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ICBC Business Review

Industrial and Commercial Bank of China was established on 1 January 1984. On 28 October 2005, the Bank was wholly restructured to a joint-stock limited company. On 27 October 2006, the Bank was successfully listed on both Shanghai Stock Exchange and The Stock Exchange of Hong Kong Limited. Through its continuous endeavor and stable development, the Bank has developed into the leading bank in the world, possessing an excellent customer base, a diversified business structure, strong innovation capabilities and market competitiveness. The Bank regards service as the very foundation to seek further development and adheres to creating value through services while providing a comprehensive range of financial products and services to 7,033 thousand corporate customers and 607 million personal customers. The Bank has been consciously integrating the social responsibilities with its development strategy and operation and management activities, and gaining wide recognition in the aspects of promoting inclusive finance, supporting targeted poverty relief, protecting environment and resources and participating in public welfare undertakings.

The Bank always keeps in mind its underlying mission of serving the real economy with its principal business, and along with the real economy it prospers, suffers and grows. Taking a risk-based approach and never overstepping the bottom line, it constantly enhances its capability of controlling and mitigating risks. Besides, the Bank remains steadfast in understanding and following the business rules of commercial banks to strive to be a century-old bank. It also stays committed to seeking progress with innovation while maintaining stability, continuously enhances the strategy of mega retail, mega asset management, mega investment banking as well as international and comprehensive development, and actively embraces the internet. The Bank unswervingly delivers specialized services, and pioneers a specialized business model, thus making it “a craftsman in large banking”.

The Bank was ranked the 1st place among the Top 1000 World Banks by The Banker, ranked 1st place in the Global 2000 listed by Forbes and topped the sub-list of commercial banks of the Global 500 in Fortune for the sixth consecutive year, and took the 1st place among the Top 500 Banking Brands of Brand Finance for the third consecutive year.

Financial Highlights

As at the end of 2018, total assets of the Bank amounted to RMB27,699,540 million, RMB1,612,497 million or 6.2% higher than that at the end of the previous year. Total liabilities reached RMB25,354,657 million, an increase of RMB1,408,670 million or 5.9% compared with the end of last year. In 2018, the Bank realized a net profit of RMB298,723 million, representing an increase of RMB11,272 million or 3.9% as compared to the previous year. Return on average total assets stood at 1.11%, return on weighted average equity was 13.79%, the core tier 1 capital adequacy ratio, tier 1 capital adequacy ratio and capital adequacy ratio calculated by the Bank in accordance with the Capital Regulation stood at 12.98%, 13.45% and 15.39%, respectively. Operating income amounted to RMB725,121 million, representing an increase of 7.3%, of which, due to the increase in interest-generating assets and net interest margin, net interest income grew by 9.7% to RMB572,518 million; non-interest income was RMB152,603 million, down by 0.6%. Operating expenses amounted to RMB194,203 million, representing an increase of 4.3%, and the cost-to-income ratio was 25.71%. Allowance for impairment losses was RMB161,594 million, representing an increase of 26.5%. Income tax expense reduced by 4.5% to RMB73,690 million.

 

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