Industrial and Commercial Bank of China Limited (IDCBY) Q1 2026 Earnings Call Transcript

Industrial and Commercial Bank of China Limited (IDCBY) Q1 2026 Earnings Call April 29, 2026 5:00 AM EDT Company Participants Zou Xin - General Manager of Corporate Strategy & Investor Relations Fenglin Tian - Chief Business Officer & Board Secretary Conference Call Participants Meizhi Yan - UBS Investment Bank, Research Division Richard Xu - Morgan Stanley, Research Division Juan Shen - Huatai Securities Co., Ltd., Research Division Shaoxing Chen - Industrial Securities Co., Ltd., Research Division Presentation Unknown Executive [Audio Gap] Q1 Earnings Call. I'm [indiscernible]. Today, we're honored to have with us Mr. Ken Fong Lin, Board Secretary of ICBC, along with heads from key departments and subsidiaries including corporate banking, personal banking, institutional banking, inclusive finance, credit management, finance and accounting, assets and liability management, International Banking Technology, Data Management Research Institute, Financial Markets, Asset Management, investment banking, personal loans, credit card and ICBC Wealth Management. Now I will briefly outline our key performance indicators. ICBC Q1 results have been officially released. Overall, the bank achieved its strongest start in recent years, exceeding expectations. First, key profitability indicators showed positive growth with higher Y-o-Y increases. In Q1, group revenue reached RMB 222 billion, up 8.4% Y-o-Y. Net profit was RMB 88 billion, up 3.9%. Net interest income as a core revenue driver rose 7.5% Y-o-Y, its first growth since 2023. Net interest margin was 1.29%, up 1 bp, its first increase since 2009 -- 2019. Net interest income grew 11.6% with net fee and commission income up 5.2% and other non-interest income surging 38.9%. Second, assets and liabilities grew steadily. Proactively supporting national priorities and policy packages, ICBC strengthened its role in serving the real economy. By quarter end, total group assets rose 4.3% from year-end to RMB 55.77 trillion, making ICBC the world's first commercial bank to exceed RMB 55 trillion in total assets. Total loans reached