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CCB and ICBC should be compared by matching the exchange, share class and reporting period—not by treating one bank’s latest figures as a head-to-head result. China Construction Bank’s 2026 interim release provides current operating, credit and capital figures, but the material cited here does not establish matching ICBC 2026 metrics or dated share prices. It therefore supports a comparison framework, not a claim that one stock is cheaper or performing better.
Start with the share class and exchange
Both banks have Shanghai A-shares and Hong Kong H-shares. A price or valuation comparison is meaningful only when it uses the same exchange, currency and date. The shares are not interchangeable price series: their trading prices, liquidity and access can differ.
| Bank | Shanghai A-share | Hong Kong H-share |
|---|---|---|
| China Construction Bank (CCB) | 601939 | 00939 |
| Industrial and Commercial Bank of China (ICBC) | 601398 | 1398 |
CCB lists its investor materials on its investor-relations page. ICBC’s 2025 annual report identifies its ordinary-share listings. Before comparing either bank’s stocks, decide whether the relevant comparison is Shanghai A-share against Shanghai A-share or Hong Kong H-share against Hong Kong H-share.
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For a bank, headline profit is only one part of the operating picture. Compare operating income, net profit, net interest margin and fee or other non-interest income for the same half-year or full-year period, using a consistent accounting basis. Growth rates should also use the same year-over-year interval.
#1 Best Overall
What CCB reported for the first half of 2026
In its interim results released on August 28, 2026, CCB reported operating income of RMB 426.333 billion, up 10.48% year over year, and net profit of RMB 171.677 billion, up 5.56% year over year. The bank reported total assets of RMB 47.33 trillion at the interim period end, up 3.72% from year-end 2025. These are CCB figures, not evidence that it outperformed ICBC.
CCB also reported a 1.37% net interest margin for the first half of 2026. Its release said the margin was up 3 basis points compared with 2025 and 1 basis point compared with the first quarter of 2026. Net interest margin is important because it indicates the spread earned on interest-bearing assets, but the figure should be considered alongside credit costs, loan growth and the trend over time.
Rank #2
The figures above come from CCB’s 2026 interim results release. A fair relative-performance assessment requires ICBC’s corresponding first-half 2026 figures; the annual-report figures for 2025 are not a substitute for that matched period.
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Reported profit can look strong even as loan risk or capital needs change, so examine credit quality and regulatory capital alongside earnings. A single ratio is not a complete risk assessment: look at its trend, the composition of loans and the bank’s coverage of problem loans.
Rank #3
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| CCB measure | CCB first-half 2026 reporting point | What to match for ICBC |
|---|---|---|
| Non-performing loan (NPL) ratio | 1.29% | ICBC’s NPL ratio at the same interim reporting date |
| Allowance-to-NPL ratio | 238.69% | ICBC’s comparable allowance coverage, calculated on a consistent basis |
| Capital adequacy ratio | 19.42% | ICBC’s corresponding total capital ratio at the same date |
| Core tier-1 capital adequacy ratio | 14.24% | ICBC’s corresponding core tier-1 ratio at the same date |
CCB reported these figures at its 2026 interim reporting point in the interim results release. They describe CCB’s position; without ICBC’s same-period figures, they do not establish which bank has better asset quality or stronger capital buffers.
Read dividend announcements by status and period
Dividend amounts are not comparable unless the period, per-share basis, tax treatment and approval or payment status are clear. A proposed dividend is not the same as a paid dividend, and a cash amount per ten shares does not reveal the yield without a dated share price.
| Bank and period | Disclosed amount and status | What the figure does not show by itself |
|---|---|---|
| CCB, 2026 interim | RMB 2.010 per 10 shares; approximately RMB 52.582 billion in total. The board proposal was subject to shareholder consideration in the August 28, 2026 release. | It is not a confirmed payment or a dividend yield. |
| ICBC, 2025 full year | Proposed cash dividend of RMB 3.103 per 10 ordinary shares, pre-tax, or approximately RMB 110.593 billion. The year-end portion was subject to shareholder approval. | It is a different period and cannot be directly compared with CCB’s 2026 interim proposal. |
ICBC’s 2025 annual report also states that its 2025 interim dividend had been distributed. The report does not establish an ICBC 2026 interim dividend amount. For CCB’s proposal, see the 2026 interim results release; for ICBC’s 2025 disclosures, see its 2025 annual report.
Use dated prices for valuation and yield
No price-to-earnings (P/E), price-to-book (P/B) or dividend-yield ranking is supported by the figures cited here. To calculate these measures responsibly, first select the share class and a specific market date, then use prices and financial figures on a consistent basis.
- P/E: share price divided by earnings per share for a clearly stated trailing or forecast period. Keep the earnings period and share class consistent between banks.
- P/B: share price divided by book value per share. State the balance-sheet date used for book value.
- Dividend yield: cash dividend per share divided by the share price on a stated date. Specify whether the dividend is proposed, declared or paid, whether the amount is gross or net of tax, and whether the yield uses an interim, annual or trailing dividend.
Because the two issuers trade in both Shanghai and Hong Kong, do not compare a Shanghai price in RMB with a Hong Kong price in HKD without an explicit currency conversion and a consistent date. A high dividend amount or low-looking share price alone does not establish a higher yield or cheaper valuation.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.A practical CCB-versus-ICBC comparison sequence
- Choose the listing: compare 601939 with 601398 for Shanghai, or 00939 with 1398 for Hong Kong. Record the currency and the price date.
- Align the financial period: use both banks’ first-half 2026 results or both banks’ full-year results; do not compare CCB’s 2026 interim performance with ICBC’s 2025 annual performance as if they were contemporaneous.
- Compare operations: review operating income, net profit, net interest margin and fee or other non-interest income, then check their growth and trend.
- Compare risk and resilience: line up NPL ratios, allowance coverage, loan concentrations and capital ratios using the same reporting date and comparable definitions.
- Verify shareholder return: distinguish proposals from approved declarations and payments; check per-share amounts, relevant dates and applicable tax treatment before calculating yield.
- Calculate valuation last: derive P/E, P/B and dividend yield for the selected share classes from dated prices and matched financial inputs.
This sequence keeps operating performance distinct from share price and valuation. CCB’s published 2026 interim figures can anchor one side of the exercise, but a relative conclusion depends on matching ICBC disclosures and market data.
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