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World's largest bank by assets -- China's biggest state-owned commercial bank across retail, corporate and wealth banking.
World's largest bank by assets -- China's biggest state-owned commercial bank across retail, corporate and wealth banking.
Earns mostly from the spread between interest paid on deposits and charged on loans, lent largely to corporates and state-linked borrowers; fees from wealth products and cards are the smaller line. The state, through the Ministry of Finance and Central Huijin, is the controlling shareholder. These Shanghai shares and the Hong Kong ones are the same bank.
In one line: China's JPMorgan Chase, at even larger asset scale.
Moat: wide (scale, regulatory licence, brand). World's largest bank by assets with an unmatched state-backed branch network and deposit base.
Headquarters: Beijing, China · Founded: 1984
Size Industrial and Commercial Bank of China (601398.SS) is a China Financials company (Major Banks) with a market value of $428B, the largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥8.44 on 6 Nov 2026.
Performance Over six months the shares gained 13.3%, against +14.6% for the median peer and -16.4% for the China market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue fell 4.2% over the last twelve months (peer median +4.8%); the operating margin is 50.3% (peer median 43.4%).
Valuation It trades at 0.75× book value against a peer median of 1.41× (5th cheapest of 21).
Credit Industrial and Commercial Bank of China has 6 bonds outstanding ($4.22B), rated A1 by the agencies and trading like AA at a weighted spread of 48 bp.
Next results Next results expected around 31 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.51T | CN¥1.51T | CN¥1.61T | CN¥1.57T | CN¥1.44T |
| Revenue growth | — | -6% | +2% | +9% | — |
| Net income | CN¥374B | CN¥369B | CN¥366B | CN¥364B | CN¥361B |
| Free cash flow | CN¥278B | CN¥420B | CN¥463B | CN¥635B | CN¥954B |
| Capital expenditure | CN¥49.4B | CN¥49.0B | CN¥43.3B | CN¥31.2B | CN¥23.1B |
| Total debt | CN¥11.9T | CN¥10.3T | CN¥8.46T | CN¥6.20T | CN¥5.04T |
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 |
|---|---|---|---|---|---|---|
| Industrial and Commercial Bank of China 601398.SS | $428B | +13% | -4% | 10% | 0.75× | 2.7% |
| China Construction Bank 601939.SS | $358B | +20% | -5% | 10% | 0.87× | 3.0% |
| Agricultural Bank of China 601288.SS | $375B | +5% | -4% | 11% | 0.88× | 3.0% |
| Bank of China 601988.SS | $301B | +19% | -3% | 9% | 0.79× | 2.8% |
| JPMorgan Chase JPM | $889B | +11% | +9% | 18% | 2.53× | 20.7% |
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 | 601398.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.6% | +2.6% | 9th lowest of 21 |
| 6-month return | +13.3% | +14.6% | 9th lowest of 21 |
| Return on equity | 9.5% | 12.8% | 4th lowest of 21 |
| Price / book | 0.75× | 1.41× | 5th cheapest of 21 |
| Trailing P/E | 8.0× | 11.5× | 7th cheapest of 21 |
| ROE the price implies | 2.7% | 12.1% | least demanding of 21 |
| Bond spread | 48 bp | 92 bp | 2nd tightest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| 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 |
| Agricultural Bank of China 1288.HK | Hong Kong | $384B | +15% | +7% | 11% | 0.71× | 5.3% | 10.6% |
| CCB 0939.HK | Hong Kong | $361B | +22% | +6% | 10% | 0.64× | 5.1% | 9.9% |
| China Construction Bank 601939.SS | China | $358B | +20% | -5% | 10% | 0.87× | 3.0% | 9.8% |
| Bank of America BAC | United States | $341B | -3% | -1% | 11% | 1.26× | 12.9% | 10.7% |
| 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% |
| 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% |
| Toronto-Dominion Bank TD.TO | Canada | $208B | +18% | -11% | 13% | 2.48× | 15.3% | 12.8% |
| JPMorgan Chase JPM | United States | $889B | +11% | +9% | 18% | 2.53× | 20.7% | 17.9% |
| 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% |
Industrial and Commercial Bank of China has 6 bonds outstanding with $4.22B face value. The agencies rate it A1; its bonds trade like AA. Weighted yield 4.11%, a spread of 48 bp over government bonds.