[Domestic Bank Stocks Performance] A comprehensive look at the performance of major domestic banks in 2025. ICBC and ABC increase dividends. Major banks are unlikely to avoid earnings per share dilution (updating continuously)

Domestic bank stocks have continued to release their full-year 2025 results. Agricultural Bank of China (01288) On Monday (30th), it announced a final dividend of 13 fen per share in RMB, up 3.6% year on year. Bank of China (03988) The final dividend was 11.69 fen per share in RMB, down 3.9% year on year.

Industrial and Commercial Bank of China (01398) and China Construction Bank (00939) had already led the way in releasing their results last Friday. ICBC’s revenue last year rose 2%, net profit rose 0.7%, and its final dividend increased 3% year on year to 16.89 fen per share. China Merchants Bank’s final dividend was 1.003 yuan per share in RMB. Its full-year dividend per share rose 0.8% year on year to 2.016 yuan per share in RMB.

As several domestic banks carried out share placements to raise capital in 2025 to state-owned background institutions, the dividend per share declined year on year, including Bank of China, CCB, Bank of Communications (03328) and Postal Savings Bank (01658) .

Table of contents

				*   					A table to clearly see 2025 dividend distributions for major domestic bank stocks
					
				*   					A table to clearly see performance indicator results for domestic bank stocks in 2025
					
				*   					ICBC non-interest income rises 12%　driving revenue growth
					
				*   					CCB final dividend drops 2% year on year　full-year payout ratio falls to 29.9%
					
				*   					ABC net interest income falls 1.9% year on year
					
				*   					BoC’s non-performing loan ratio in real estate at end of last year is 6.26%　up 1.32 percentage points
					
				*   					CMB revenue edges up by less than 0.1%　net interest income rises 2%
					
				*   					BoCom final dividend drops 15% year on year
					
				*   					Postal Savings Bank final dividend drops 16% year on year
					
				*   					CITIC Bank final dividend is 19.3 fen RMB　up 12% year on year
					
		

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This year’s China government work report proposes issuing special sovereign bonds of 300 billion yuan to support state-owned large commercial banks to replenish capital. Chinese media reported in the middle of this month that the market generally expects Agricultural Bank of China and ICBC to become the main recipients for capital injection. In response to questions on core tier-one capital at a results briefing, ICBC’s board secretary Tian Fenglin said that the specific situation will be subject to ICBC’s official announcement.

Citigroup issued a report, saying it expects ICBC will receive capital injection of around 100 billion yuan from Huijin, and complete capital restructuring at a price higher than the current share price. The bank estimates this will lead to earnings per share dilution of 3% to 4%. Citigroup also believes that Agricultural Bank of China may receive capital injection of 200 billion yuan, and the potential dilution in earnings per share could be 7% to 8%.

A table to clearly see dividend distributions for major domestic bank stocks in 2025

A table to clearly see performance indicator results for domestic bank stocks in 2025

ICBC non-interest income up 12%　driving revenue growth

ICBC (01398) announced that for full-year 2025, net profit was RMB 368.56 billion (same below), up 0.7% year on year; basic earnings per share were RMB 1.00, up 2% year on year.

ICBC President Liu Jun in a briefing on results discusses 2026 dividend outlook: If there is market demand to increase the payout ratio, ICBC will definitely rush to respond

During the year, revenue was RMB 801.4 billion, up 2%. Net interest income fell 0.4% to RMB 635.13 billion. Non-interest income rose 12% to RMB 166.27 billion. Operating expenses rose 2% year on year to RMB 246.87 billion. Credit asset impairment charges rose 6% year on year to RMB 132.97 billion. Income tax expense fell 2% year on year to RMB 53.67 billion.

During the period, affected by factors including the decline in the Loan Prime Rate (LPR) and changes in the deposit term structure, the net interest yield was 1.28%, down 14 basis points year on year. Provision coverage ratio was 213.6%, down 1.31 percentage points year on year; loan loss provision ratio was 2.79%, down 0.08 percentage points.

ICBC earnings announcement

CCB final dividend drops 2% year on year　full-year payout ratio falls to 29.9%

CCB’s revenue last year also rose 2%, net profit rose 1%, and its final dividend per share fell 2% year on year to 20.29 fen in RMB.

CCB: The expected decline in net interest spread this year may narrow further

CCB earnings announcement

ABC net interest income falls 1.9% year on year

ABC said that net interest income is the bank’s largest component of revenue, accounting for 78.6% of operating income in 2025. In 2025, its net interest income was RMB 569.59 billion, down 1.9% year on year. Net interest margin was 1.28%, down 14 basis points, mainly due to factors including the LPR cut and market interest rates operating at low levels, which led to a decline in the yield on interest-earning assets.

At the end of last year, ABC’s non-performing loan ratio was 1.27%, down 0.03 percentage points year on year; the NPL ratio of corporate real estate loans was 5.4%, flat year on year.

ABC earnings call: Net interest income in the first quarter is expected to return to growth, and the bank has already rolled out its “lobster” version of brand promotion

ABC earnings announcement

BoC’s real-estate non-performing loan ratio at end of last year is 6.26%　up 1.32 percentage points

BoC’s net interest spread for 2025 was 1.26%, down 14 basis points. BoC said this was mainly due to the cut in the Loan Prime Rate (LPR) for onshore RMB loan markets and the decline in foreign-currency market interest rates, among other factors, which caused the average yield on interest-earning assets to fall by 49 basis points year on year. The bank said it will actively strengthen proactive management, adhere to coordinated development of scale and pricing, continuously reinforce control of deposit costs, drive down the average cost rate of interest-bearing liabilities by 37 basis points, and effectively mitigate the downward trend in net interest spread. Among onshore RMB customer loans and advances, the average balance of long-term loans and advances accounts for 71.66% of onshore RMB customer loans and advances, remaining at a relatively high level.

BoC: The year-on-year decline in net interest spread this year is expected to narrow significantly　net interest income is expected to return to growth

BoC’s non-performing asset ratio in 2025 was 1.23%, down 0.02 percentage points year on year; at the end of last year, the NPL ratio of corporate real estate loans was 6.26%, up 1.32 percentage points year on year.

BoC’s non-interest income rose 19% year on year to RMB 219.16 billion, driving overall revenue growth last year.

BoC earnings announcement

CMB revenue up by less than 0.1%　net interest income up 2%

CMB’s full-year net operating income in 2025 edged up 0.05% year on year to RMB 337.27 billion. Net interest income was RMB 215.59 billion, up 2% year over year. Net non-interest income was RMB 121.68 billion, down 3.3%.

CMB final dividend is RMB 1.003　第4-quarter net interest spread up 3 bps quarter on quarter

CMB earnings announcement

BoCom final dividend drops 15% year on year

Bank of Communications (03328) earned 2% more for full year 2025, but its final dividend per share decreased 15% year on year to 16.84 fen in RMB. Full-year dividends were 32.47 fen in RMB, down 14% year on year.

BoCom earnings announcement

Postal Savings Bank final dividend drops 16% year on year

Postal Savings Bank (01658) earned 1.1% more for full year 2025; final dividend per share fell 16% year on year to 9.53 fen in RMB. Full-year dividends were 21.83 fen in RMB, down 17% year on year.

Postal Savings Bank earnings announcement

CITIC Bank final dividend is 19.3 fen in RMB　up 12% year on year

CITIC Bank’s net profit last year was RMB 70.62 billion, up 3% year on year. Earnings per share were RMB 1.2. The final dividend was 19.3 fen (including tax), up 12% year on year. Together with the interim dividend, the full-year distribution was 0.381 yuan (including tax). CITIC Bank’s net interest income was RMB 144.47 billion, down 1.5%. Net interest spread was 1.63%, narrowing by 0.14 percentage points; non-interest income was RMB 68.167 billion, up 2.44%. Operating income was RMB 212.636 billion, down 0.28% year on year.

CITIC Bank earned 3% more last year　final dividend increased by 12% to 0.193 yuan　current dividend yield 5.8%

CITIC Bank earnings announcement

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