China's six largest state-owned banks have released their financial results for the first three quarters of 2025. As key players in serving the real economy and stabilizing the financial system, Industrial and Commercial Bank of China Limited (601398.SH), China Construction Bank Corporation (601939.SH), Agricultural Bank Of China Limited (601288.SH), Bank Of China Limited (601988.SH), Bank Of Communications Co.,Ltd. (601328.SH), and Postal Savings Bank Of China Co.,Ltd. (601658.SH) all achieved year-on-year growth in operating income and net profit attributable to shareholders, with combined profits reaching 1.07 trillion yuan. Despite industry-wide challenges from narrowing interest margins, some banks have begun to stabilize.

The total assets of these six banks grew steadily to approximately 218 trillion yuan, marking an increase of over 18 trillion yuan from the end of 2024. Asset quality also improved overall, with five of the six banks reporting declines in their non-performing loan (NPL) ratios. Postal Savings Bank Of China Co.,Ltd. saw a slight 4-basis-point increase in its NPL ratio to 0.94%, remaining the lowest among the group.

**Performance Highlights** In the first nine months of 2025, Industrial and Commercial Bank of China Limited led with operating income of 640.028 billion yuan, up 2.17% year-on-year, followed by China Construction Bank Corporation at 573.702 billion yuan (0.82% growth) and Agricultural Bank Of China Limited at 550.876 billion yuan (1.97% growth). Bank Of China Limited, Postal Savings Bank Of China Co.,Ltd., and Bank Of Communications Co.,Ltd. reported operating incomes of 491.204 billion yuan, 265.08 billion yuan, and 199.645 billion yuan, respectively, with growth rates of 2.69%, 1.82%, and 1.8%.

Net profits attributable to shareholders were 269.908 billion yuan for Industrial and Commercial Bank of China Limited (0.33% growth), 257.36 billion yuan for China Construction Bank Corporation (0.62% growth), 220.859 billion yuan for Agricultural Bank Of China Limited (3.03% growth), 177.66 billion yuan for Bank Of China Limited (1.08% growth), 76.562 billion yuan for Postal Savings Bank Of China Co.,Ltd. (0.98% growth), and 69.994 billion yuan for Bank Of Communications Co.,Ltd. (1.9% growth). Agricultural Bank Of China Limited stood out with the highest profit growth, while Industrial and Commercial Bank of China Limited, the largest by assets, posted the smallest increase.

Agricultural Bank Of China Limited's stock price has also surged, hitting a record high of 8.34 yuan per share on October 28. Since early 2023, its shares have risen 258%, with a 56% gain in 2025 alone. As of October 31, its market capitalization reached 2.786 trillion yuan, with a price-to-book ratio of 1.02x, breaking the long-standing trend of large state banks trading below book value.

**Non-Interest Income Gains** Amid pressure on net interest margins, non-interest income played a larger role. Industrial and Commercial Bank of China Limited reported 166.612 billion yuan in non-interest income (up 11.3%), China Construction Bank Corporation 146.096 billion yuan (13.95% growth), and Bank Of China Limited 165.412 billion yuan (16.2% growth). Agricultural Bank Of China Limited and Postal Savings Bank Of China Co.,Ltd. led with growth rates exceeding 20%, driven by wealth management, investment optimization, and digital transformation.

**Asset Quality and NPL Trends** Interest income, the primary revenue source, remained under pressure. Only Bank Of Communications Co.,Ltd. saw growth (1.46%), while the other five banks reported declines. Net interest margins continued to shrink, with Postal Savings Bank Of China Co.,Ltd. maintaining the highest margin at 1.68%, though down 21 basis points year-on-year. Other banks' margins were below 1.4%, with Bank Of Communications Co.,Ltd. at 1.20%.

Total assets for the six banks reached 217.97 trillion yuan by end-September, up 18.29 trillion yuan from 2024. Asset quality improved, with five banks lowering their NPL ratios. Bank Of Communications Co.,Ltd. reduced its ratio the most (down 5 basis points to 1.26%), while Postal Savings Bank Of China Co.,Ltd. saw a slight rise to 0.94%, still the lowest in the group. The increase was attributed to macroeconomic and policy adjustments.