ICBC President Liu Jun responds to the increase in dividend payout ratio: If there is a call from the capital market, we will take the lead in responding.

Ask AI · How will an increase in the dividend payout ratio affect Industrial and Commercial Bank of China’s capital management strategy?

Reporter: Liu Ying

On March 27, 2026, Liu Jun, President of Industrial and Commercial Bank of China (601398.SH, hereinafter referred to as “ICBC”), said at the bank’s 2025 annual results briefing that, in terms of dividend yield, the overall return rate is currently far higher than comparable investment products and wealth-management products, indicating that ICBC has considerable investment value. ICBC will not stop there. It will continue to strengthen its wealth-creation capabilities, consistently reflect investment value, and give back to the market.

In 2025, ICBC achieved operating income of RMB 801.4B, up 1.9% year on year; net profit attributable to shareholders of the parent company was RMB 368.56B. Of note is that ICBC’s total assets reached RMB 5.348 trillion, up 9.5% from the end of the prior year, becoming the world’s first bank to have total assets exceed RMB 5 trillion.

On dividends: For the full year 2025, ICBC is expected to distribute a total of RMB 110.6 billion in cash dividends, including RMB 50.4 billion already distributed as interim dividends. After completing the corporate governance procedures, it will arrange a further RMB 60.2 billion as annual final dividends. Based on the average share price for the full year, the dividend yields for A-shares and H-shares are 4.22% and 5.99%, respectively.

Tian Fenglin, Secretary to the Board and Senior Business Director of ICBC, said that since its listing in 2006, ICBC has cumulatively created cash dividend returns of RMB 1.58 trillion for shareholders. The cash dividend payout ratio has remained above 30% for many consecutive years, ranking consistently first in terms of total cash dividends among A-shares. From the perspective of dividend frequency, since 2024 ICBC has started increasing the frequency of dividends, implementing two dividend payments in a year—an annual interim and a final dividend. From the perspective of currency choice, starting with the final dividend distribution for 2024, ICBC provides H-share investors with the option to choose RMB as the dividend payment currency. In terms of dividend yield, from 2023 to 2025, the average dividend yields for ICBC’s A-shares and H-shares were 5.22% and 7.29%, respectively.

When asked about subsequent dividend arrangements, Liu Jun said that ICBC will make dynamic adjustments based on market conditions.

Liu Jun said: “For the long-term, sustainable, and healthy development of the capital market, if there is indeed a strong demand from the capital market, and people also suggest whether the dividend payout ratio can be further adjusted upward accordingly, then as a bellwether in the market, Industrial and Commercial Bank of China will certainly act with urgency in response to what the market needs and think what the market thinks. If our adjustment brings about a market that continues to develop in a more sustainable and healthy direction, ICBC will surely play a leading and exemplary role in making our capital market development even better.”