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Last $0.83 USD
Change Today +0.03 / 3.75%
Volume 11.0K
As of 8:10 PM 05/6/15 All times are local (Market data is delayed by at least 15 minutes).

ind & comm bk of china-h (IDCBF) Key Developments

Industrial and Commercial Bank of China Announces Earnings Results for the First Quarter Ended March 2015

Industrial and Commercial Bank of China announced earnings results for the first quarter ended March 2015. For the quarter, the company reported net profit grew 1.36% year on year to RMB 74.46 billion. Basic earnings per share were at RMB 0.21, which remained unchanged as compared to it realized in the same period of last year. Operation revenue gained 5.70% than a year earlier to RMB 165.81 billion. The company realized RMB 125.28 billion in net interest income, up 8.17% year on year, while net fee and commission income edged down 1.25% year on year to RMB 37.21 billion in the period. Operating income reached CNY 181.164 billion, growing 11.39% year on year. Weighted average return on net assets was 19.35%.

Industrial and Commercial Bank of China Limited Announces Board Changes

Industrial and Commercial Bank of China Limited announced that, Mr. Liu Lixian, an executive director of the Board, has retired from office recently for the reason of his age. To ensure the smooth operation of the Board, it was resolved at the meeting of the Board held on 29 April 2015 that Mr. Wang Xiquan be nominated as a candidate of executive director of the Bank. As the term of office of Mr. Or Ching Fai, an independent non- executive director of the Bank, will expire in May 2015, it was resolved at the meeting of the Board held on 29 April 2015 that Mr. Or Ching Fai be nominated as a candidate for re-election as an independent non-executive director of the Bank. The appointment of Mr. Wang Xiquan is subject to the consideration and approval at the shareholders' general meeting of the Bank, and subject to the approval by the China Banking Regulatory Commission (the "CBRC"). His term of office as executive director of the Bank will commence on the date when the approval from the CBRC is obtained. The appointment of Mr. Or Ching Fai as an independent non-executive director is subject to the consideration and approval at the shareholders' general meeting of the Bank. His new term of office as independent non- executive director of the Bank will commence on the date when the approval from the shareholders' general meeting of the Bank is obtained. Mr. Wang Xiquan has served as Vice President of Industrial and Commercial Bank of China Limited since September 2012. He joined ICBC in 1985, and served as a member of the senior management of Industrial and Commercial Bank of China Limited since April 2010. He previously served as Head of Yangquan Branch in Shanxi Province, Deputy Head of Hebei Branch, General Manager of the Asset Risk Management Department, Director-General of the Internal Audit Bureau and General Manager of the Human Resources Department of the Head Office. Mr. Or Ching Fai has served as an Independent Non-executive Director of Industrial and Commercial Bank of China Limited since May 2012. Mr. Or Ching Fai was the General Manager and a Director of The Hongkong and Shanghai Banking Corporation Limited, the Chairman of HSBC Insurance Limited, the Chief Executive and Vice Chairman of Hang Seng Bank Limited, the Chairman of Hang Seng Insurance Company Limited and Hang Seng Bank (China) Limited, a Director of Cathay Pacific Airways Limited and a Director of Hutchison Whampoa Limited. Mr. Or Ching Fai was the Chairman of the Hong Kong Association of Banks, the Vice President and Council Member of the Hong Kong Institute of Bankers, the Chairman of the Financial Services Advisory Committee and a member of the Services Promotion Programme Committee of the Hong Kong Trade Development Council, a member of the Risk Management Committee of the Hong Kong Exchanges and Clearing Limited, a member of the Aviation Development Advisory Committee, the Chairman of Executive and Campaign Committee of the Community Chest of Hong Kong, the Vice Chairman of the Council of City University of Hong Kong, a Council Member of The University of Hong Kong, an Adviser of the Employers' Federation of Hong Kong. Mr. Or Ching Fai is currently the Chairman, Chief Executive Officer and an Executive Director of China Strategic Holdings Limited, the Chairman and an Independent Non-executive Director of Esprit Holdings Limited, a Vice Chairman and an Independent Non-executive Director of G-Resources Group Limited, an Independent Non-executive Director of Chow Tai Fook Jewellery Group Limited and Television Broadcasts Limited, a Vice Patron of the Board of the Community Chest of Hong Kong.

Industrial and Commercial Bank of China Limited Announces Board Changes

The board of directors of Industrial and Commercial Bank of China Limited announced that the Bank has recently received the China Banking Regulatory Commission's approval in relation to the qualification of Anthony Francis Neoh of Industrial and Commercial Bank of China. The qualification of Mr. Anthony Francis Neoh as an independent non-executive director of the Bank has been approved by the China Banking Regulatory Commission. Pursuant to the laws and regulations and the relevant provisions of the articles of association of the Bank, Mr. Wong Kwong Shing, Frank has ceased to act as an independent non-executive director of the Bank as well as member of the relevant special committees of the Board due to expiration of his term of office.

Industrial and Commercial Bank of China Limited, Board Meeting, Apr 29, 2015

Industrial and Commercial Bank of China Limited, Board Meeting, Apr 29, 2015. Agenda: To approve the announcement of the results of the bank for the three months ended 31 March 2015; to discuss and approve issues including the proposal of nominating Wang Xiquan Candidate for Executive Independent Director; and to consider the proposal of increasing capital in Industrial and Commercial Bank of China (Asia) Limited.

Industrial and Commercial Bank of China Limited to Report Q1, 2015 Results on Apr 29, 2015

Industrial and Commercial Bank of China Limited announced that they will report Q1, 2015 results on Apr 29, 2015

 

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IDCBF

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Valuation IDCBF Industry Range
Price/Earnings 6.9x
Price/Sales 3.2x
Price/Book 1.2x
Price/Cash Flow 5.3x
TEV/Sales NM Not Meaningful
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