At the mid-year results conference held on August 28, ICBC Vice President Yao Mingde addressed questions on non-interest income, noting that during the first half of the year, the bank actively navigated a complex external environment, enhanced its integrated financial services, and seized market opportunities. Non-interest income reached RMB 104.9 billion, up 9.9% year-on-year, providing strong support for the bank's overall profit growth.
Regarding net fee and commission income specifically, the first half saw revenue of RMB 69.2 billion, a 3.3% increase year-on-year. The bank continued to lead the market in total volume, with incremental gains also ranking first, accelerating the formation of a diversified, multi-supported growth model for intermediary business. Wealth management continued to lead efficiency gains within this segment.
In other non-interest income, the bank recorded RMB 35.7 billion in the first half, a robust 25.3% increase year-on-year. In bond investment, the persistently accommodative liquidity conditions and declining bond yield benchmarks prompted ICBC to dynamically optimize its bond portfolio, achieving investment income of RMB 22.675 billion, up 22.7% year-on-year. Equity and fund investments also benefited from heightened stock market activity, as major A-share indices performed strongly. By strengthening investment research and focusing on preferred equity placements in key areas such as the "five major articles" and new quality productive forces, the bank supported the real economy while generating income of RMB 15.5 billion, a remarkable 140% surge, reflecting an increase of RMB 9.052 billion compared to the same period last year.
Looking ahead to the full year, Yao Mingde highlighted that opportunities and challenges coexist for non-interest income development. On one hand, proactive macroeconomic policies continue to support stable growth and expanded domestic demand, driving the transformation of the real economy and improving the fundamentals of capital markets. The steady recovery of domestic consumption is also bolstering the growth base for non-interest businesses. Moreover, investments in technology applications under the new capital framework are gradually entering a harvest period, with equity investments set to play an increasingly vital role.
On the other hand, policies aimed at reducing corporate financing costs, along with measures such as bancassurance fee adjustments and the "report-bank alignment" initiative, have led to an initial release of pressure on fee and commission rates. However, lingering downward pressure remains. Additionally, potential volatility in equities, bonds, and foreign exchange markets in the second half of the year, compounded by a high comparison base from last year, introduces uncertainty for sustaining rapid growth in other non-interest income.