ICBC Is Expected to Post 2.8% Rise in Net Profit in 2023 -- Earnings Preview

Dow Jones03-26

By Kosaku Narioka

Industrial & Commercial Bank of China is scheduled to report 2023 results on Wednesday. Here is what you need to know:

NET PROFIT FORECAST: ICBC is expected to post a 2.8% increase in net profit to 355.33 billion yuan ($49.28 billion) for 2023, according to a poll of analysts by Visible Alpha. That compares with a net profit of CNY345.67 billion in 2022.

The stock has risen 3.4% so far this year through Monday to HK$3.95, following a 1.3% gain in October-December.

WHAT TO WATCH:

--Third-quarter net interest income dropped 6.4% from a year earlier to CNY164.54 billion, as loan interest rates have fallen recently in China. Investors will be focusing on any signs of recovery in the bank's primary source of earnings.

--The bank's nonperforming-loan ratio declined to 1.36% at the end of September from 1.38% at the end of 2022, while impairment losses on assets fell 29% from a year earlier to CNY25.56 billion in the third quarter. Investors will be closely monitoring changes in the quality of assets, especially for key industries like real estate.

--For the first nine months of 2023, annualized return on assets was down 0.10 percentage point at 0.86% and annualized return on equity was down 0.76 percentage point at 10.56%. Investors will be paying attention to any signs of improvement in capital efficiency.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

(END) Dow Jones Newswires

March 25, 2024 23:17 ET (03:17 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

1

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2422868752?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-03-26 11:17","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2422868752","market":"sg","top_or_hot":-1,"title":"ICBC Is Expected to Post 2.8% Rise in Net Profit in 2023 -- Earnings Preview","media":"Dow Jones","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<pre>\n \n</pre>\n<p>\n  By Kosaku Narioka \n</p>\n<pre>\n \n</pre>\n<p>\n  Industrial &amp; Commercial Bank of China is scheduled to report 2023 results on Wednesday. Here is what you need to know: \n</p>\n<pre>\n \n</pre>\n<p>\n  NET PROFIT FORECAST: ICBC is expected to post a 2.8% increase in net profit to 355.33 billion yuan ($49.28 billion) for 2023, according to a poll of analysts by Visible Alpha. That compares with a net profit of CNY345.67 billion in 2022. \n</p>\n<pre>\n \n</pre>\n<p>\n  The stock has risen 3.4% so far this year through Monday to HK$3.95, following a 1.3% gain in October-December. \n</p>\n<pre>\n \n</pre>\n<p>\n  WHAT TO WATCH: \n</p>\n<p>\n  --Third-quarter net interest income dropped 6.4% from a year earlier to CNY164.54 billion, as loan interest rates have fallen recently in China. Investors will be focusing on any signs of recovery in the bank's primary source of earnings. \n</p>\n<p>\n  --The bank's nonperforming-loan ratio declined to 1.36% at the end of September from 1.38% at the end of 2022, while impairment losses on assets fell 29% from a year earlier to CNY25.56 billion in the third quarter. Investors will be closely monitoring changes in the quality of assets, especially for key industries like real estate. \n</p>\n<p>\n  --For the first nine months of 2023, annualized return on assets was down 0.10 percentage point at 0.86% and annualized return on equity was down 0.76 percentage point at 10.56%. Investors will be paying attention to any signs of improvement in capital efficiency. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Kosaku Narioka at kosaku.narioka@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  March 25, 2024 23:17 ET (03:17 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ICBC Is Expected to Post 2.8% Rise in Net Profit in 2023 -- Earnings Preview</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nICBC Is Expected to Post 2.8% Rise in Net Profit in 2023 -- Earnings Preview\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-03-26 11:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://dowjonesnews.com/newdjn/logon.aspx?AL=N><strong>Dow Jones</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>By Kosaku Narioka \n\n\n \n\n\n  Industrial & Commercial Bank of China is scheduled to report 2023 results on Wednesday. Here is what you need to know: \n\n\n \n\n\n  NET PROFIT FORECAST: ICBC is expected to post...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IDCBY","symbol_name":"工商银行ADR","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2422868752","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2422868752","pubTimestamp":1711423020,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Industrial & Commercial Bank of China is scheduled to report 2023 results on Wednesday. Here is what you need to know:. NET PROFIT FORECAST: ICBC is expected to post a 2.8% increase in net profit to 355.33 billion yuan  for 2023, according to a poll of analysts by Visible Alpha. That compares with a net profit of CNY345.67 billion in 2022.The stock has risen 3.4% so far this year through Monday to HK$3.95, following a 1.3% gain in October-December.--The bank's nonperforming-loan ratio declined to 1.36% at the end of September from 1.38% at the end of 2022, while impairment losses on assets fell 29% from a year earlier to CNY25.56 billion in the third quarter. Investors will be closely monitoring changes in the quality of assets, especially for key industries like real estate.--For the first nine months of 2023, annualized return on assets was down 0.10 percentage point at 0.86% and annualized return on equity was down 0.76 percentage point at 10.56%. Investors will be paying attention ","collect":0,"end_time":0,"defaultTopTitle":"","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"601398":"工商银行","IDCBY":"工商银行ADR","POST":"Post Holdings","01398":"工商银行"},"translate_title":"工行预计2023年净利润将增长2.8%——盈利预览","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"601398":0.9,"01398":1,"POST":1,"IDCBY":0.9},"content_text":"By Kosaku Narioka \n\n\n \n\n\n  Industrial & Commercial Bank of China is scheduled to report 2023 results on Wednesday. Here is what you need to know: \n\n\n \n\n\n  NET PROFIT FORECAST: ICBC is expected to post a 2.8% increase in net profit to 355.33 billion yuan ($49.28 billion) for 2023, according to a poll of analysts by Visible Alpha. That compares with a net profit of CNY345.67 billion in 2022. \n\n\n \n\n\n  The stock has risen 3.4% so far this year through Monday to HK$3.95, following a 1.3% gain in October-December. \n\n\n \n\n\n  WHAT TO WATCH: \n\n\n  --Third-quarter net interest income dropped 6.4% from a year earlier to CNY164.54 billion, as loan interest rates have fallen recently in China. Investors will be focusing on any signs of recovery in the bank's primary source of earnings. \n\n\n  --The bank's nonperforming-loan ratio declined to 1.36% at the end of September from 1.38% at the end of 2022, while impairment losses on assets fell 29% from a year earlier to CNY25.56 billion in the third quarter. Investors will be closely monitoring changes in the quality of assets, especially for key industries like real estate. \n\n\n  --For the first nine months of 2023, annualized return on assets was down 0.10 percentage point at 0.86% and annualized return on equity was down 0.76 percentage point at 10.56%. Investors will be paying attention to any signs of improvement in capital efficiency. \n\n\n \n\n\n  Write to Kosaku Narioka at kosaku.narioka@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  March 25, 2024 23:17 ET (03:17 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2422868752"}