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ICBC Q4'16 net profit edges up 0.2% YOY; hikes dividend

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ICBC Q4'16 net profit edges up 0.2% YOY; hikes dividend

Industrial & Commercial Bank of China Ltd. posted a 0.2% year-over-year increase in net profit for the fourth quarter ended Dec. 31, 2016.

Net profit attributable to equity holders inched up to 55.46 billion Chinese yuan from 55.37 billion yuan in the prior-year period. Operating income for the quarter declined year over year to 157.67 billion yuan from 164.90 billion yuan.

For full year 2016, ICBC's consolidated net profit attributable to equity holders rose 0.4% year over year to 278.25 billion yuan from 277.13 billion yuan. EPS remained unchanged at 77 fen.

Net interest income slipped to 471.85 billion yuan from 507.87 billion yuan in 2015, while net fee and commission income rose to 144.97 billion yuan from 143.39 billion yuan.

Operating income for the full year dropped to 641.68 billion yuan from 668.73 billion yuan, while operating profit declined to 360.68 billion yuan from 360.91 billion yuan.

As of the end of 2016, net interest margin fell to 2.16% from 2.47% in 2015.

The group's nonperforming loan ratio increased to 1.62% at the end of 2016 from 1.50% at the end of 2015.

ICBC's capital adequacy ratio was 14.61% as of Dec. 31, 2016, down from 15.22% as of Dec. 31, 2015. Its core Tier 1 ratio remained unchanged at 12.87, while its Tier 1 ratio declined to 13.42% from 13.48% over the same period.

The company's board raised the proposed dividend for 2016 to 23.43 fen per share from 23.33 fen per share in the prior year.

As of March 29, US$1 was equivalent to 6.89 Chinese yuan.