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Finance

Industrial & Commercial Bank of China Ltd.

Company Background

Industrial and Commercial Bank of China (ICBC) is China's largest bank. Established in 1984, ICBC is one of China's four biggest state-owned commercial banks, alongside China Construction Bank, Agricultural Bank of China and Bank of China. ICBC was simultaneously listed on both the Hong Kong Exchange and the Shanghai Stock Exchange on Oct. 27, 2006.

As of the end of 2014, ICBC had 5.09 million corporate customers and 465 million retail customers. In addition to its 17,000 domestic branches, it has branches in 41 countries.

ICBC is also focusing on Internet banking. It has strong earning capacity, thanks to its vast customer base and the country's regulated bank deposit rates. ICBC and U.S. bank Wells Fargo are competing head to head for the world's top bank in terms of market capitalization.

Its revenue mainly comes from its domestic branches. Its subsidiaries include a leasing company as well as an asset management company and an insurer that establish joint ventures with foreign companies. ICBC has also expanded into global markets through acquisitions and other means. It aims to become a global titan on par with financial groups like JPMorgan Chase and Citigroup of the U.S.

Business Summary

Industrial & Commercial Bank of China Ltd. engages in the provision of commercial banking and financial services. It operates through the following business segments: Corporate Banking, Personal Banking, Treasury Operations, and Others. The Corporate Banking segment provides corporate loans, trade financing, deposit-taking activities, corporate wealth management services, custody activities, and various types of corporate intermediary services to corporations, government agencies and financial institutions. The Personal Banking segment offers personal loans, deposit-taking activities, card business, personal wealth management services, and various types of personal intermediary services to individual customers. The Treasury Operations segment covers money market transactions, investment securities, foreign exchange transactions and the holding of derivative positions, for its own account or on behalf of customers. The Others segment includes assets, liabilities, income, and expenses that cannot be allocated to a segment. The company was founded on January 1, 1984 and is headquartered in Beijing, China.

Financial Highlights

Dec 2022 HKDUSD
Revenue1,734.34B221,485.65M
Gross Profit----
Operating income484,394.58M61,860.06M
Income before tax486,243.56M62,096.19M
Net income419,197.82M53,534.05M
EBITDA----
Diluted EPS1.120.14
Dividends Per Share0.330.04
Total Assets44,471.33B5,697.83B
Total liabilities40,772.90B5,223.98B
Total equity3,677.48B471,173.09M
Operating cash flow1,121.10B143,171.66M
Currency in HKDCurrency in USD

Historical Data

 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 1,359.81B 1,438.73B 1,466.19B 1,670.81B 1,734.34B
Gross Profit -- -- -- -- --
Operating income 435,154.14M 439,965.26M 437,677.44M 506,005.40M 484,394.58M
Income before tax 437,447.24M 441,398.53M 439,164.08M 508,635.17M 486,243.56M
Net income 352,583.49M 354,035.93M 354,981.47M 419,820.77M 419,197.82M
EBITDA -- -- -- -- --
Diluted EPS 0.82 0.97 0.96 1.14 1.12
Dividends Per Share 0.28 0.28 0.31 0.34 0.33
Total Assets 31,587.36B 33,680.27B 39,535.24B 43,023.94B 44,471.33B
Total liabilities 28,920.97B 30,765.95B 36,188.35B 39,017.43B 40,772.90B
Total equity 2,649.42B 2,896.62B 3,327.90B 3,985.09B 3,677.48B
Operating cash flow 485,871.27M 663,889.95M 592,877.47M 963,023.81M 1,121.10B
 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 173,500.06M 183,624.69M 189,040.66M 214,955.81M 221,485.65M
Gross Profit -- -- -- -- --
Operating income 55,521.73M 56,152.41M 56,430.85M 65,099.19M 61,860.06M
Income before tax 55,814.31M 56,335.33M 56,622.53M 65,437.51M 62,096.19M
Net income 44,986.46M 45,185.32M 45,768.65M 54,011.26M 53,534.05M
EBITDA -- -- -- -- --
Diluted EPS 0.10 0.12 0.12 0.14 0.14
Dividends Per Share 0.03 0.03 0.04 0.04 0.04
Total Assets 4,034.48B 4,322.52B 5,098.78B 5,518.50B 5,697.83B
Total liabilities 3,693.91B 3,948.50B 4,667.14B 5,004.60B 5,223.98B
Total equity 338,395.95M 371,753.45M 429,193.41M 511,152.70M 471,173.09M
Operating cash flow 61,992.78M 84,731.73M 76,441.18M 123,896.05M 143,171.66M

Valuation Measures

Dec 2022
PER3.17
ROA0.95%
ROE10.94%
Operating margin27.92%
Profit margin24.17%

Key executives

  • Vice Chairman & President: Lin Liao
  • Senior Executive VP, GM-Finance & Accounting: Wen Wu Zhang
  • Senior Executive Vice President: Wei Wu Zhang
  • Director-Strategic Management: Ji Hong Gu
  • Executive Director & Chief Risk Officer: Jingwu Wang

Shareholders

  • Ping An Insurance (Group) Co. of China Ltd. (12.9%)
  • National Council for Social Security Fund (8.9%)
  • Temasek Holdings Pte Ltd. (Investment Management) (6.9%)
  • Taiping Asset Management Co., Ltd. (5.0%)
  • Taiping Life Insurance Co. Ltd. (Investment Portfolio) (5.0%)
  • China Life Insurance Co. Ltd. (4.6%)
  • The Vanguard Group, Inc. (2.8%)
  • BlackRock Fund Advisors (2.0%)
  • Hang Seng Investment Management Ltd. (1.3%)
  • Norges Bank Investment Management (1.0%)

Contact Details

  • Website:http://www.icbc-ltd.com
  • Address: No. 55 Fuxingmennei Avenue, Xicheng District, Beijing, 100140, China
  • Phone: +86.10.6610.6114

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Competitors

  • Kasikornbank Public Co. Ltd.
  • Banco Santander, S.A.
  • Grupo Supervielle SA Class B
  • Banco Macro SA Class B
  • CIMB Thai Bank Public Co. Ltd.
Last Updated on 5 Jun, 2023

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