)3.08
Revenue Forecast (FY)$129.80B
Industrial & Commercial Bank of China Business Overview & Revenue Model
Company Description
Industrial and Commercial Bank of China Limited (ICBC), alongside its affiliated entities, delivers a comprehensive suite of banking products and financial services to clients within the People's Republic of China and across international markets....
How the Company Makes Money
ICBC primarily makes money through net interest income: it takes in funds (mainly customer deposits and other funding) and earns interest by deploying those funds into interest-earning assets such as corporate loans, personal mortgages and consume...
Industrial & Commercial Bank of China Earnings Call Summary
Earnings Call Date:Aug 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 23, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational momentum across multiple dimensions — top-line growth, improved asset quality metrics, expanded international footprint, significant progress on digital and AI initiatives, and a meaningful lift in shareholder returns. Management acknowledged margin headwinds, retail/inclusive asset-quality pressure and the temporary nature of some repricing benefits, but emphasized proactive risk remediation and diversified fee/international income as offsets. Overall, positives (broad-based revenue growth, solid capital buffers, digital/AI deployment and clear support for tech and international RMB business) outweigh the manageable near-term challenges.Positive Updates
Strong Top-Line and Profit Growth
Operating revenue of CNY 446 billion in H1, up ~9% Y-o-Y (9.1% cited); net profit of CNY 176 billion, up ~4.5% Y-o-Y (4.54%).
Negative Updates
Persistent Margin Pressure and Limited NIM Improvement
Net interest margin at 1.29%, up only 1 basis point Y-o-Y. Management warned that the deposit repricing dividend will gradually weaken as time-deposit maturities roll down and old-vs-new spread narrows, implying ongoing margin pressure.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Top-Line and Profit Growth
Operating revenue of CNY 446 billion in H1, up ~9% Y-o-Y (9.1% cited); net profit of CNY 176 billion, up ~4.5% Y-o-Y (4.54%).
Read all positive updates
Company Guidance
Management guided a steady, high‑quality growth path that balances shareholder returns and capital adequacy, citing H1 metrics including total assets CNY 57 trillion; operating revenue CNY 446 billion (+9.1% Y/Y); net profit CNY 176 billion (+4.54% Y/Y); NIM 1.29% (+1 bp); NPL ratio 1.29% (‑2 bps); loan provision ratio 2.8% and provision coverage 217.5% (up ~3.8 ppt); loans ~CNY 32 trillion; investments CNY 18.63 trillion (+CNY 1.73 trillion, +10.2%); deposits CNY 39 trillion (+CNY 1.86 trillion, +5%); fee income CNY 69.2 billion (+3.3%); custody scale CNY 33.7 trillion; cross‑border RMB volume CNY 5.5 trillion (group handled CNY 55.5 trillion) with cross‑border RMB settlement up RMB 299 billion (+34%); overseas assets USD 511 billion (pretax profit USD 3 billion, +15% Y/Y); tech loans CNY 3 trillion; digital‑economy loans CNY 1.26 trillion (≈+20%); AUM CNY 6.52 trillion (+10.29%); 2.9 million new retail clients with AUM > CNY 10,000; AI deployment >600 large‑model scenarios, 22M+ AI agent interactions and ~30,000 person‑years of workload; and an enterprise risk platform covering 323 scenarios. Looking forward management said NIM should marginally stabilize as deposit repricing effects fade, they will continue proactive ALM and liability‑cost optimization, accelerate non‑interest income, tech/digital and international expansion, press on intelligent risk control, and maintain a progressive dividend approach (interim payout ratio 31%, CNY 1.51 per 10 shares, ~CNY 53 billion; A/H yields 4.22%/5.36%).Industrial & Commercial Bank of China Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
56
Neutral
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.27T | 1.49T | 660.39B | 838.05B | 913.56B | 939.89B |
| Gross Profit | 513.62B | 833.50B | 817.28B | 838.05B | 913.56B | 939.89B |
| EBITDA | 426.56B | 429.60B | 456.37B | 451.72B | 458.73B | 439.75B |
| Net Income | 363.85B | 358.52B | 365.86B | 363.99B | 361.13B | 348.34B |
Balance Sheet | ||||||
| Total Assets | 57.09T | 53.51T | 48.82T | 44.70T | 39.61T | 35.17T |
| Cash, Cash Equivalents and Short-Term Investments | 3.52T | 4.74T | 4.75T | 5.30T | 4.74T | 4.19T |
| Total Debt | 11.86T | 10.28T | 2.04T | 1.90T | 5.04T | 4.64T |
| Total Liabilities | 52.98T | 49.51T | 44.83T | 40.92T | 1.43T | 1.28T |
| Stockholders Equity | 4.08T | 3.98T | 3.97T | 3.76T | 3.50T | 3.26T |
Cash Flow | ||||||
| Free Cash Flow | 271.39B | 409.03B | 462.55B | 499.19B | 778.87B | 339.02B |
| Operating Cash Flow | 317.71B | 456.67B | 505.85B | 530.39B | 802.00B | 360.88B |
| Investing Cash Flow | -3.19T | -2.42T | -1.47T | -891.85B | -910.62B | -674.56B |
| Financing Cash Flow | 1.21T | 35.01B | 1.29T | 3.82T | 3.19T | -11.55B |
Industrial & Commercial Bank of China Technical Analysis
Positive
19.07
Price Trends
18.22
Positive
17.93
Positive
16.98
Positive
Market Momentum
0.33
Negative
65.03
Neutral
80.43
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IDCBY, the sentiment is Positive. The current price of 19.07 is above the 20-day moving average (MA) of 18.92, above the 50-day MA of 18.22, and above the 200-day MA of 16.98, indicating a bullish trend. The MACD of 0.33 indicates Negative momentum. The RSI at 65.03 is Neutral, neither overbought nor oversold. The STOCH value of 80.43 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IDCBY.
Industrial & Commercial Bank of China Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $953.33B | 15.42 | 17.81% | 1.67% | 8.20% | 19.76% | |
76 Outperform | $438.31B | 14.21 | 11.13% | 1.85% | -1.71% | 27.92% | |
74 Outperform | $411.84B | 8.05 | 9.23% | 4.53% | 0.63% | 6.04% | |
72 Outperform | $368.63B | 15.14 | 12.98% | 3.50% | -5.19% | 39.48% | |
68 Neutral | $270.87B | 15.94 | 12.34% | 2.51% | 7.56% | 43.28% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | $231.02B | 14.60 | 8.41% | 1.79% | 3.91% | 37.25% |
* Financial Sector Average
IDCBY
Industrial & Commercial Bank of China
19.63
5.36
37.59%
BAC
Bank of America
62.68
14.25
29.43%
C
Citigroup
137.72
43.84
46.69%
HSBC
HSBC Holdings
107.11
43.98
69.66%
JPM
JPMorgan Chase
358.64
71.23
24.78%
MUFG
Mitsubishi UFJ
24.09
8.50
54.52%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.