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One of China's four largest state banks, historically China's main foreign-exchange and international bank, now full-service nationwide.
One of China's four largest state banks, historically China's main foreign-exchange and international bank, now full-service nationwide.
Earns mostly from the spread between interest paid on deposits and charged on loans, with an unusually large overseas network that adds trade finance, foreign-exchange and cross-border fees. Central Huijin, a state investment arm, is the controlling shareholder. These Hong Kong shares and the Shanghai ones are the same bank.
In one line: China's Citibank, FX/international-trade roots.
Moat: wide (scale, regulatory licence, distribution). Longest-established international presence among Chinese state banks, strong in FX/trade finance.
Headquarters: Beijing, China · Founded: 1912 · Employees: 313,746
Size Bank Of China (3988.HK) is a Hong Kong Financials company (Major Banks) with a market value of $309B, the 6th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$6.12 on 6 Nov 2026.
Performance Over six months the shares gained 21.9%, against +13.5% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 5.0% over the last twelve months (peer median +2.7%); the operating margin is 45.3% (peer median 46.7%).
Valuation It trades at 0.60× book value against a peer median of 1.41× (cheapest of 21).
Price implies The share price implies a return on equity of about 4.7%; Bank Of China delivers 8.9%, so the price asks less than the business earns today.
Next results Next results expected around 30 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$1.40T | HK$1.30T | HK$1.35T | HK$1.33T | HK$1.17T |
| Revenue growth | — | -4% | +1% | +13% | — |
| Net income | HK$287B | HK$264B | HK$258B | HK$256B | HK$263B |
| Free cash flow | HK$473B | HK$343B | HK$538B | HK$488B | HK$381B |
| Capital expenditure | HK$65.9B | HK$55.6B | HK$29.5B | HK$32.2B | HK$32.3B |
| Total debt | HK$11.8T | HK$9.25T | HK$7.71T | HK$6.90T | HK$6.32T |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Bank Of China 3988.HK | $309B | +22% | +5% | 9% | 0.60× | 4.7% |
| ICBC 1398.HK | $433B | +14% | -5% | 9% | 0.60× | 4.9% |
| CCB 0939.HK | $361B | +22% | +6% | 10% | 0.64× | 5.1% |
| Agricultural Bank of China 1288.HK | $384B | +15% | +7% | 11% | 0.71× | 5.3% |
| Citigroup C | $200B | -5% | +5% | 9% | 1.03× | 10.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 3988.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.3% | +2.6% | 10th lowest of 21 |
| 6-month return | +21.9% | +13.5% | 2nd highest of 21 |
| Return on equity | 8.9% | 12.8% | lowest of 21 |
| Price / book | 0.60× | 1.41× | cheapest of 21 |
| Trailing P/E | 6.9× | 11.5× | 2nd cheapest of 20 |
| ROE the price implies | 4.7% | 12.1% | 4th least demanding of 21 |
| ROE delivered | 8.9% | 13.1% | lowest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Bank Of China 3988.HK | Hong Kong | $309B | +22% | +5% | 9% | 0.60× | 4.7% | 8.9% |
| HSBC HSBA.L | United Kingdom | $301B | -1% | -4% | 14% | 1.51× | 17.5% | 13.6% |
| Royal Bank of Canada RY.TO | Canada | $281B | +15% | +5% | 16% | 2.94× | 18.4% | 16.2% |
| Bank of America BAC | United States | $341B | -3% | -1% | 11% | 1.26× | 12.9% | 10.7% |
| China Construction Bank 601939.SS | China | $358B | +20% | -5% | 10% | 0.87× | 3.0% | 9.8% |
| CCB 0939.HK | Hong Kong | $361B | +22% | +6% | 10% | 0.64× | 5.1% | 9.9% |
| Agricultural Bank of China 601288.SS | China | $375B | +5% | -4% | 11% | 0.88× | 3.0% | n/a |
| Wells Fargo WFC | United States | $252B | +11% | +6% | 13% | 1.59× | 13.3% | 12.9% |
| Mitsubishi Ufj Financial 8306.T | Japan | $230B | +14% | +11% | 13% | 1.60× | 11.2% | 12.6% |
| Industrial and Commercial Bank of China 601398.SS | China | $428B | +13% | -4% | 10% | 0.75× | 2.7% | n/a |
| ICBC 1398.HK | Hong Kong | $433B | +14% | -5% | 9% | 0.60× | 4.9% | n/a |
| Toronto-Dominion Bank TD.TO | Canada | $208B | +18% | -11% | 13% | 2.48× | 15.3% | 12.8% |
| Citigroup C | United States | $200B | -5% | +5% | 9% | 1.03× | 10.9% | 9.1% |
| Commonwealth Bank of Australia CBA.AX | Australia | $194B | +9% | +1% | 14% | 3.56× | 33.3% | 13.9% |
| Banco Santander SAN.MC | Spain | $174B | +4% | +15% | 13% | 1.40× | 17.1% | 13.1% |
| Cm Bank 3968.HK | Hong Kong | $165B | +16% | +3% | 13% | 0.99× | 10.2% | 13.3% |
| China Merchants Bank 600036.SS | China | $164B | +12% | +9% | 14% | 0.94× | 5.4% | 13.6% |
| DBS D05.SI | Singapore | $155B | +19% | -5% | 16% | 2.83× | 21.4% | 16.3% |
| Sumitomo Mitsui Financial 8316.T | Japan | $145B | +35% | +11% | 11% | 1.42× | 10.0% | 11.2% |
| Banco Bilbao Vizcaya Argentaria BBVA.MC | Spain | $140B | +20% | +9% | 20% | 2.15× | 24.8% | 19.6% |
| UniCredit UCG.MI | Italy | $130B | +6% | +2% | 17% | 1.77× | 25.8% | 17.3% |