The largest bank in the industry, ICBC, disclosed its annual performance for 2024 on the afternoon of March 28.
The annual report shows that ICBC achieved an operating income of RMB 786.1 billion in 2024, with a net profit of RMB 366.9 billion, a year-on-year increase of 0.5%.
In addition, ICBC announced a dividend of RMB 1.646 per 10 shares (tax included), with a total dividend amount of approximately RMB 58.664 billion. Combined with the previously distributed interim dividend of RMB 51.109 billion, the total dividend for the year is approximately RMB 109.773 billion.
<h2>Good Cost Control</h2>
In 2024, ICBC's operating income was RMB 786.126 billion. Among this, net interest income was RMB 637.405 billion; non-interest income was RMB 148.721 billion.
The bank's total operating expenses for the year were RMB 242.155 billion, with a cost-to-income ratio of 29.43%. Provisions for asset impairment losses amounted to RMB 126.663 billion, and income tax expenses were RMB 54.881 billion, indicating good tax control.
These factors combined allowed ICBC to achieve a net profit of RMB 366.946 billion in 2024, an increase of RMB 1.830 billion from the previous year, growing by 0.5%, with an average return on total assets of 0.78% and a weighted average return on equity of 9.88%.
<h2>Stable Net Interest Margin</h2>
In terms of operating income, ICBC maintained an &#34;80-20 structure&#34; in 2024, with net interest income accounting for 81.1% of total operating income, totaling RMB 637.405 billion, making it the bank with the highest net interest income in the industry.
The annual report indicates that due to factors such as the reduction of the Loan Prime Rate (LPR), adjustments in existing mortgage rates, and changes in the structure of deposit terms, the net interest margin and net interest yield were 1.23% and 1.42%, respectively, adjusting by 18 basis points and 19 basis points from the previous year, showing a relatively small adjustment in the industry and overall good resilience.
Additionally, ICBC's non-performing loan ratio at the end of the year was 1.34%, down 2 basis points; the provision coverage ratio was 214.91%, up 0.94 percentage points; and the capital adequacy ratio rose to 19.39%, ranking among the top global banks.
<h2>Significant Growth in Trading Net Income</h2>
In terms of non-interest income, net fee and commission income was RMB 109.397 billion; other non-interest income was RMB 39.324 billion, an increase of RMB 7.236 billion, growing by 22.6%.
In terms of net fee and commission income, asset custody and agency payment services continued to expand, leading to an increase in related income. Meanwhile, due to the implementation of the insurance and banking integration policy and the public fund fee rate reform, income from personal wealth management, private banking, and corporate wealth management decreased; the fee rates for guarantee and commitment businesses declined, resulting in a decrease in related income.
Among other non-interest income, the increase in trading net income was mainly due to increased returns from equity instruments and bond investments, while the increase in net financial investment income was primarily due to the increase in equity instruments and fund investment net income measured at fair value with changes recognized in current profit and loss. Other operating net expenses decreased mainly due to reduced net losses from foreign exchange and currency products, while income from insurance services and operating lease business increased
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/cf457ec3-4f24-4eb1-a955-ec595b9f8828.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/cf457ec3-4f24-4eb1-a955-ec595b9f8828.png"/>
<h2>Dividend Ratio Remains Stable</h2>
The board of directors of ICBC proposed to distribute a cash dividend of RMB 1.646 per 10 shares (tax included) based on approximately 356.4 billion ordinary shares for the year-end of 2024, with a total dividend amount of approximately RMB 58.664 billion.
In addition to the previously distributed interim dividend of RMB 51.109 billion, the total cash dividend for the year amounts to RMB 3.080 per 10 shares (tax included), with a total dividend amount of approximately RMB 109.773 billion.
The cash dividend ratio remains at around 31.3%, with the overall dividend ratio stable.
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On March 28th, ICBC released its 2024 annual report, with operating income of 786.1 billion yuan and net profit of 366.9 billion yuan, a year-on-year increase of 0.5%. A dividend of 1.646 yuan per 10 shares will be distributed, totaling approximately 109.773 billion yuan in dividends. Net interest income accounted for 81.1% of total income, reaching 637.405 billion yuan, with a net interest margin of 1.23%. The non-performing loan ratio was 1.34%, and the capital adequacy ratio rose to 19.39%

- Industrial and Commercial Bank of China (ICBC) reported a revenue of 786.1 billion RMB and a net profit of 366.9 billion RMB for 2024, reflecting a 0.5% year-on-year increase.  
- The bank's net interest income constituted 81.1% of total revenue, with a net interest margin of 1.23%, while non-interest income grew significantly, driven by increased transaction revenues.  
- The board proposed a cash dividend of 1.646 RMB per share, totaling approximately 58.664 billion RMB, maintaining a stable cash dividend payout ratio of 31.3%.

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