In the first half of 2025, the six major state-owned banks continued to face pressure on net interest margins, while maintaining growth in both deposits and loans, with non-performing loan ratios generally declining compared to year-end levels.

All six major state-owned banks have now completed the disclosure of their 2025 interim reports.

According to compiled data, the six major state-owned banks collectively achieved operating revenue of 1.8331 trillion yuan in the first half of 2025, representing a year-on-year increase of 1.87%. Their combined net profit attributable to shareholders reached 682.524 billion yuan, down 8.64 billion yuan compared to the same period last year, equivalent to daily earnings of 37.4 billion yuan.

Overall, the six major state-owned banks experienced continued pressure on net interest margins in the first half of the year, though all achieved positive revenue growth. Net profit attributable to shareholders showed mixed results with three banks posting growth and three experiencing declines. Non-performing loan ratios decreased at all banks compared to year-end except for Postal Savings Bank, which saw a slight increase.

Regarding real estate loans, the six major banks' combined real estate loans (including corporate and personal loans) totaled 31.25 trillion yuan at the end of the first half, representing a modest increase of 53.92 billion yuan from year-end. ICBC, CCB, and Agricultural Bank of China saw their real estate loans decrease compared to year-end, while Bank of Communications, Bank of China, and Postal Savings Bank recorded increases.

As of the end of the first half of 2024, the six major banks' combined assets reached 214.02 trillion yuan, growing 7.18% from year-end, a higher growth rate than the same period last year. Total loans amounted to 125.8 trillion yuan, up 8.84% year-on-year, while total deposits reached 148.23 trillion yuan, up 7.74% year-on-year.

Additionally, all six state-owned banks disclosed their 2025 interim dividend plans, with combined dividend payments reaching 204.657 billion yuan, maintaining a stable dividend ratio of 30%.

**Net Profit: Three Up, Three Down** **Agricultural Bank Achieves Highest Growth Rate**

Looking at first-half operating performance, all six state-owned banks achieved positive revenue growth, but net profit attributable to shareholders showed three banks growing and three declining.

Interim reports show that in the first half of 2025, ICBC, CCB, and Bank of China achieved operating revenues of 427.092 billion yuan, 394.273 billion yuan, and 329.003 billion yuan respectively, representing year-on-year growth of 1.57%, 2.15%, and 3.76%. Their net profits attributable to shareholders were 168.103 billion yuan, 162.076 billion yuan, and 117.591 billion yuan respectively, showing year-on-year changes of -1.39%, -1.37%, and -0.85%.

Meanwhile, Agricultural Bank of China, Postal Savings Bank, and Bank of Communications achieved operating revenues of 369.937 billion yuan, 179.446 billion yuan, and 133.368 billion yuan respectively, up 0.85%, 1.50%, and 0.77% year-on-year. Their net profits attributable to shareholders were 139.510 billion yuan, 49.228 billion yuan, and 46.016 billion yuan respectively, growing 2.66%, 0.85%, and 1.61% year-on-year.

From this data, all six major state-owned banks achieved positive revenue growth, while net profit attributable to shareholders showed three banks with positive growth and three with declines. Bank of China ranked first in revenue growth rate, while Agricultural Bank of China topped the list for net profit growth rate.

Notably, four state-owned banks achieved net profits attributable to shareholders exceeding 100 billion yuan in the first half of 2025, with ICBC and CCB surpassing 160 billion yuan.

In terms of asset scale, the six major banks' combined assets reached 214.02 trillion yuan in the first half of 2025, growing 7.18% from year-end, higher than the same period last year.

CCB led in growth rate with total assets of 44.43 trillion yuan, up 9.52% from year-end. Agricultural Bank of China ranked second with total assets of 46.86 trillion yuan, up 8.38% from year-end. ICBC ranked third in growth rate with total assets of 52.32 trillion yuan, up 7.16% from year-end. Bank of Communications had the lowest growth rate with total assets of 15.44 trillion yuan, up just 3.59% from year-end.

**Bank of China Leads in Deposit Growth** **Postal Savings Bank Tops Loan Growth**

In the first half of 2025, the six major state-owned banks' combined deposits totaled 148.23 trillion yuan, up 7.74% year-on-year.

Bank of China, Postal Savings Bank, Agricultural Bank of China, ICBC, CCB, and Bank of Communications recorded deposit totals of 25.28 trillion yuan, 16.11 trillion yuan, 31.42 trillion yuan, 36.4 trillion yuan, 30 trillion yuan, and 9 trillion yuan respectively, representing year-on-year growth of 8.37%, 8.37%, 8.33%, 8.30%, 6.14%, and 6.0% respectively.

From this data, ICBC had the highest deposit total at 36.4 trillion yuan, while Bank of Communications had the lowest at 9 trillion yuan. In terms of growth rates, Bank of China and Postal Savings Bank led in deposit growth, followed by Agricultural Bank of China.

During the same period, the six major state-owned banks' combined loan total reached 125.8 trillion yuan, up 8.84% year-on-year.

Postal Savings Bank, Agricultural Bank of China, Bank of China, Bank of Communications, ICBC, and CCB recorded loan totals of 9.54 trillion yuan, 26.68 trillion yuan, 23 trillion yuan, 8.99 trillion yuan, 30.19 trillion yuan, and 27.39 trillion yuan respectively, up 10.13%, 9.63%, 9.09%, 8.84%, 8.44%, and 7.89% year-on-year respectively.

From this data, ICBC had the highest loan total at 27.84 trillion yuan, followed by CCB and Agricultural Bank of China. In terms of growth rates, Postal Savings Bank led in loan growth, followed by Agricultural Bank of China and Bank of China.

Overall, the six major state-owned banks showed growth in both deposits and loans in the first half of 2025, with total loan growth exceeding deposit growth. Notably, the six banks' deposit growth in the first half of 2025 was higher than the same period last year, but loan growth was lower than the previous year.

Regarding net interest margins, in the first half of 2025, Postal Savings Bank, CCB, Agricultural Bank of China, ICBC, Bank of China, and Bank of Communications recorded net interest margins of 1.70%, 1.40%, 1.32%, 1.30%, 1.26%, and 1.21% respectively, down 0.17, 0.11, 0.1, 0.12, 0.13, and 0.06 percentage points from year-end respectively. All six banks faced pressure on net interest margins.

**Asset Quality Remains Stable Overall** **Six Major Banks Plan Interim Dividends**

In the first half of 2025, among the six major state-owned banks, all except Postal Savings Bank saw their non-performing loan ratios decline, with Postal Savings Bank showing a slight increase.

Data shows that ICBC, CCB, Agricultural Bank of China, Bank of Communications, and Bank of China recorded non-performing loan ratios of 1.35%, 1.33%, 1.33%, 1.28%, 1.28%, 1.24%, and 0.92% respectively, down 0.01, 0.01, 0.02, 0.03, and 0.01 percentage points from year-end respectively. Postal Savings Bank's non-performing loan ratio was 0.92%, up 0.02 percentage points from year-end.

Looking at provision coverage ratios, three of the six major state-owned banks increased while three decreased.

Data shows that in the first half of 2025, ICBC, CCB, and Bank of Communications recorded provision coverage ratios of 217.71%, 239.40%, and 209.56% respectively, up 2.8, 5.8, and 7.62 percentage points from year-end respectively.

Agricultural Bank of China, Bank of China, and Postal Savings Bank recorded provision coverage ratios of 295%, 197.39%, and 260.35% respectively, down 4.61, 3.21, and 25.8 percentage points from year-end respectively.

From this data, Postal Savings Bank had the largest decline in provision coverage ratio at 25.8 percentage points, while Agricultural Bank of China had the highest provision coverage ratio at 295%.

Looking at annualized weighted return on equity (ROE), the top three were Postal Savings Bank, Agricultural Bank of China, and CCB, achieving weighted ROEs of 10.91%, 10.16%, and 10.08% respectively. For earnings per share, CCB, Bank of Communications, and ICBC ranked in the top three with 0.65 yuan, 0.59 yuan, and 0.46 yuan respectively, showing little change from the same period last year.

Regarding dividend distribution, all six banks plan to distribute cash dividends equal to 30% of their first-half net profit attributable to shareholders, with combined dividend payments reaching 204.657 billion yuan. Last year, the six banks' total interim dividends were approximately 204.823 billion yuan, maintaining a stable 30% dividend ratio.

Specifically, ICBC plans to distribute 1.414 yuan per 10 shares (including tax), totaling 50.396 billion yuan in dividends; Agricultural Bank of China plans 1.195 yuan per 10 shares (including tax), totaling 41.823 billion yuan; CCB plans 1.858 yuan per 10 shares (including tax), totaling 48.605 billion yuan.

Bank of China plans 1.094 yuan per 10 shares (pre-tax), totaling 35.250 billion yuan; Bank of Communications plans 1.563 yuan per 10 shares (including tax), totaling 13.811 billion yuan; Postal Savings Bank plans 1.230 yuan per 10 shares (including tax), totaling 14.772 billion yuan.

**Real Estate Loans: Three Up, Three Down** **Postal Savings Bank Has Highest Real Estate Loan Ratio**

In the first half of 2025, the six major state-owned banks' combined real estate loans (including corporate and personal loans) totaled 31.25 trillion yuan, up 53.92 billion yuan from year-end.

ICBC, CCB, and Agricultural Bank of China recorded real estate loans of 7.17 trillion yuan, 7.23 trillion yuan, and 5.87 trillion yuan respectively, down 25.103 billion yuan, 37.916 billion yuan, and 32.016 billion yuan from year-end respectively. Bank of Communications, Bank of China, and Postal Savings Bank recorded real estate loans of 2 trillion yuan, 6.24 trillion yuan, and 2.74 trillion yuan respectively, up 11.444 billion yuan, 39.865 billion yuan, and 49.118 billion yuan from year-end respectively.

Overall, all six major state-owned banks had real estate loan ratios above 20%. Postal Savings Bank, Bank of China, and CCB had real estate loan ratios of 28.73%, 27.14%, and 26.4% respectively, while ICBC, Bank of Communications, and Agricultural Bank of China had ratios of 23.75%, 22.29%, and 21.99% respectively. Postal Savings Bank had the highest real estate loan ratio.

It's worth noting that the six banks' real estate loans were primarily personal housing loans, accounting for over 80%, while corporate real estate loans represented less than 20%.

Notably, all six major state-owned banks saw growth in corporate real estate loans in the first half of 2025.

Data shows that ICBC, CCB, Agricultural Bank of China, Bank of Communications, Bank of China, and Postal Savings Bank recorded corporate real estate loans of 1.122274 trillion yuan, 1.023314 trillion yuan, 930.279 billion yuan, 536.14 billion yuan, 1.575534 trillion yuan, and 336.392 billion yuan respectively, up 11.527 billion yuan, 8.463 billion yuan, 17.145 billion yuan, 8.465 billion yuan, 32.836 billion yuan, and 27.802 billion yuan from year-end respectively.

Personal housing loans showed mixed results with three up and three down. ICBC, CCB, and Agricultural Bank of China recorded personal housing loans of 6.05 trillion yuan, 6.21 trillion yuan, and 4.94 trillion yuan respectively, down 36.63 billion yuan, 46.379 billion yuan, and 49.161 billion yuan from year-end respectively.

Bank of Communications, Bank of China, and Postal Savings Bank recorded personal housing loans of 1.47 trillion yuan, 4.67 trillion yuan, and 2.4 trillion yuan respectively, up 2.979 billion yuan, 7.029 billion yuan, and 21.316 billion yuan from year-end respectively.

Overall, in the first half of 2025, the six major state-owned banks' combined corporate real estate loans totaled 5.52 trillion yuan, up 106.238 billion yuan from year-end, while personal housing loans totaled 25.73 trillion yuan, down 100.846 billion yuan from year-end.

Additionally, it's worth noting that since 2021, the six major banks' personal housing non-performing loans have been continuously rising. As of the first half of 2025, excluding Bank of China which did not disclose figures, ICBC, CCB, Agricultural Bank of China, Bank of Communications, and Postal Savings Bank recorded personal housing non-performing loan amounts of 52.021 billion yuan, 46.855 billion yuan, 38.086 billion yuan, 11.027 billion yuan, and 17.461 billion yuan respectively.