Industrial & Commercial Bank of China Ltd. (OTCMKTS:IDCBY) Reaches New 1-Year High on Earnings Beat

Industrial & Commercial Bank of China Ltd. (OTCMKTS:IDCBY)’s share price reached a new 52-week high during mid-day trading on Monday after the company announced better than expected quarterly earnings. 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 (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.01. The business had revenue of $27.56 billion during the quarter, compared to the consensus estimate of $26.53 billion. Industrial & Commercial Bank of China Ltd. had a net margin of 24.61% and a return on equity of 8.97%.

Industrial & Commercial Bank of China Ltd. Trading Up 1.6%

The company has a debt-to-equity ratio of 1.80, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a fifty day simple moving average of $16.37 and a two-hundred day simple moving average of $15.91. The firm has a market capitalization of $305.48 billion, a P/E ratio of 6.17 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.