狂赚6900亿元！国有六大行中期业绩亮眼，投资者笑称“躺着赚钱”

Core Viewpoint - The performance report of China's six major state-owned banks for the first half of 2025 demonstrates their strong profitability and stability, reinforcing their appeal to conservative investors who value safety and consistent returns [1][2]. Group 1: Financial Performance - The six major banks collectively earned over 690 billion yuan in net profit in the first half of 2025, showcasing robust profitability [1]. - Industrial and Commercial Bank of China (ICBC) led with a revenue of 427.09 billion yuan, although its net profit decreased by 1.46% year-on-year to 168.80 billion yuan [3]. - Agricultural Bank of China reported a revenue of 369.90 billion yuan and a net profit increase of 2.5% to 139.94 billion yuan [4]. Group 2: Asset Quality - All six banks reported a year-on-year decline in non-performing loan (NPL) ratios, indicating improved asset quality [5]. - Postal Savings Bank of China had the lowest NPL ratio at 0.92%, while ICBC and China Construction Bank both reported NPL ratios of 1.33% [6]. - The banks maintained high provision coverage ratios, with ICBC at 217.71% and Agricultural Bank at 295% [5][6]. Group 3: Net Interest Margin - The net interest margin (NIM) for the six banks collectively declined, with the range of decrease between 0.08% and 0.21% [7]. - Postal Savings Bank had the highest NIM at 1.7%, while ICBC and Agricultural Bank reported NIMs of 1.3% and 1.32%, respectively [7][9]. - Future expectations indicate that while NIM may continue to decline, the rate of decrease is expected to slow down [10][11]. Group 4: Dividend Distribution - The six banks plan to distribute over 200 billion yuan in dividends, reflecting their status as "cash cows" in the capital market [12]. - The dividend payout ratio for most banks is around 30%, with ICBC proposing a dividend of 1.414 yuan per 10 shares, totaling approximately 50.40 billion yuan [12][13]. - The consistent high dividend payouts enhance the attractiveness of these banks to long-term investors [14][15].