Side by sideICBC (1398.HK) and CMB (3968.HK)Memos of October 11, 2026 and October 12, 2026
ICBC vs CMB stock: the numbers side by side (October 2026)
How do ICBC and CMB compare?
| ICBC 1398.HK | CMB 3968.HK | |
|---|---|---|
| Revenue growth | 1.9%2025 | -0.8%2025 |
| Net interest margin | 1.3%2025 | 1.9%2025 |
| Return on equity | 9.5%2025 | 13.4%2025 |
| CET1 capital ratio | 13.6%2025 | 14.2%2025 |
| Dividend yield | 4.9%Today (Oct 11, 2026) | 4.4%Today (Oct 12, 2026) |
| P/E, last 12 months | 6.3xToday (Oct 11, 2026) | 7.9xToday (Oct 12, 2026) |
| P/E, next 12 months | 6.1xToday (Oct 11, 2026) | 6.6xToday (Oct 12, 2026) |
| Weighted price forecast, about 1 year | 7.25 (+1 %)October 2027 | 54.60 (+5 %)October 2027 |
| Weighted price forecast, about 3 years | 8.04 (+22 %)October 2029 | 59.52 (+23 %)October 2029 |
Who leads on what?
| Leads | The lead is | |
|---|---|---|
| Revenue growth | ICBC | The higher figure |
| Net interest margin | CMB | The higher figure |
| Return on equity | CMB | The higher figure |
| CET1 capital ratio | CMB | The higher figure |
| Dividend yield | ICBC | The higher figure |
| P/E, last 12 months | ICBC | The lower figure |
| P/E, next 12 months | ICBC | The lower figure |
| Weighted price forecast, about 1 year | CMB | The higher weighted return |
| Weighted price forecast, about 3 years | CMB | The higher weighted return |
What does each company do?
Industrial and Commercial Bank of China Limited (ICBC) is a state-controlled bank for households, companies and institutions.
ICBC (1398.HK), from our memo of October 11, 2026 · ICBC stock forecast
China Merchants Bank (CMB) serves individuals, businesses and institutions with deposits, loans, payments, cards and investment services.
CMB (3968.HK), from our memo of October 12, 2026 · CMB stock forecast