安融（香港）评级确认中国工商银行股份有限公司“A”国际评级；展望:稳定
安融（香港）评级确认中国工商银行股份有限公司“A”国际评级；展望:稳定
2025年1月17日，中国香港。安融（香港）评级确认中国工商银行股份有限公司简称“工商银行”）的长期主体评级为“A”，展望为“稳定”。
评级结果肯定了工商银行分支机构在境内外分布广泛，有助于业务的拓展，业务多元化程度高，风险抵御能力进一步增强，存款稳定性较好，未来需要时获得政府流动性支持的可能性极高。同时，安融（香港）评级也关注到受支持实体经济力度加大、贷款市场报价利率下调等因素的影响，工商银行净利息收益率持续收窄；近年来受汇率波动影响该行形成一定规模汇兑损失等风险。
关键评级观点
优势
工商银行分支机构在境内外分布广泛，有助于业务的拓展；
工商银行业务多元化程度高，非利息收入对营业收入形成有益补充；
工商银行不良贷款率逐年下降，拨备覆盖率不断上升，风险抵御能力进一步增强；
定期存款占比较高且逐年提升，存款稳定性较好；
工商银行作为国有控股大型商业银行，已获得控股股东增持，未来需要时获得政府流动性支持的可能性极高
关注
受支持实体经济力度加大、贷款市场报价利率下调等因素的影响，工商银行净利息收益率持续收窄；
工商银行国际业务规模较大，近年来受汇率波动影响该行形成一定规模汇兑损失。
评级展望
随着发展战略的稳步实施和内部管理的持续完善，工商银行有望保持稳健发展，综合实力将逐步增强，综合考虑，安融（香港）评级给予工商银行的信用评级展望为稳定。
注：
1、上述评级均为主动评级。
2、本文译自英文版新闻稿。若有分歧，以英文版为准。
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林芮礽，分析师
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胡超
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评级服务联系
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相关信用评级委员会召开日期：2025年1月17日
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相关的评级方法和模型
《银行业信用评级方法和模型》（2024年11月28日）
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ARHK Affirms ‘A’ International Rating to Industrial and Commercial Bank of China Limited, Outlook Stable
17 January 2025
Hong Kong, January 17, 2025. ARHK has affirmed an international scale long-term issuer credit rating of ‘A’ to Industrial and Commercial Bank of China Limited (hereinafter referred to as "ICBC"), with a stable outlook.
The rating results confirm
ICBC's extensive domestic and international branch network, which aids in business expansion, high degree of business diversification, enhanced risk resistance capability, good deposit stability, and a strong likelihood of obtaining government liquidity support when needed in the future. At the same time, ARHK also notes the impact of increased support for the real economy and the reduction in loan market quotation rates, leading to a continuous narrowing of ICBC's net interest margin; in recent years, the bank has incurred substantial foreign exchange losses due to exchange rate fluctuations.
KEY RATING PERSPECTIVES
Strengths
ICBC's branches are extensively distributed both domestically and internationally, aiding in business expansion;
ICBC has a high degree of business diversification, with non-interest income providing a beneficial supplement to operating income;
ICBC's non-performing loan ratio has decreased year by year, provisioning coverage ratio has continuously increased, further enhancing risk resistance capability;
The proportion of time deposits is relatively high and increasing year by year, resulting in good deposit stability;
As a state-controlled large commercial bank, ICBC has received increased holdings from its controlling shareholder and has a high likelihood of obtaining government liquidity support when needed in the future.
Weaknesses
The impact of increased support for the real economy and the reduction in loan market quotation rates has led to a continuous narrowing of ICBC's net interest margin;
ICBC's international business scale is relatively large, and in recent years, the bank has incurred substantial foreign exchange losses due to exchange rate fluctuations.
RATING OUTLOOK
With the steady implementation of development strategies and continuous improvement of internal management, ICBC is expected to maintain stable development, gradually enhancing its comprehensive strength. Taking all factors into consideration, ARHK assigns a stable outlook to the credit rating of ICBC.
NOTE:
1. The above ratings are all unsolicited credit ratings.
2. The Chinese version of this article is translated from the English version of the press release. In case of discrepancies, the English version shall prevail.
ANALYST CONTACTS
Analyst
Lam Yui Ying
Committee Chair
James Hu
Media Contact
Rating Services Contact
Lam Yui Ying
Date of Relevant Rating Committee: 17 January 2025
Additional information is available on www.arrating.com
Related Criteria
Sovereign Credit Rating Methods and Models (28 November 2024)
DISCLAIMER
This rating is based on information officially released to the public by the rated objects. The legality, authenticity, completeness, accuracy, and timeliness of the relevant information are the responsibility of the rated objects and its information publishers. ARHK has conducted a prudent analysis of the rating information based on the principles of relevance, timeliness, and reliability, but does not guarantee the legality, authenticity, completeness, accuracy, and timeliness of the above information. The rating results did not take into account non-public information that may have a significant impact on the credit rating and could not be obtained.
Any statements and judgments regarding the credit status of the rated objects in this report are only for reference in relevant decision-making and do not imply that ARHK substantively recommends any user to invest, borrow or lend money, and trade based on this report, nor can they be used as a basis for users to purchase, sell, or hold related financial products. Under no circumstances shall ARHK, as well as its directors, shareholders, employees, or representatives be liable for any damages, expenses, costs, or losses incurred by any investor (including institutional and individual investors) as a result of using the analysis results presented in this report, nor shall they be liable for any consequences arising from the use of this report by the rated objects or their issuers or providing this report to other parties.