As the 2025 interim reporting season draws to a close, China's six major state-owned banks have unveiled their first-half performance reports!

On August 29 after market close, Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank of China all released their 2025 interim results. The data shows that the total assets of the six major state-owned banks continued to grow steadily, while operating performance showed mixed results. Meanwhile, all six banks announced interim dividend plans with total expected dividends exceeding 200 billion yuan.

Six Major Banks Collectively Earn Over 680 Billion Yuan

Overall, in the first half of 2025, the total assets of the six major state-owned banks continued to grow, with ICBC's total assets breaking through 52 trillion yuan. In terms of performance, ICBC, Bank of China, and China Construction Bank showed "revenue growth without profit growth," with net profit attributable to shareholders declining year-on-year. Combined, the six banks earned over 680 billion yuan in net profit in the first half.

Here are the key business and scale data for the six major banks:

ICBC: Total assets exceeded 52 trillion yuan in the first half, with customer loans and deposits maintaining industry leadership. Operating revenue reached 409.082 billion yuan, up 1.8% year-on-year; net profit attributable to shareholders was 168.103 billion yuan, down 1.4% year-on-year.

In the first half, ICBC's annualized average return on total assets and annualized weighted average return on equity were 0.67% and 8.82%, respectively. The non-performing loan ratio was 1.33%, down 0.01 percentage point; capital adequacy ratio was 19.54%, and provision coverage ratio was 217.71%, up 0.15 and 2.80 percentage points respectively, further strengthening its solid operating foundation.

Agricultural Bank of China: As of end-June, total group assets reached 46.9 trillion yuan, an increase of 3.6 trillion yuan from year-end. Operating revenue was 369.8 billion yuan in the first half, with net profit attributable to shareholders at 139.5 billion yuan, up 0.7% and 2.7% year-on-year respectively, maintaining "double growth" momentum.

In the first half, Agricultural Bank's non-performing loan ratio was 1.28%, down 0.02 percentage point from year-end; overdue loan ratio was 1.22%, maintaining a low level, with overdue-to-NPL ratio at 95.11%; provision coverage ratio was 295%. Capital strength continued to strengthen with capital adequacy ratio at 17.45%; average return on total assets was 0.62%, weighted average return on equity was 10.16%, and cost-to-income ratio was 27.81%.

Bank of China: As of end-June, total group assets reached 36.79 trillion yuan, up 4.93% from year-end. In the first half, the group achieved operating revenue of 329.418 billion yuan, up 3.61% year-on-year; net profit attributable to bank shareholders was 117.591 billion yuan, down 0.85% year-on-year.

In the first half, Bank of China's average return on total assets was 0.70%, return on equity was 9.11%; net interest margin was 1.26%, down 18 basis points from the same period last year; cost-to-income ratio was 25.11%. As of end-June, group non-performing loan ratio was 1.24%, down 0.01 percentage point from year-end; NPL provision coverage ratio was 197.39%. Taking advantage of state capital injection, capital adequacy ratio reached 18.67% at end-June.

China Construction Bank: As of end-first half 2025, total group assets were 44.43 trillion yuan, up 9.52%. Operating revenue was 385.905 billion yuan in the first half, up 2.95% year-on-year; net profit attributable to bank shareholders was 162.076 billion yuan, down 1.37% year-on-year.

In the first half of 2025, China Construction Bank completed the issuance of A-shares to the Ministry of Finance, raising 105 billion yuan; annualized average return on assets was 0.77%, annualized weighted average return on equity was 10.08%, cost-to-income ratio was 23.72%, capital adequacy ratio was 19.51%, and non-performing loan ratio was 1.33%.

Bank of Communications: During the reporting period, the group achieved net operating income of 133.498 billion yuan, up 0.72% year-on-year; net profit attributable to parent company shareholders was 46.016 billion yuan, up 1.61% year-on-year. At period-end, total group assets were 15.44 trillion yuan, up 3.59% from year-end.

At period-end, group non-performing loan ratio was 1.28%, down 0.03 percentage point from year-end; provision coverage ratio was 209.56%, up 7.62 percentage points from year-end. Net interest yield was 1.21%, down 8 basis points year-on-year.

Postal Savings Bank of China: Operating revenue was 179.446 billion yuan in the first half, up 1.50% year-on-year; net profit attributable to bank shareholders was 49.228 billion yuan, up 0.85% year-on-year. At period-end, total assets reached 18.19 trillion yuan, up 6.47% from year-end; capital adequacy ratio was 14.57%, core tier-1 capital adequacy ratio was 10.52%, up 0.13 and 0.96 percentage points respectively from year-end.

Postal Savings Bank's loans increased by 622.982 billion yuan in the first half, with loan-to-deposit ratio and credit asset ratio up 0.90 and 0.25 percentage points respectively from year-end. At period-end, non-performing loan ratio was 0.92%, provision coverage ratio was 260.35%.

"Red Packet Rain": All Six Major Banks Launch Interim Dividend Plans

Besides announcing results, all six major banks launched 2025 interim dividend plans, with combined dividend scale exceeding 200 billion yuan.

ICBC: The board proposes to distribute 2025 interim ordinary share cash dividends, based on 356,406,257,089 ordinary shares, with 1.414 yuan per 10 shares (inclusive of tax), totaling approximately 50.396 billion yuan in dividends. This distribution plan will be subject to shareholder approval.

Agricultural Bank of China: The board proposes to distribute 2025 interim cash dividends to ordinary shareholders at 1.195 yuan per 10 shares (inclusive of tax), totaling 41.823 billion yuan (inclusive of tax), representing 30.0% of 2025 first-half net profit attributable to parent company shareholders.

Bank of China: The board proposes to distribute 2025 interim ordinary share dividends at 1.094 yuan per 10 shares (before tax), subject to bank shareholder approval. The total dividend amount reaches 35.25 billion yuan, maintaining the dividend payout ratio at a high level of 30%.

China Construction Bank: The board proposes to distribute 2025 interim cash dividends to all ordinary shareholders at 1.858 yuan per 10 shares (inclusive of tax), totaling approximately 48.605 billion yuan, representing 30.0% of 2025 first-half group net profit attributable to bank shareholders, to be submitted to shareholder meeting for approval in the second half of 2025.

Bank of Communications: The bank's 2025 interim profit distribution plan is: based on 88.364 billion ordinary shares outstanding at period-end, distribute cash dividends of 1.563 yuan per 10 shares (inclusive of tax) to registered A-share and H-share shareholders, totaling 13.811 billion yuan in cash dividends (inclusive of tax).

Postal Savings Bank of China: The board proposes to distribute 2025 interim ordinary share cash dividends at 1.230 yuan per 10 shares (inclusive of tax), with total cash dividends of approximately 14.772 billion yuan (inclusive of tax). This distribution plan requires shareholder approval for implementation.

Research reports point out that against the backdrop of low interest rates and "asset shortage," banks' advantages of high dividends and fixed-income-like characteristics are becoming prominent. As of August 26, the banking sector's dividend yield was 3.69%. Combined with their stable dividend payments and steady operations, investment attractiveness is strong. Among "high dividend" sectors, the banking sector's advantages are particularly outstanding.