HKG:1398 · HKEX · Banking
Industrial and Commercial Bank of China Limited, commonly known as ICBC, is one of the world’s largest banking groups and a major pillar of China’s financial system.
Current price
HK$7.57
▼ −HK$0.07 (0.92%) today
ET&A View
Last reviewed 15 September 2026
ET&A likes the company but would prefer investors to build exposure gradually.
ICBC is one of the world's largest and most systemically important banks, supported by an enormous deposit franchise, dominant corporate relationships and an implicit strategic role within China's financial system.
Business Health
Is the business financially healthy?
Some weaknesses
Watch revenue and earnings.
Overall
Revenue
CN¥682.5bn · ↑ +2% last year
Earnings
CN¥361.6bn · ↑ +1% last year
Profitability
Earns 9% a year on shareholders' money
Capital strength
Its cushion against losses
Dividend
4.9% yield · Pays out 31% of earnings · covered 3.2×
Investor View
Open a section for the detail behind the quick view.
ICBC is one of the world's largest and most systemically important banks, supported by an enormous deposit franchise, dominant corporate relationships and an implicit strategic role within China's financial system.…
The complete ET&A view
See our full reasoning, what could drive the shares higher or go wrong, our Fair Value and Preferred Entry, and how our view has changed.
Reported annual results, newest first · Market data. “Growth” is the change in sales on the year before.
| Year | Revenue | Growth | Operating margin | Net income | EPS | Free cash flow |
|---|---|---|---|---|---|---|
| FY2025 | CN¥833.5bn | +2.0% | — | CN¥368.6bn | CN¥1.00 | CN¥1.85tn |
| FY2024 | CN¥817.3bn | −2.5% | — | CN¥365.9bn | CN¥0.98 | CN¥543.6bn |
| FY2023 | CN¥838.0bn | −3.8% | — | CN¥364.0bn | CN¥0.98 | CN¥1.40tn |
| FY2022 | CN¥871.3bn | — | — | CN¥361.1bn | CN¥0.97 | CN¥1.39tn |
Investors who want regular income
Also suits: Investors who want a mix of growth and stability
ET&A sees significant upside from the current price with an attractive risk/reward profile.
ET&A sees significant upside from the current price with an attractive risk/reward profile.
ET&A sees significant upside from the current price with an attractive risk/reward profile.
ET&A sees significant upside from the current price with an attractive risk/reward profile.
Compare Industrial and Commercial Bank of China Limited (ICBC) with any company → The model’s own peer calculations are in the Research View.
Industrial and Commercial Bank of China Limited, commonly known as ICBC, is one of the world’s largest banking groups and a major pillar of China’s financial system. The bank provides services across corporate banking, personal banking, treasury operations, investment banking, asset management, wealth management, custody, payments, settlement, digital banking, and international financial services.
ICBC’s strength comes from its scale, large deposit base, extensive Chinese banking franchise, government and corporate relationships, and role in supporting the real economy. Its business is closely tied to China’s domestic economy, credit demand, infrastructure investment, trade finance, household savings, interest rates, and the internationalisation of Chinese financial services. This makes ICBC one of the most important financial institutions in Asia, with exposure to both China’s banking system and wider cross-border capital flows.
Banking · China
For detailed analysis. Each section opens on its own.
As of 14 October 2026
Standard ways of comparing the share price with the company’s earnings, sales and cash. Tap the “i” for what each one means.
| Measure | Today | Source |
|---|---|---|
| P/E | Members | |
| Forward P/E | Members | |
| EV/EBITDA | Members | |
| Price/Sales | Members | |
| FCF Yield | Members |
Valuation ratios are part of ET&A membership.
Other published measures
Use the 5Y and Max ranges on the price chart at the top of the page.
Forecasts are market consensus or calculated from forward EPS — not ET&A estimates, and they can be wrong.
Powered by the ET&A Valuation FrameworkHow Fair Value & Preferred Entry work →
Read the full ET&A methodology →The ET&A View combines our assessment of the business with where today’s price sits against our Preferred Entry and Fair Value. It is a considered judgement, not a mechanical score.
ET&A Score: ET&A's overall assessment of business quality, valuation, growth and risk, out of 10. It weighs business quality, financial strength, growth, valuation, risk, future prospects.
Powered by the ET&A Company Assessment FrameworkSee the full framework →
The automatic, rules-based scores that feed our research. The ET&A Score blends these with our own analysis of the business and its value. How the framework works →
Thin margins · Strong
Context — not part of the score
Valuation and share-price swings describe the shares, not the company, so they are judged in the ET&A Score and View instead.
Based on the factors that could be measured (30% of the model).
Each area is scored from 0 to 10 on ET&A’s methodology scales — the same ones our research uses — then given a word: Excellent from 8.5, Strong from 7, Good from 5.5, Average from 4.5, Below Average from 3, Weak below 3. The overall answer is the average of the areas we could rate (at least three); the dividend isn’t part of it.
| Area | Based on | Score | Rating |
|---|---|---|---|
| Revenue |
Rated on 3-year average revenue growth, on ET&A's growth scale. | 3.4 / 10 | Below Average |
| Earnings |
Rated on 3-year average earnings growth, on ET&A's growth scale. | 4.2 / 10 | Below Average |
| Profitability |
For banks and insurers ET&A judges profitability on return on equity (and cost ÷ income where known), not sales margins. | 5.5 / 10 | Good |
| Capital strength | Needs equity and total assets to rate. For banks ET&A measures capital as equity ÷ assets, on its bank capital scale. | — | Not rated |
| Dividend |
Dividend yield on ET&A's income scale. Not part of the overall health rating. | 7.9 / 10 | Strong |
| Overall | Average of the 3 rated areas | 4.4 / 10 | Below Average |
Where each band starts on the scales above. They are fixed and identical for every company we cover; they come straight from ET&A’s methodology, so a company is judged the same way here as in our research.
| Measure | Excellent | Strong | Good | Average | Below Average | Weak |
|---|---|---|---|---|---|---|
| GrowthStructural Growth (Fundamental Conviction) | 18%+ | 10%+ | 5.0%+ | 1.7%+ | −2.5%+ | below −2.5% |
| Operating marginCompetitive Position (Fundamental Conviction) | 29%+ | 20%+ | 13%+ | 7.5%+ | 0%+ | below 0% (loss) |
| Net marginEarnings Durability (Fundamental Conviction) | 23%+ | 15%+ | 9.8%+ | 6.0%+ | 0%+ | below 0% (loss) |
| Free-cash-flow marginCapital Allocation (Fundamental Conviction) | 15%+ | 8.5%+ | 3.8%+ | 1.3%+ | −2.5%+ | below −2.5% |
| Net debt ÷ EBITDAStructural Risk (Fundamental Conviction) | net cash | ≤ 1.5× | ≤ 2.8× | ≤ 3.6× | ≤ 5.0× | above 5.0× |
| Return on equity (banks & insurers)Bank and insurer quality | 16%+ | 12%+ | 9.0%+ | 6.7%+ | 2.7%+ | below 2.7% |
| Equity ÷ assetsBank capital | 7.5%+ | 6.0%+ | 4.7%+ | 4.0%+ | any | — |
| Dividend yieldIncome factor (ET&A Quant Score) | 5.8%+ | 4.0%+ | 2.5%+ | 1.8%+ | 1.0%+ | below 1.0% |
Band floors: Excellent 8.5 · Strong 7 · Good 5.5 · Average 4.5 · Below Average 3 (scores out of 10). Utilities and property companies’ structural debt is scored 6.5, as in ET&A’s risk model.
No research notes have been published for Industrial and Commercial Bank of China Limited (ICBC) yet.
Need deeper analysis on Industrial and Commercial Bank of China Limited (ICBC)? ET&A Professional includes full company notes, valuations and models — or commission bespoke research.
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