There is no supported basis here to call China Construction Bank (CCB) or Industrial and Commercial Bank of China (ICBC) the better-value stock today. A sound comparison starts with the share class—Shanghai A-shares or Hong Kong H-shares—then matches financial results by period, checks credit and capital measures, separates proposed dividends from paid ones, and calculates valuation using prices from the same date and exchange.
First, make sure you are comparing the same kind of share
Both banks have Shanghai-listed A-shares and Hong Kong-listed H-shares. CCB’s Shanghai ticker is 601939 and its Hong Kong ticker is 00939; ICBC’s Shanghai ticker is 601398 and its Hong Kong ticker is 1398. CCB’s investor-relations page and ICBC’s 2025 annual report identify the respective listings.
Choose the exchange and share class before comparing share prices or valuation. The A-shares and H-shares trade in different markets and currencies, so comparing, for example, a Shanghai price for one bank with a Hong Kong price for the other does not produce a like-for-like P/E, P/B, or dividend-yield comparison. Also check whether your brokerage account can access the chosen market and what trading, currency-conversion, and tax rules apply to you; those details depend on the investor and jurisdiction.
Compare operating results for matching periods
Use the same reporting period and accounting basis for both banks. The available CCB figures are for the first half of 2026; they do not establish how ICBC performed over that period. CCB’s 2026 interim results release, dated 2026-08-28, reported the following:
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| Measure | CCB, first half of 2026 | ICBC comparison |
|---|---|---|
| Operating income | RMB 426.333 billion, up 10.48% year over year. | Not stated for the matching 2026 interim period in ICBC’s cited 2025 annual report. |
| Net profit | RMB 171.677 billion, up 5.56% year over year. | Not stated for the matching 2026 interim period in ICBC’s cited 2025 annual report. |
| Net interest margin | 1.37%; CCB said it was up 3 basis points versus 2025 and 1 basis point versus 2026 Q1. | Not stated for the matching 2026 interim period in ICBC’s cited 2025 annual report. |
For a complete earnings comparison, take both banks’ same-period disclosures and examine net interest margin alongside operating income, net profit, and fee or other non-interest income. These measures answer different questions: net profit is the bottom-line result, operating income reflects revenue before expenses, and net interest margin indicates the spread earned on interest-bearing assets and liabilities. A change in one measure does not by itself show that the whole business has strengthened or weakened.
Check credit quality and reserve coverage together
CCB reported a 1.29% non-performing loan (NPL) ratio and a 238.69% allowance-to-NPL ratio at the end of the 2026 interim period. These are CCB’s figures, not evidence that its credit quality or reserves compare favorably with ICBC’s. The corresponding ICBC values for the same reporting date are not stated in the cited 2025 annual report.
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When matching figures are available, read them together rather than treating either ratio as a verdict. The NPL ratio describes the share of loans classified as non-performing; allowance coverage relates reserves for expected credit losses to those NPLs. Also look for changes over time and information about loan concentrations, because a single ratio does not capture where credit risk sits or how it is evolving. Definitions and classification practices should be checked in each bank’s report before comparing small differences.
Compare capital buffers at the same reporting date
At the 2026 interim reporting point, CCB reported a 19.42% capital adequacy ratio and a 14.24% core tier-1 capital adequacy ratio. The matching ICBC ratios for that date are not stated in its cited 2025 annual report, so these numbers cannot support a claim that one bank has the stronger capital position.
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For a like-for-like check, align reporting dates and compare both total capital adequacy and core tier-1 capital adequacy. The first is a broader regulatory capital measure; core tier 1 focuses on the highest-quality capital. Use the banks’ reported definitions and applicable regulatory disclosures, and consider whether the ratios are rising or falling rather than relying only on a single snapshot.
Separate proposed dividends from dividends already paid
A dividend proposal is not the same as a declared and distributed payment. CCB’s 2026 interim results release says its board proposed a cash dividend of RMB 2.010 per 10 shares, about RMB 52.582 billion in total, subject to shareholder consideration. That is a proposal, not proof in that release that shareholders had approved or received it.
ICBC’s 2025 annual report states that its 2025 interim dividend was distributed and that its 2025 year-end ordinary-share dividend was proposed. The proposed full-year 2025 cash dividend was RMB 3.103 per 10 ordinary shares before tax, or about RMB 110.593 billion; the year-end portion was subject to shareholder approval. These amounts cover different periods and stages of approval, so they do not establish which bank offers the higher current yield.
Before using dividends to compare the stocks, confirm the relevant share class, per-share amount, payout ratio, approval status, record date, payment date, and tax treatment. A cash amount per 10 shares is not directly comparable to a yield unless it is divided by a dated price for the same share class.
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A valuation comparison needs market prices from the same date and a consistent share-class basis. Calculate price-to-earnings (P/E) using an explicitly defined earnings period, price-to-book (P/B) using the matching per-share book value, and dividend yield using an identified dividend basis and price date. A trailing, annualized, or forecast earnings denominator can produce a different P/E, so label which one is being used.
The cited company releases and report do not provide a same-date market-price snapshot for both share classes or establish current P/E, P/B, or dividend yields. Without those inputs, it is not possible to identify which stock is cheaper or which has the higher current yield. Do not infer valuation from a bank’s profit growth, asset size, or dividend amount alone.
A practical comparison checklist
- Select the share class: compare 601939 with 601398 for Shanghai A-shares, or 00939 with 1398 for Hong Kong H-shares. Keep currency and exchange consistent.
- Align the reports: compare the same half-year or full-year period, accounting basis, and reporting date for both banks.
- Review the business and risk measures: compare operating income, net profit, net interest margin, non-interest income, NPL ratios, allowance coverage, and loan concentrations.
- Check capital: match total and core tier-1 capital ratios at the same date and review changes over time.
- Verify dividend status: distinguish proposed, approved, declared, and paid distributions, and match the amount to the selected share class.
- Calculate valuation from dated inputs: use prices and per-share financial measures from a defined date and state the P/E earnings basis, P/B book-value basis, and dividend-yield basis.
On the figures available, CCB’s first-half 2026 operating, credit, capital, and proposed-dividend data can be described, but a current relative-performance or valuation ranking against ICBC cannot be substantiated. Complete the comparison only when ICBC’s corresponding interim figures and same-date market data are matched to CCB’s.
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