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<Research>Citi: ICBC 4Q25 Results Slightly Miss; Div. Distribution Attractive
Recommend 10 Positive 15 Negative 6 |
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According to a Citi research report, ICBC (01398.HK)'s 2025 full-year net profit and pre-provision profit grew by 0.7% and 1.9% YoY to RMB368.6 billion and RMB554.5 billion, slightly below the broker's expectations. Benefiting from an improved cost-to-income ratio, ICBC also recorded a growth of 3% YoY in pre-provision profit. Dragged down by rising credit costs that were partially offset by a decrease in tax rates, however, the bank's 4Q25 net profit increased by only 1.9% YoY, slowing from the 3.3% growth in 3Q25. Considering the potential dilution, ICBC's current H-share price corresponds to a forecast P/B ratio of 0.52x for 2026, with a forecast dividend yield of 5.2% for 2026, making the valuation still attractive. Citi has given ICBC a target price of HKD7.95 and a Buy rating. AAStocks Financial News |
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