ICBC held its 2026 interim results briefing today, where board secretary Tian Fenglin addressed dividend-related queries, emphasizing the bank's commitment to enhancing shareholder value. He stated that the interim dividend payout ratio has been increased to 31%, with a cash dividend of RMB 1.511 yuan per ten shares (tax inclusive), underscoring the bank's unwavering focus on rewarding investors through consistent and stable cash distributions.
He highlighted that since its listing in 2006, spanning two decades, ICBC has delivered cumulative cash dividends exceeding RMB 1.64 trillion to shareholders, ranking as the highest cumulative dividend payer on the A-share market. The bank has consistently held the top position in A-share dividend distributions, with annual payout totals maintaining a long-term upward trajectory.
Overall, ICBC's cumulative dividend distributions far surpass the total capital raised from all previous ordinary share offerings, earning the bank multiple accolades for exceptional shareholder returns.
Mr. Tian elaborated that the bank has been refining its dividend mechanism since 2024, responding to regulatory guidance by implementing a semi-annual and annual dividend structure, effectively doubling the frequency of payouts from once to twice per year. Additionally, H-share investors have been granted the option to receive dividends in RMB, enhancing both the timeliness and flexibility of distributions.
Regarding the rationale behind raising the dividend payout ratio, he cited three key considerations. Firstly, the move directly addresses market concerns and investor demands. As a large-cap blue-chip stock, ICBC's management has always prioritized reasonable shareholder returns while attentively listening to capital market feedback. This moderate increase in the semi-annual dividend ratio represents a strategic step to further optimize the shareholder return framework while preserving the continuity and stability of dividend payments.
Secondly, robust operational performance underpins the capacity for increased dividends. Throughout this year, ICBC has proactively navigated market fluctuations, intensified support for the real economy, achieved steady growth in deposit and loan businesses, and witnessed a gradual recovery in intermediary business income. The first half of the year saw improvements across key operational indicators compared to the same period last year, with strengthening operational results and solidifying capital positions providing a firm foundation for the dividend increase.
Thirdly, the bank remains committed to striking a delicate balance between shareholder returns and long-term development needs. When formulating dividend policies, ICBC consistently seeks an optimal equilibrium among shareholder interests, business expansion, and capital adequacy. Prudent profit retention serves as a critical component of internal capital reserves, which are essential for the bank's sustainable growth. This semi-annual dividend ratio enhancement represents a carefully considered decision made without compromising the bank's capital adequacy levels or sustainable development capabilities.
Looking ahead, Mr. Tian noted that dividend policies are by no means static but require dynamic adaptation to macroeconomic conditions, regulatory guidance, and the bank's own operational realities. Capital management and shareholder returns are mutually reinforcing and interdependent. Capital constitutes the cornerstone for risk mitigation, real economy support, and long-term development. Without robust capital backing, shareholder returns would lack a sustainable foundation, whereas stable and predictable shareholder distributions are pivotal for maintaining market valuation stability, bolstering investor confidence, and broadening external capital replenishment channels.
He concluded that ICBC will continue to balance capital management with dividend policies, striving to sustain a steady operational trajectory. By comprehensively considering reasonable shareholder compensation, the bank's own profit retention, and external capital supplementation, the institution will scientifically determine appropriate dividend ratios, continuously enhancing financial service capabilities and market competitiveness, thereby enabling investors to share in the fruits of ICBC's high-quality development.