Industrial & Commercial Bank of China Ltd. (OTCMKTS:IDCBY) Hits New 12-Month High Following Strong Earnings

Industrial & Commercial Bank of China Ltd. (OTCMKTS:IDCBY) shares hit a new 52-week high on Monday following a better than expected earnings announcement. The stock traded as high as $17.12 and last traded at $17.12, with a volume of 4300 shares changing hands. The stock had previously closed at $16.88.

The company reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.01. Industrial & Commercial Bank of China Ltd. had a net margin of 24.61% and a return on equity of 8.97%. The firm had revenue of $27.56 billion during the quarter, compared to analyst estimates of $26.53 billion.

Industrial & Commercial Bank of China Ltd. Price Performance

The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.80. The firm’s 50-day moving average price is $16.43 and its 200-day moving average price is $15.94. The stock has a market capitalization of $315.42 billion, a PE ratio of 6.37 and a beta of 0.14.

About Industrial & Commercial Bank of China Ltd.

Industrial & Commercial Bank of China Ltd. (ICBC) is a state-owned commercial bank headquartered in Beijing. Founded in 1984, ICBC has grown into one of the world’s largest banking institutions by total assets, operating a diversified financial services business that serves corporate, institutional and retail clients. The bank provides deposit-taking and lending, trade and transaction banking, treasury and markets services, as well as a range of payment and settlement solutions.

ICBC’s product and service offerings span corporate banking, retail banking, and investment banking, including corporate loans, supply‑chain and trade finance, cash management, credit and debit cards, mortgages and consumer finance, wealth-management products, custody and asset-management services.