Goldman Sachs kept Sell on Industrial Bank stock at CNY 15.91

Published on 10/08/2026 at 11:43 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Profit was CNY 41.13 billion in the first half, down 4.66 percent. Industrial Bank stock sits 12.78 percent above CNY 15.91 on September 8, 2026.

Industrial Bank, CNE000001QZ7, Illustration mit AI erstellt.

Goldman Sachs had maintained a Sell rating on Industrial Bank and set a CNY 15.91 target against a previous CNY 17.77 target on September 8, 2026, according to Investing.com. The analyst view puts the bank's valuation debate against a mixed first-half earnings picture.

Profit falls as income mix shifts

Industrial Bank reported CNY 41.13 billion in net profit attributable to its parent company for the first half of 2026, down 4.66 percent year over year, as iMedia reported on October 6, 2026. Total assets reached CNY 11.46 trillion at the end of June, up 3.31 percent from the end of 2025, giving investors a balance-sheet expansion measure alongside the profit decline.

The bank's first-half net interest income was CNY 72.80 billion, while net fee and commission income rose 8.61 percent year over year to CNY 14.20 billion, according to iMedia. That contrast matters because fee income grew even as the bank operated in a lower-rate, narrower-spread environment.

Analyst target stays below Shanghai quote

The CNY 15.91 Goldman Sachs target was below the CNY 18.24 Shanghai quote on October 8, 2026, while the prior Shanghai close was CNY 18.05. The target therefore points to a more cautious valuation stance than the latest market level, although the analyst rating itself remained Sell rather than changing to a new category.

Industrial Bank's first-half asset-quality figures added a counterweight: the non-performing loan ratio was 1.08 percent and the provision coverage ratio was 225.67 percent at the end of June, according to iMedia. Customer loans reached CNY 6.16 trillion, an increase of CNY 215.6 billion from the start of 2026, showing where the bank continued to deploy capital.

Shanghai quote gains 1.05 percent

Industrial Bank was last at CNY 18.24 on the Shanghai Stock Exchange on October 8, 2026 at 3:45 p.m. CST, up 1.05 percent versus the CNY 18.05 prior close. Its market capitalization was CNY 386.0 billion, and the 52-week range was CNY 16.44 to CNY 21.90.