Summary by Moomoo AI
Industrial and Commercial Bank of China (ICBC) released its half-yearly report summary on August 30, 2024. The report shows that despite the complex economic environment in the first half of the year, the bank maintained stable operation and achieved operating income of 420.499 billion yuan and net profit of 171.296 billion yuan. The annualized average return on total assets (ROA) is 0.75%, and the annualized weighted average return on equity (ROE) is 9.53%. In addition, ICBC announced plans to implement cash dividends for the first time, with a total of 51.109 billion yuan and a dividend ratio of 30.0%. During the reporting period, ICBC's non-performing loan ratio slightly decreased to 1.35%, and the provision coverage ratio increased to 218.43%, indicating enhanced risk resilience. ICBC will continue to promote digital transformation and strive to support the real economy while maintaining financial security. The report also mentioned that ICBC will prioritize reform, comprehensively promote the "five transformations," and focus on serving China's modernization efforts and excelling in the "five major areas" of finance.