Zhong Guo Zheng Quan Bao·2025-08-31 05:53Core Viewpoint - Construction Bank's key operating indicators stabilized and improved in the first half of 2025, with a slight increase in operating income but a decrease in net profit [2] Group 1: Financial Performance - In the first half of 2025, Construction Bank achieved operating income of 394.273 billion yuan, a year-on-year increase of 2.15% [2] - The net profit attributable to shareholders was 162.076 billion yuan, a year-on-year decrease of 1.37% [2] - The bank has distributed over 1.3 trillion yuan in dividends since its listing and plans to maintain a 30% dividend payout ratio for the mid-year distribution in 2025 [2] Group 2: Loan Allocation - Construction Bank's loan growth was steady and balanced, with significant advantages in the retail loan market, including personal housing loans, personal consumption loans, and credit card loans [4] - As of the end of June, the bank's technology loan balance was 5.15 trillion yuan, up 16.81% from the end of the previous year; strategic emerging industry loans were 3.39 trillion yuan; green loans were 5.72 trillion yuan, up 14.88%; and digital economy core industry loans were 852.377 billion yuan, up 13.44% [4] - The bank actively supported national key regional strategies, with rapid loan growth in key areas such as Beijing-Tianjin-Hebei, the Yangtze River Delta, the Guangdong-Hong Kong-Macao Greater Bay Area, and Chengdu-Chongqing [4] Group 3: Interest Margin Outlook - The bank's CFO noted a 45 basis point decline in asset yield due to the impact of last year's LPR reduction and this year's interest rate cuts [8] - The deposit interest rate decreased by 32 basis points, and the overall liability interest rate fell by 34 basis points [8] - The bank expects the decline in net interest margin to gradually narrow due to the lagging effects of interest rate adjustments [8] Group 4: Risk Management - As of June 2025, the non-performing loan ratio was 1.33%, a decrease of 0.01 percentage points from the end of the previous year, while the ratio of special mention loans was 1.81%, down 0.08 percentage points [10] - The bank's provision coverage ratio improved to 239.40%, up 5.8 percentage points from the end of the previous year, indicating strong risk mitigation capabilities [10] - The bank is focused on managing risks in the real estate sector while ensuring reasonable financing needs are met [10]