Core Viewpoint - The performance of China's six major state-owned banks in the first half of 2025 demonstrates their strong profitability and investment value, with a total net profit exceeding 690 billion yuan and a total dividend payout expected to exceed 200 billion yuan, reinforcing their status as "cash cows" in the capital market [2][15]. Group 1: Financial Performance - The six major banks achieved a total net profit of over 690 billion yuan in the first half of 2025, with all banks announcing mid-term dividend plans totaling over 200 billion yuan [2][15]. - Industrial and Commercial Bank of China (ICBC) reported the highest operating income of 427.09 billion yuan, but its net profit decreased by 1.46% year-on-year to 168.80 billion yuan [5][6]. - Agricultural Bank of China (ABC) ranked third in operating income with 369.90 billion yuan and a net profit increase of 2.5% to 139.94 billion yuan [7]. Group 2: Asset Quality - All six banks reported a year-on-year decline in non-performing loan (NPL) ratios, indicating improved asset quality [8][9]. - Postal Savings Bank of China had the lowest NPL ratio at 0.92%, while ICBC and Construction Bank both reported NPL ratios of 1.33% [8][9]. - The provision coverage ratios remained high, with ICBC at 217.71% and ABC at 295%, indicating strong risk mitigation capabilities [8][9]. Group 3: Net Interest Margin - The net interest margin (NIM) for all six banks showed a collective decline, with the range of decrease between 0.08% to 0.21% [10][11]. - Postal Savings Bank led with a NIM of 1.7%, followed by Construction Bank at 1.4% and ABC at 1.32% [10][13]. - The banks' management expressed expectations for a continued decline in NIM, but with a narrowing rate of decrease in the second half of the year [14]. Group 4: Dividend Distribution - The total expected dividend payout from the six banks is over 200 billion yuan, with dividend rates generally around 30% [15][18]. - ICBC plans to distribute approximately 50.40 billion yuan, while ABC intends to distribute about 41.82 billion yuan, both maintaining a 30% payout ratio [15][16]. - The consistent high dividend payout ratios reflect the banks' confidence in their operational stability and aim to attract long-term investors [17][18].

Group 1 - The core viewpoint of the article highlights that the Bank of China has efficiently completed its dividend distribution for the fiscal year 2024, amounting to 71.36 billion yuan [1] - The proposed interim dividend for the fiscal year 2025 is set at 1.094 yuan per 10 shares, totaling 35.25 billion yuan, maintaining a high payout ratio of 30% [1]

Investment Rating - The report maintains a "Buy" rating for Shanghai Bank with a target price of RMB 12.02 [7][5]. Core Views - Shanghai Bank's performance shows steady growth with a year-on-year increase in net profit and operating income of 2.0% and 4.2% respectively for the first half of 2025 [1]. - The bank's non-interest income growth has rebounded, and the dividend payout ratio has increased, indicating a positive outlook for the second half of the year [1][5]. - The report highlights the importance of monitoring credit disbursement progress and non-performing asset management in the upcoming months [1]. Summary by Sections Financial Performance - For the first half of 2025, the annualized ROE and ROA were 11.00% and 0.81%, reflecting a slight decrease of 0.50 percentage points and 0.01 percentage points year-on-year respectively [1]. - Non-interest income grew by 8.1% year-on-year, with other non-interest income increasing by 12.1%, primarily due to improved investment returns and reduced fair value losses [3]. - The bank's net interest margin for the first half of 2025 was 1.15%, showing a stabilization in the decline compared to the previous year [2]. Asset Quality - As of June 2025, the non-performing loan (NPL) ratio was stable at 1.18%, with a provision coverage ratio of 244% [4]. - The annualized NPL generation rate for the first half of 2025 was 1.33%, indicating a slight increase from the previous year [4]. Valuation and Forecast - The report forecasts net profits for 2025-2027 to be RMB 242 billion, RMB 253 billion, and RMB 268 billion respectively, with year-on-year growth rates of 2.8%, 4.6%, and 5.9% [5]. - The target price of RMB 12.02 corresponds to a price-to-book (PB) ratio of 0.68 for 2025, reflecting an upward adjustment from the previous estimate of 0.67 [5].

Core Viewpoint - The new leadership at Huaxia Bank, under Yang Shujian, emphasizes the need for internal reform and adaptation to changing market conditions to enhance competitiveness and growth potential [2][10]. Financial Performance - For the first half of 2025, Huaxia Bank reported operating income of 45.522 billion yuan, a decrease of 5.86% compared to the same period last year [4][3]. - The net profit attributable to shareholders was 11.470 billion yuan, down 7.95% year-on-year [4][3]. - Total assets reached 45,496.25 billion yuan, reflecting a growth of 3.96% from the end of the previous year [4][3]. Profit Distribution - The bank plans to distribute a cash dividend of 1.00 yuan per 10 shares, totaling 15.91 billion yuan, consistent with the previous year's mid-year dividend level [4][8]. Loan and Deposit Growth - Total loans amounted to 24,170.95 billion yuan, increasing by 2.15% from the end of the previous year [4]. - Total deposits reached 23,231.59 billion yuan, marking a growth of 7.99% [4]. Asset Quality - The non-performing loan (NPL) ratio stood at 1.60%, unchanged from the end of the previous year, while the provision coverage ratio was 156.67%, down 5.22 percentage points [5][6]. - Company loan NPLs decreased to 224.35 billion yuan, with a ratio of 1.36%, while personal loan NPLs increased to 162.35 billion yuan, with a ratio of 2.27% [5]. Capital Adequacy - The capital adequacy ratio was reported at 13.07%, with a tier 1 capital ratio of 11.44% and a core tier 1 capital ratio of 9.56%, all meeting regulatory requirements [6]. Revenue Composition - Interest income constituted 67.16% of total revenue, while non-interest income accounted for 32.84% [7]. - Interest income decreased by 3.60% to 30.574 billion yuan, primarily due to a narrowing net interest margin [7]. Strategic Initiatives - The bank is focusing on broadening its service channels and enhancing its product offerings to improve non-interest income and achieve diversified growth [7][10].

Core Viewpoint - The recent decision by Qingdao Rural Commercial Bank's board to not submit a shareholder proposal for a quarterly cash dividend has highlighted the growing tension between shareholders and management regarding dividend policies, reflecting a broader trend in the banking sector where dividend frequency and decision-making mechanisms are increasingly scrutinized [1][4][7]. Summary by Sections Shareholder Proposal - A temporary proposal was submitted by shareholders of Qingdao Rural Commercial Bank, suggesting a cash dividend of no less than 30% based on net profit for the next three years [4][5]. - The proposal aimed to enhance investor confidence and facilitate the conversion of convertible bonds into shares, backed by the bank's strong financial performance and cash reserves [4][5]. Board's Decision - The board unanimously decided not to submit the proposal for shareholder vote, citing procedural violations and overstepping of authority as reasons [5][6]. - The board emphasized that it could only execute decisions within the limits set by the shareholders and could not independently determine specific dividend amounts [6]. Broader Context - The issue of dividend distribution is not isolated to Qingdao Rural Commercial Bank; other banks like Huishang Bank and Guiyang Bank have also faced shareholder pushback regarding dividend proposals [7][8][9]. - Regulatory bodies have been advocating for increased cash dividends and more frequent distributions, aligning with industry trends [5][12]. Dividend Trends - From 2018 to 2024, the average cash dividend ratio for A-share listed banks has remained stable at around 25%, with state-owned banks typically maintaining ratios above 30% [12]. - In 2024, several banks, including Xian Bank and Shanghai Rural Commercial Bank, have increased their dividend ratios compared to previous years, indicating a shift towards higher shareholder returns [12][13]. Regulatory Environment - Recent regulatory guidelines encourage banks to enhance dividend stability and predictability, with a push for more frequent distributions [13][14]. - The balance between shareholder returns and capital adequacy remains crucial, especially for smaller banks that may face greater operational challenges [17][18].

Core Viewpoint - The peak period for cash dividend distribution among listed banks has arrived, with a total of 427.38 billion yuan already distributed for the 2024 fiscal year, indicating a nearly 70% completion rate of the total expected dividends [1][2] Group 1: Dividend Distribution Overview - As of June 27, 2024, 26 banks have implemented their profit distribution plans, with a total cash dividend expected to reach 631.96 billion yuan, an increase of nearly 20 billion yuan compared to the previous year, reflecting a growth rate of 3.03% [1][2] - A significant number of banks have advanced their dividend actions, with nearly half of the A-share listed banks completing their 2024 profit distribution plans in June [2] - The major contributors to the dividend payouts are the six state-owned banks, which collectively will distribute over 420 billion yuan in dividends for 2024 [2] Group 2: Individual Bank Performance - China Merchants Bank is the only joint-stock bank with a total dividend exceeding 50.44 billion yuan, with a payout ratio above 33% [3] - Ningbo Bank has increased its cash dividend for the second consecutive year, proposing a distribution of 9 yuan per 10 shares [3] - As of now, 23 A-share listed banks have implemented their mid-term dividends, totaling 257.71 billion yuan [3] Group 3: Dividend Ratio Trends - 14 banks have a cash dividend ratio exceeding 30% for 2024, with a slight decrease in the number of banks compared to 2023 [4] - 25 A-share listed banks have increased their cash dividend ratios compared to the previous year, with Ningbo Bank's ratio rising by 6.3 percentage points to 21.91% [4] - Industrial Bank and Citic Bank have also reported consistent increases in their cash dividend ratios over the years, with Citic Bank planning a cash dividend of 19.46 billion yuan for 2024 [5]

随着成都银行7月28日派发2024年度现金红利，A股42家上市银行2024年年度分红全部落 地。 从分红规模来看，据统计，42家A股上市银行2024年年度现金红利合计派发6325.94亿元，较 2023年增加近200亿元，同比增长3.14%，创历史新高。 从分红比例来看，多家银行分红比例超30%。在国有大行中，交通银行分红比例最高，为 30.07%；在股份行中，招商银行分红比例最高，为33.99%；在城商行和农商行等地方性银 行中，沪农商行分红比例最高，为33.91%。 从分红时间来看，交通银行4月18日派发现金红利，为A股上市银行中首家行动的银行。此 外，2024年分红落地时间整体早于往年，交通银行、中国银行、邮储银行、江阴银行在4月 便完成分红派息。 在2024年年度分红落地之余，多家银行已透露将开展2025年中期分红计划，进一步增强投资 者获得感。 国有六大行2024分红占比超六成 招商银行、沪农商行分红比例突破33% 国有大行仍是分红大户。国有六大行2024年年度现金红利合计派发4206.35亿元，在A股上市 银行总和中占比66.49%，分红比例均达到30%。其中，工商银行和建设银行2024年累计分红 ...

经济导报记者 刘勇 与此同时，多家银行已经披露2025年中期分红计划。 受访的业内人士认为，银行推出中期分红可以让投资者更早享受银行成长红利。"从已披露2025年半年度业绩快报看，部分银行上半年营业收入和归母净 利润均有所增长，因此中期分红的总额也会有一定程度的增长。"银行业分析师张鹏博表示。 7月22日，成都银行发布2024年年度权益分派实施公告。根据公告，本次利润分配以总股本42.38亿股为基数，每股派发现金红利0.891元（含税），合计派 发现金红利约37.76亿元。股权登记日为7月25日，除权（息）日及现金红利发放日均为7月28日。 | 证券代码 | 证券名称 | 2024年度分红总额(亿元) | 2024年度现金分红比例(%) | | --- | --- | --- | --- | | 000001.SZ | 平安银行 | 117.9880 | 26.5094 | | 001227.SZ | 兰州银行 | 5.7527 | 30.4727 | | 002142.SZ | 宁波银行 | 59.4323 | 21.9089 | | 002807.SZ | 江阴银行 | 4.9228 | 24.1691 ...

7月28日，随着成都银行（601838.SH）2024年分红到账，A股上市银行的"分红季"正式收官。从2024年度累计分红总额来看，42家A股上市银行派发现金 共计6325.94亿元，相较2023年度增加近200亿元，同比增长3.14%。 与此同时，多家银行已经披露2025年中期分红计划。 受访的业内人士认为，银行推出中期分红可以让投资者更早享受银行成长红利。"而且从已披露2025年半年度业绩快报看，部分银行上半年营业收入和归 母净利润均有所增长，因此中期分红的总额也会有一定程度的增长。"银行业分析师张鹏博表示。 分红总额创新高 7月22日，成都银行发布2024年年度权益分派实施公告。根据公告，本次利润分配以总股本42.38亿股为基数，每股派发现金红利0.891元（含税），合计派 发现金红利约37.76亿元。股权登记日为7月25日，除权（息）日及现金红利发放日均为7月28日。 从2024年度累计分红总额来看，42家A股上市银行派发现金共计6325.94亿元，相较2023年度增加近200亿元，同比增长3.14%。 按2024年全年总派息额计算，工商银行（601398.SH）分红金额最高，为1097.73亿元；建 ...

齐鲁晚报·齐鲁壹点记者 黄寿赓 随着成都银行分红到账，A股42家上市银行共计6325.94亿元的2024年度利润分配完成。从分红总额来看，工商银行、建设银行超千亿元，招商银行、江苏银 行分别以504.40亿元、95.54亿元"领衔"全国性股份制银行、中小银行分红。从现金分红占比来看，有14家银行超30%，招商银行最高，接近34%。郑州银 行、苏农银行、西安银行、常熟银行分红占比不足20%，尤其是郑州银行仅9.69%。 较高的每股红利带动股息率"水涨船高"。在银行股上半年市值已经涨了2万亿的背景下，截至7月28日，仍有28家银行股息率超4%。值得关注的是，在监管 强调增强投资者回报背景下，越来越多银行对2025中期分红作出安排，沪农商行、杭州银行、常熟银行等已对相关事项进行披露。 工行、建行总额超千亿 郑州银行时隔4年再分红 成都银行是A股42家上市银行2024年年度权益分派中，最后一家到账的。根据公告，本次成都银行利润分配以总股本42.38亿股为基数，每股派发现金红利 0.891元（含税），合计派发现金红利约37.76亿元。股权登记日为7月25日，除权（息）日及现金红利发放日均为7月28日。 随着成都银行红利 ...