|Bid||5.050 x 0|
|Ask||5.060 x 0|
|Day's range||5.030 - 5.180|
|52-week range||3.960 - 5.670|
|Beta (5Y monthly)||0.64|
|PE ratio (TTM)||5.27|
|Forward dividend & yield||0.29 (5.60%)|
|Ex-dividend date||22 Jun 2020|
|1y target est||7.53|
Industrial and Commercial Bank of China (ICBC),, the world's largest commercial lender by assets, said its net profit fell 11.4% in the first half, the biggest drop in the January-June profit since its market debut in 2006. ICBC's profit for the six months ended June 30 fell to 148.79 billion yuan ($21.67 billion) from 167.93 billion yuan in the same period a year ago, according to the lender's statement to the Shanghai Stock Exchange on Sunday. This implies a net profit of 64.3 billion yuan for the second quarter, down 25.2% from 85.93 billion yuan a year ago, the biggest slump in its quarterly earnings since 2006, Reuters calculations show.
Chinese state lenders are revamping contingency plans in anticipation of U.S. legislation that could penalise banks for serving officials who implement the new national security law for Hong Kong, sources at five state financial institutions said. In worst-case scenarios under consideration by the Bank of China and Industrial and Commercial Bank of China (ICBC), the lenders are looking at the possibility of being cut off from U.S. dollars or losing access to U.S. dollar settlements, two sources said.
China's securities regulator plans to grant investment banking licences to commercial lenders as part of efforts to breed industry behemoths in the face of fiercer foreign competition, business magazine Caixin reported. A pilot scheme could involve at least two of China's largest banks getting the green light from the China Securities Regulatory Commission (CSRC) to conduct investment banking business on the mainland, according to Caixin. The Industrial and Commercial Bank of China, the country's top lender, submitted a plan to CSRC in late 2018 seeking to set up a securities unit with registered capital of 100 billion yuan, Caixin reported.