Zhong Guo Jin Rong Xin Xi Wang·2025-09-01 10:59Core Insights - The six major state-owned banks in China demonstrated strong operational resilience amid the pressure of narrowing net interest margins, achieving a steady expansion in asset scale and a significant increase in non-interest income during the first half of 2025 [1][2]. Financial Performance - The total assets of the six banks increased, with Industrial and Commercial Bank of China (ICBC) leading at 52.32 trillion yuan, a 7.2% increase year-on-year [2]. - Agricultural Bank of China (ABC) followed with 46.86 trillion yuan, up 8.37%, and China Construction Bank (CCB) at 44.43 trillion yuan, up 9.52% [2]. - In terms of revenue, all six banks reported year-on-year growth, with China Bank leading at a 3.76% increase, while the others had growth rates ranging from 0.77% to 2.15% [3]. Profitability - Agricultural Bank of China reported the fastest profit growth with a net profit of 139.51 billion yuan, up 2.66% year-on-year [3][4]. - In contrast, ICBC, CCB, and China Bank experienced declines in net profit, with ICBC's net profit at 168.10 billion yuan, down 1.39% [3][4]. Asset Quality - The overall asset quality remained stable, with ICBC and CCB reporting a non-performing loan (NPL) ratio of 1.33%, a slight decrease from the previous year [7]. - Postal Savings Bank had the lowest NPL ratio at 0.92%, although it increased by 0.02 percentage points [7][8]. Non-Interest Income - The banks actively adjusted their business structures to enhance non-interest income, with significant growth observed across most banks [9][10]. - China Bank's non-interest income rose by 26.43% to 114.19 billion yuan, increasing its share of total revenue from 28.48% to 34.71% [9][10]. Future Outlook - The banks expressed cautious optimism regarding the future trajectory of net interest margins, with strategies in place to optimize asset-liability structures and enhance high-yield asset proportions [12][13]. - A total dividend plan exceeding 200 billion yuan was announced, reflecting confidence in future performance despite ongoing challenges [13].