3 6 Ke·2025-09-01 01:19Core Viewpoint - The six major state-owned banks in China reported mixed financial results for the first half of 2025, with total operating income of approximately 1.83 trillion yuan and net profit attributable to shareholders of about 682.52 billion yuan, indicating a daily profit of around 3.73 billion yuan [1] Financial Performance Summary - The Industrial and Commercial Bank of China (ICBC) remains the most profitable, with operating income of 427.09 billion yuan, a year-on-year increase of 1.6%, but a net profit decline of 1.39% to 168.10 billion yuan [1][6] - Agricultural Bank, Bank of Communications, and Postal Savings Bank achieved both revenue and profit growth, while ICBC, China Bank, and Construction Bank experienced revenue growth without profit increases [1] - Total proposed dividends from the six banks exceed 200 billion yuan, with ICBC proposing 50.40 billion yuan, Construction Bank 48.61 billion yuan, Agricultural Bank 41.82 billion yuan, China Bank 35.25 billion yuan, Postal Savings Bank 14.77 billion yuan, and Bank of Communications 13.81 billion yuan [1] Market Performance - In the secondary market, five of the six major banks saw stock price increases this year, with Agricultural Bank's stock rising nearly 40%, surpassing ICBC to become the "A-share market capitalization champion" [2][3] Profitability Analysis - Agricultural Bank reported the highest net profit growth among the six banks, with a net profit increase of 2.66% to 139.51 billion yuan [4] - Bank of Communications and Postal Savings Bank also reported revenue and profit growth, with net profits of 46.02 billion yuan and 49.23 billion yuan, respectively [5] - In contrast, ICBC, China Bank, and Construction Bank faced profit declines despite revenue growth, with net profits of 168.10 billion yuan, 117.59 billion yuan, and 162.08 billion yuan, respectively [6] Interest Income and Fee Income - Only Bank of Communications saw an increase in net interest income, which rose by 1.20% to 85.25 billion yuan, while the other banks experienced declines in this area [6] - Fee and commission income showed mixed results, with Agricultural Bank, China Bank, Construction Bank, and Postal Savings Bank achieving positive growth, while ICBC and Bank of Communications reported declines [9][10] Net Interest Margin Trends - As of June 2025, Postal Savings Bank had the highest net interest margin at 1.70%, while China Bank and Bank of Communications fell below 1.3% [12] - Management from various banks indicated that net interest margins are stabilizing, with expectations of a gradual recovery in the second half of the year due to rising credit demand [13] Deposit Trends - The trend of increasing time deposits continues, with Agricultural Bank reporting a decrease in the proportion of demand deposits to 40.0% and Bank of Communications reporting a decrease to 31.27% [14]