Di Yi Cai Jing·2025-08-30 09:55Core Viewpoint - The financial performance pressure on major state-owned banks has eased, with significant improvements in revenue and net profit compared to the previous year [1] Group 1: Financial Performance - In the first half of 2025, the six major state-owned banks achieved a total operating income of 1.83 trillion yuan, slightly up from approximately 1.8 trillion yuan in the same period last year [1] - The net profit attributable to shareholders reached 682.52 billion yuan, compared to about 683.39 billion yuan in the previous year [1] - All six major banks reported positive year-on-year growth in operating income, with China Bank (3.76%), Construction Bank (2.15%), and Industrial and Commercial Bank (1.57%) leading the growth rates [3] Group 2: Year-on-Year Comparison - In contrast to last year, when five of the six banks experienced negative revenue growth, this year all banks showed improvement, with Industrial and Commercial Bank previously experiencing a decline of over 6% [3] - Three banks reported positive year-on-year growth in net profit, with Agricultural Bank leading at 2.66%, followed by Traffic Bank and Postal Savings Bank at 1.61% and 0.85%, respectively [3] Group 3: Dividend Distribution - All six banks announced a mid-term dividend plan, distributing 30% of their net profit for the first half of the year, totaling 204.66 billion yuan [3] - The total dividend amount last year was approximately 204.82 billion yuan, with a stable payout ratio of 30% [3] Group 4: Dividend Details - Industrial and Commercial Bank plans to distribute approximately 50.40 billion yuan, with a dividend of 1.414 yuan per 10 shares [4] - Agricultural Bank intends to distribute 4.18 billion yuan, with a dividend of 1.195 yuan per 10 shares [4] - Construction Bank plans to distribute 48.61 billion yuan, with a dividend of 1.858 yuan per 10 shares [4] Group 5: Stock Performance - As of August 29, the median dividend yield for the six major banks is over 3%, with Industrial and Commercial Bank having the highest yield at around 4.15% and Construction Bank the lowest at 2.03% [5] - Agricultural Bank leads in stock performance with a 37.37% increase, while Traffic Bank has seen a decline of 1.55% [5]