Industrial and Commercial Bank of China (1398) Q3 2025 earnings summary

Executive summary

• Operating income for the first three quarters reached RMB 611 billion, up 2% year-on-year, and net profit was RMB 271.9 billion, up 0.5% year-on-year, reversing the decline from H1 2025.

• Total assets surpassed RMB 52.81 trillion, up 8.2% from end-2024; customer loans reached RMB 30.45 trillion, up 7.3%, and deposits RMB 37.3 trillion, up 7.1%.

• Maintained strong risk control, with NPL ratio at 1.33%, down 1 basis point from end-2024, and provision coverage ratio at 217.21%.

• Annualized ROA at 0.71% and ROE at 9.3%.

• Net interest income decreased by 0.70% to RMB 473.42 billion, while non-interest income rose 12.40% to RMB 137.55 billion.

Financial highlights

• Net interest margin (NIM) was 1.28% for the first three quarters, down 14–15 basis points year-on-year, but the rate of decline narrowed.

• Fee-based income reached RMB 90.9 billion, up 0.6% year-on-year, with trading-related non-interest income up 45.7%.

• Cost-to-income ratio stood at 26.55%, reflecting strong operational efficiency.

• Domestic subsidiaries' operating income rose 34.5%, increasing their contribution to group income.

• Investments rose 16.33% to RMB 16.47 trillion.

Outlook and guidance

• Management expects NIM to stabilize around 1.26% for the full year, with further stabilization likely in the next 1–2 years.

• Confident in sustaining high-level development and positive growth, leveraging policy support and diversified income drivers.

• Fee-based income expected to grow, driven by wealth management, payment services, and industrial finance.

• Interim cash dividend of RMB1.414 per ten shares (pre-tax) proposed for 2025, pending shareholder approval.

• Board plans to distribute dividends on preference shares and ordinary shares, maintaining a stable payout policy.