Industrial and Commercial Bank of China (1398) H1 2025 earnings summary

Executive summary

• Operating income rose 1.8% year-over-year to RMB409.1 billion, while net profit declined 1.5% to RMB168.8 billion for the first half of 2025.

• Total assets surpassed RMB52.32 trillion, with loans to customers increasing to RMB30.19 trillion and customer deposits nearing RMB37 trillion.

• Maintained industry leadership in loan and deposit scale, supporting key national strategies, green finance, and inclusive finance.

• NPL ratio improved to 1.33%, and capital adequacy ratio reached 19.54%, reflecting strong risk resilience.

• Enhanced risk control, digital transformation, and diversified business structure contributed to resilience and value creation.

Financial highlights

• Net interest income was RMB313.6 billion, down 0.1% year-over-year; non-interest income rose 8.5% to RMB95.5 billion.

• Loans grew by 6.4%, fund investments by 10.2%, and customer deposits by 5.9% year-over-year.

• Green loans exceeded RMB6 trillion (up 16.4%), inclusive finance loans grew 17.3%, and pension finance assets under management hit RMB5.4 trillion (up 7.3%).

• Operating expenses increased 3.2% to RMB108.6 billion; cost-to-income ratio at 25.27%.

• Overseas institutions' total assets reached $460 billion, generating pre-tax profits of $2.6 billion.

Outlook and guidance

• Will focus on high-quality development, risk prevention, and digital transformation in the second half of 2025.

• Plans to enhance support for key sectors, including manufacturing, sci-tech innovation, green finance, and inclusive finance.

• NIM is expected to continue its downward trend but at a slower pace, with stability supported by proactive asset-liability management.

• Strategic emphasis on digital finance, customer service, and global expansion.