ICBC(SH:601398) 光大证券研究·2025-11-02 00:05Core Viewpoint - The report highlights the resilience of Industrial and Commercial Bank of China (ICBC) in its financial performance for the first three quarters of 2025, with a slight increase in revenue and net profit, despite challenges in net interest income and a declining return on equity [5][6]. Financial Performance - For the first three quarters of 2025, ICBC achieved an operating income of 640 billion, a year-on-year increase of 2.2%, and a net profit attributable to shareholders of 269.9 billion, up 0.3% [5]. - The weighted average return on equity was 9.3%, a decrease of 0.47 percentage points year-on-year [5]. Revenue Composition - Net interest income decreased by 0.7% year-on-year, while non-interest income grew by 11.3%, indicating a shift towards diversified income sources [6][10]. - The growth in non-interest income was supported by a slight recovery in fee income and a significant increase in other non-interest income, which rose by 27.6% year-on-year [10]. Loan and Investment Growth - ICBC's loan and bond investments increased by over 4 trillion, setting a new record for growth [7]. - As of the end of Q3 2025, interest-earning assets grew by 9.4% year-on-year, with loans increasing by 8.4% [7]. Deposit Trends - The growth rate of deposits was stable but slightly decreased by 0.3 percentage points, with total deposits increasing by 8% year-on-year [8]. - The trend towards more fixed-term deposits continued, with fixed-term deposits accounting for 61.1% of total deposits by the end of Q3 2025 [8]. Interest Margin - The net interest margin for the first three quarters was 1.28%, down 2 basis points from the first half of 2025 and down 15 basis points year-on-year [9]. Asset Quality - The non-performing loan ratio remained stable at 1.33% for three consecutive quarters, indicating a stable risk profile [11]. - The provision coverage ratio was 217.2%, reflecting a strong capacity to cover potential loan losses [11].