合计盈利1.07万亿元！六大行，“交卷”

Core Viewpoint - The six major state-owned banks in China have reported stable performance in their Q3 2025 results, showcasing robust asset growth and positive profit growth across the board [1][2]. Group 1: Profit Performance - The six major banks achieved a total net profit of 1.07 trillion yuan in the first three quarters, with all banks reporting positive growth in net profit [1][2]. - Individual net profits for the banks are as follows: Industrial and Commercial Bank of China (ICBC) 269.91 billion yuan, Agricultural Bank of China (ABC) 220.86 billion yuan, China Construction Bank (CCB) 257.36 billion yuan, Bank of China (BOC) 177.66 billion yuan, Postal Savings Bank of China (PSBC) 76.56 billion yuan, and Bank of Communications (BoCom) 69.99 billion yuan, with year-on-year growth rates of 0.33%, 3.03%, 0.62%, 1.08%, 0.98%, and 1.9% respectively [2]. - In Q3 alone, BOC's net profit grew by 5.1% year-on-year, attributed to improved asset quality and reduced provision for credit losses [2]. Group 2: Revenue Growth - All six banks reported revenue growth, with total revenues as follows: ICBC 640.03 billion yuan, ABC 550.88 billion yuan, CCB 573.70 billion yuan, BOC 491.20 billion yuan, PSBC 265.08 billion yuan, and BoCom 199.64 billion yuan, reflecting year-on-year growth rates of 2.17%, 1.97%, 0.82%, 2.69%, 1.82%, and 1.80% respectively [2]. - BOC recorded the fastest revenue growth among the banks [2]. Group 3: Net Interest Margin - The net interest margin (NIM) for the six banks has been narrowing, with the following NIMs reported: ICBC 1.28%, ABC 1.30%, CCB 1.36%, BOC 1.26%, PSBC 1.68%, and BoCom 1.20%, all showing a year-on-year decline [3]. - PSBC maintains the highest NIM, reflecting strong performance in the industry [3]. Group 4: Asset Quality - The asset quality of the six banks remains stable, with non-performing loan (NPL) ratios improving as of the end of September: ICBC 1.33%, ABC 1.27%, CCB 1.32%, BOC 1.24%, PSBC 0.94%, and BoCom 1.26%, all showing improvement compared to the end of the previous year [4]. - PSBC continues to have the lowest NPL ratio in the industry [4]. Group 5: Dividend Distribution - Several banks have announced interim dividend plans, pending shareholder approval, with proposed dividends per 10 shares as follows: ICBC 1.414 yuan, ABC 1.195 yuan, CCB 1.858 yuan, BOC 1.094 yuan, PSBC 1.230 yuan, and BoCom 1.563 yuan, totaling a dividend payout of 204.66 billion yuan [4].