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Industrial and Commercial Bank of China Limited logo

Industrial and Commercial Bank of China Limited

1398.HK

HKSEFinancial ServicesBanks - Diversified

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Latest quote

HK$7.46

−HK$0.015 · -0.20%

Aug 24, 4:08 PM HKT

1398.HK company overview

Regular session · HKT · Market data may be delayed.

Company profile

Company website

Industrial and Commercial Bank of China Limited (ICBC), together with its affiliated entities, functions as a leading financial institution, delivering a broad spectrum of banking products and services both within the People's Republic of China and across global markets. Its activities are primarily structured into three distinct divisions: Corporate Banking, Personal Banking, and Treasury Operations. The Corporate Banking segment provides bespoke financial solutions to enterprises, governmental bodies, and other financial organizations, encompassing services such as corporate lending, trade financing, deposit facilities, institutional wealth management, custody arrangements, and various business intermediary services. Conversely, the Personal Banking segment caters to individual customers, offering products like personal loans, card services, deposit accounts, and personal wealth management and advisory services. The Treasury Operations segment is dedicated to managing the bank's liquidity through money market activities, investments in securities, foreign exchange dealings, and the management of derivative positions. Beyond these core areas, ICBC also furnishes e-banking platforms, investment banking expertise, financial leasing options, and insurance products. Established in 1984, the company's headquarters are situated in Beijing, China.

Industry
Banks - Diversified
Sector
Financial Services
Headquarters
CN
CEO
Lin Liao
Listed since
Oct 27, 2006
Employees
409,758

Market position

Day range

Current HK$7.46

52-week range

Current HK$7.46

Open
HK$7.46
Previous close
HK$7.475
Volume
166.05M
0.88× average
Average volume
189.64M
Average daily volume
Market cap
3.49T HKD
Beta
0.13
Market reference 1
50-day average
HK$7.0264
+6.17% above average
200-day average
HK$6.6772
+11.72% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
8.61T CNY
P/E (TTM)
7.81×
P/B (TTM)
0.69×
P/S (TTM)
2.17×
EV / EBITDA
20.02×
Earnings yield
17.83%
Free cash flow yield
20.34%
Dividend yield
3.93%

Profitability & efficiency

Gross margin
74.14%
Operating margin
31.37%
Net margin
28.70%
Return on equity
9.03%
Return on assets
0.67%
Return on invested capital
0.67%

Financial health

Debt / equity
2.88×
Current ratio
1.24×

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends142%99%56%13%Gross margin, FY2021: 100.00%Gross margin, FY2022: 131.39%Gross margin, FY2023: 127.57%Gross margin, FY2024: 100.00%Gross margin, FY2025: 54.47%Operating margin, FY2021: 74.45%Operating margin, FY2022: 74.15%Operating margin, FY2023: 74.13%Operating margin, FY2024: 73.98%Operating margin, FY2025: 27.02%Net margin, FY2021: 52.92%Net margin, FY2022: 54.46%Net margin, FY2023: 55.41%Net margin, FY2024: 55.40%Net margin, FY2025: 23.46%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 100.00%. Gross margin FY2022 131.39%. Gross margin FY2023 127.57%. Gross margin FY2024 100.00%. Gross margin FY2025 54.47%. Operating margin FY2021 74.45%. Operating margin FY2022 74.15%. Operating margin FY2023 74.13%. Operating margin FY2024 73.98%. Operating margin FY2025 27.02%. Net margin FY2021 52.92%. Net margin FY2022 54.46%. Net margin FY2023 55.41%. Net margin FY2024 55.40%. Net margin FY2025 23.46%.

Income trends

Revenue

1.53T CNY+131.71%

Operating income

413.45B CNY-15.37%

Net income

359.02B CNY-1.87%
Income trends across reported periods1.65T CNY1.18T CNY702.9B CNY230.15B CNYRevenue, FY2021: 658.26B CNYRevenue, FY2022: 663.15B CNYRevenue, FY2023: 656.94B CNYRevenue, FY2024: 660.39B CNYRevenue, FY2025: 1.53T CNYOperating income, FY2021: 490.07B CNYOperating income, FY2022: 491.7B CNYOperating income, FY2023: 487B CNYOperating income, FY2024: 488.56B CNYOperating income, FY2025: 413.45B CNYNet income, FY2021: 348.34B CNYNet income, FY2022: 361.13B CNYNet income, FY2023: 363.99B CNYNet income, FY2024: 365.86B CNYNet income, FY2025: 359.02B CNYFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 658.26B CNY. Revenue FY2022 663.15B CNY. Revenue FY2023 656.94B CNY. Revenue FY2024 660.39B CNY. Revenue FY2025 1.53T CNY. Operating income FY2021 490.07B CNY. Operating income FY2022 491.7B CNY. Operating income FY2023 487B CNY. Operating income FY2024 488.56B CNY. Operating income FY2025 413.45B CNY. Net income FY2021 348.34B CNY. Net income FY2022 361.13B CNY. Net income FY2023 363.99B CNY. Net income FY2024 365.86B CNY. Net income FY2025 359.02B CNY.
Metric (CNY)FY2025FY2024FY2023FY2022FY2021
Revenue1.53T CNY660.39B CNY656.94B CNY663.15B CNY658.26B CNY
Cost of goods sold824.42B CNY—−181.11B CNY586.69B CNY471.54B CNY
Gross profit833.5B CNY660.39B CNY838.05B CNY871.34B CNY658.26B CNY
Selling, general, and administrative145.94B CNY116.18B CNY94.86B CNY229.62B CNY225.95B CNY
Operating expenses257.67B CNY171.83B CNY416.08B CNY171.46B CNY514.99B CNY
Interest income1.3T CNY1.43T CNY1.41T CNY1.28T CNY1.16T CNY
Interest expense678.67B CNY790.54B CNY750.03B CNY586.69B CNY471.54B CNY
Depreciation and amortization21.4B CNY34.54B CNY20.42B CNY34.01B CNY31.32B CNY
Operating income413.45B CNY488.56B CNY487B CNY491.7B CNY490.07B CNY
Net income359.02B CNY365.86B CNY363.99B CNY361.13B CNY348.34B CNY

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
36%
4 beats, 6 misses, 1 met estimate
Average EPS surprise
-3.83%
11 comparable reports
Latest EPS result
0.27
Estimate 0.28 · Miss by 4.01%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates0.350.30.260.21Q4 '24MetQ1 '25BeatQ2 '25MissQ3 '25MissQ4 '25BeatQ1 '26BeatQ2 '26MissQ3 '26Estimate
Q4 2024, reported Oct 30, 2024: actual 0.25, estimate 0.25, surprise 0.00%, Met estimate. Q1 2025, reported Mar 28, 2025: actual 0.287, estimate 0.28, surprise +2.64%, Beat. Q2 2025, reported Apr 29, 2025: actual 0.247, estimate 0.279, surprise -11.55%, Miss. Q3 2025, reported Aug 29, 2025: actual 0.258, estimate 0.269, surprise -4.10%, Miss. Q4 2025, reported Oct 30, 2025: actual 0.295, estimate 0.284, surprise +3.87%, Beat. Q1 2026, reported Mar 27, 2026: actual 0.306, estimate 0.301, surprise +1.83%, Beat. Q2 2026, reported Apr 29, 2026: actual 0.273, estimate 0.284, surprise -4.01%, Miss. Q3 2026, reported Aug 28, 2026: actual —, estimate 0.283, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates429.14B345.84B262.55B179.25BQ4 '24BeatQ1 '25BeatQ2 '25MissQ3 '25BeatQ4 '25BeatQ1 '26MissQ2 '26BeatQ3 '26Estimate
Q4 2024, reported Oct 30, 2024: actual 218.33B HKD, estimate 202.36B HKD, surprise +7.90%, Beat. Q1 2025, reported Mar 28, 2025: actual 199.05B HKD, estimate 196.48B HKD, surprise +1.31%, Beat. Q2 2025, reported Apr 29, 2025: actual 219.46B HKD, estimate 219.69B HKD, surprise -0.11%, Miss. Q3 2025, reported Aug 29, 2025: actual 223.98B HKD, estimate 215.81B HKD, surprise +3.79%, Beat. Q4 2025, reported Oct 30, 2025: actual 411.91B HKD, estimate 213.29B HKD, surprise +93.13%, Beat. Q1 2026, reported Mar 27, 2026: actual 211.92B HKD, estimate 212.67B HKD, surprise -0.35%, Miss. Q2 2026, reported Apr 29, 2026: actual 253.93B HKD, estimate 239.32B HKD, surprise +6.10%, Beat. Q3 2026, reported Aug 28, 2026: actual —, estimate 252.58B HKD, surprise —, Comparison unavailable.

1398.HK peers

HSBC Holdings plc logo

0005.HK

HSBC Holdings plc

HK$161.5

—

Bank of China Limited logo

3988.HK

Bank of China Limited

HK$5.485

—

China Construction Bank Corporation logo

0939.HK

China Construction Bank Corporation

HK$9.175

—

Agricultural Bank of China Limited logo

1288.HK

Agricultural Bank of China Limited

HK$6.235

—

China Life Insurance Company Limited logo

2628.HK

China Life Insurance Company Limited

HK$28.66

—

China Merchants Bank Co., Ltd. logo

3968.HK

China Merchants Bank Co., Ltd.

HK$49.52

—

ETFs holding 1398.HK

Funds reporting this stock among their holdings, ordered by reported position size.

Vanguard Total International Stock ETF logoVanguard Total International Stock ETFVXUS
Market value
1.13B
Weight
0.17%
AUM
646.2B USD
Expense ratio
0.05%
Price / 1D
$87.155-0.63%
Vanguard FTSE Emerging Markets ETF logoVanguard FTSE Emerging Markets ETFVWO
Market value
1.08B
Weight
0.64%
AUM
162.3B USD
Expense ratio
0.06%
Price / 1D
$59.935-0.85%
iShares Core MSCI Emerging Markets ETF logoiShares Core MSCI Emerging Markets ETFIEMG
Market value
709.69M
Weight
0.44%
AUM
160B USD
Expense ratio
0.09%
Price / 1D
$80.465-1.35%
iShares China Large-Cap ETF logoiShares China Large-Cap ETFFXI
Market value
267.44M
Weight
6.22%
AUM
4.27B USD
Expense ratio
0.73%
Price / 1D
$35.555-0.85%
Vanguard FTSE All-World ex-US ETF logoVanguard FTSE All-World ex-US ETFVEU
Market value
182.8M
Weight
0.19%
AUM
95.9B USD
Expense ratio
0.04%
Price / 1D
$85.1478-0.63%
Schwab Fundamental Emerging Markets Large Company Index ETF logoSchwab Fundamental Emerging Markets Large Company Index ETFFNDE
Market value
159.82M
Weight
1.57%
AUM
10.2B USD
Expense ratio
0.39%
Price / 1D
$41.685-0.44%
iShares MSCI Emerging Markets ETF logoiShares MSCI Emerging Markets ETFEEM
Market value
156.98M
Weight
0.50%
AUM
31.22B USD
Expense ratio
0.72%
Price / 1D
$66.065-1.57%
iShares MSCI China ETF logoiShares MSCI China ETFMCHI
Market value
151.31M
Weight
2.39%
AUM
6.29B USD
Expense ratio
0.59%
Price / 1D
$54.93-1.31%

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