China's best domestic bank 2023: ICBC
As the leading bank in China, Industrial and Commercial Bank of China (ICBC) can rely on its diversified business structure, strong innovation capabilities and market competitiveness to succeed in any environment.
While the entire financial industry has faced challenges brought on by Covid-19 restrictions, heightened regulatory scrutiny and an economic downturn, ICBC continues to demonstrate its strength, winning Asiamoney’s award for best bank in China.
Despite a slight dip in operating income to Rmb841.4 billion ($117.2 billion), net profit reached a record high of Rmb361 billion in 2022. China’s largest bank says total assets rose 12.6%, year on year, to Rmb39.6 trillion as its customer base continues to grow. ICBC added 16.72 million personal customers in 2022, bringing the total to 720 million.
However, that pales in comparison with its corporate banking business, where ICBC is a repeat winner of this award.
In 2022, the bank served more than 10 million corporate customers and dispensed Rmb13.83 trillion in loans. And despite the headwinds in the wider operating environment, its non-performing loan ratio dipped 0.04 percentage points to 1.38%, marking the eighth consecutive quarterly decrease. In total, ICBC set a record in China of more than Rmb3.4