<div id="readability-page-1"><div><p>Citi said in a research report that ICBC (01398.HK)<span> </span><span> -0.170 (-2.355%)  </span> <span> Short selling $791.44M; Ratio 39.265%  </span>  recorded a 9.2% YoY increase in pre-provision operating profit (PPOP) for 1Q26, benefiting from a recovery in NIM, strong trading gains, resilient fee income and an improved cost-to-income ratio. Net profit before preferred share dividends rose 3.3% YoY to RMB86.9 billion, accounting for 23% of the full-year market forecast, weighed down by higher credit costs. Return on assets (ROA) and return on equity (ROE) declined by 3 bps and 24 bps YoY to 0.64% and 8.9%, respectively.</p><p>Citi expects the market to respond positively to ICBCs solid 1Q26 results. Meanwhile, in light of the upcoming second batch of capital replenishment for large banks, Citi expects ICBC to receive a capital injection of slightly less than RMB100 billion, implying a 3% to 4% dilution in EPS. However, the current valuation remains attractive. The broker gives a TP of HKD7.95 and maintains a Buy rating. (ss/w)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-30 12:25.)</p></div><p>This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.</p></div>

01398

IDCBY

601398

<p>Citi's research report highlights ICBC's solid 1Q26 results, with a 9.2% YoY increase in pre-provision operating profit and a net profit of RMB86.9 billion, despite higher credit costs. The bank's ROA and ROE declined slightly. Citi anticipates a positive market response and expects ICBC to receive a capital injection of nearly RMB100 billion, leading to a 3-4% EPS dilution. However, the valuation remains attractive, with a target price of HKD7.95 and a Buy rating maintained.</p>

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Citi: ICBC  1Q26 Results Solid, Attractive Valuation; Reiterates Buy