Achieve revenue of 62.5 billion yuan in 2025. Zhejiang Commercial Bank consolidates its development foundation with professional governance.

On March 30, Zhejiang Business Bank released its 2025 annual performance report. The report shows that, with the vision of “a first-class commercial bank,” the bank has responded effectively to fluctuations in the economic cycle in a steady and prudent manner, and all key operating indicators remained generally stable. Total assets reached 3.48 trillion yuan, up 4.68% from the end of the previous year; operating revenue was 62.514 billion yuan, and net profit attributable to shareholders of the bank was 12.931 billion yuan. Asset quality continued to improve, with the non-performing loan ratio declining by another 0.02 percentage points compared with the end of the previous year.

Analysts believe that behind the bank’s 2025 performance is its adherence to long-termism. Since the beginning of this year, the bank has followed the operating rules of commercial banks and sharpened its professional operating capabilities with “deepening efforts in Zhejiang” as its top strategy. It does not pursue short-term returns at the expense of excessive scale expansion or sacrificing risk, and it lays the foundation for long-term, sound and steady development while serving the overall economy.

From the financial statements, Zhejiang Business Bank’s fundamentals in 2025 remained stable, with operations showing strong resilience. This fully reflects the bank’s confidence and determination to pursue high-quality development, supported by the care and backing of the Zhejiang Provincial Party Committee and the Zhejiang Provincial Government.

Maintain stable operations: focus on both business-structure adjustment and risk management

The annual report shows that in 2025, Zhejiang Business Bank followed the “four-banks” strategic path of “govern through management,” “serve better,” “strengthen the bank with technology,” and “strengthen the bank with talent,” leveraging both ends of assets and liabilities. Through strengthening fundamentals, adjusting structure, enhancing compliance, and controlling risks, all indicators moved steadily forward.

On the scale side, it optimized the asset-liability structure, and business scale grew steadily. In 2025, the bank implemented the risk philosophy of “low risk, evenly matched returns,” proactively adjusted asset deployment, and reduced high-risk assets such as real estate and online lending. This laid the groundwork for mid- to long-term asset quality. By the end of 2025, total assets were 3.48 trillion yuan, up 4.68% from the end of the previous year, including total loans and advances of 1.92 trillion yuan, up 3.53% from the end of the previous year. Total liabilities were 3.27 trillion yuan, up 4.83% from the end of the previous year, including customer deposits of 2.04 trillion yuan, up 6.30% from the end of the previous year. It continued to reduce the deposit cost and cut the average cost of deposits by 32 bps compared with the beginning of the year.

On asset quality, using structural optimization as a lever, the bank tightly controlled the credit-approval gate, accelerated the clearing of existing stock risks, and maintained solid improvement in asset quality. By the end of 2025, the non-performing loan ratio was 1.36%, down 0.02 percentage points from the end of the previous year. On the basis of further increasing efforts in risk disposal, indicators such as the provision coverage ratio and capital adequacy ratio continued to meet regulatory requirements, maintaining strong risk-absorption capacity.

On profitability, affected by asset-structure adjustment and volatility in the bond market, the bank achieved operating revenue of 62.514 billion yuan, down 7.59% from the previous year. Net interest income and net non-interest income were 44.459 billion yuan and 18.055 billion yuan, respectively, and their trends in change were consistent with peers. Net profit attributable to shareholders of the bank was 12.931 billion yuan, down 14.85% from the previous year.

Facing the industry’s cyclical challenges of “low growth, low demand, and low interest-rate spreads,” the bank’s overall operations entered a critical stage of structural adjustment and benefit restoration. “Pressure on the profit side mainly comes from factors such as falling interest rates, market volatility, and allowing more benefits to the real economy,” the management of Zhejiang Business Bank pointed out. In 2025, the bank’s full-year net interest margin was 1.60%, down 11 bps, with the magnitude of the decline noticeably narrowing compared with the full-year decline in 2024.

Focus on professionalism: use professional capabilities to handle cyclical fluctuations

“Long-termism” and “governing the bank through professionalism” are emphasized multiple times by Zhejiang Business Bank in its annual report. Confronted with pressure on the earnings side, the bank’s new leadership team followed the operating rules of commercial banks, deployed a long-termist approach, adhered to professional analysis, professional decision-making, and professional operations. By advancing its “1155” operating strategy, it built certainty for long-term development and achieved a smooth transition.

As it is understood, the “1155” operating strategy can be summarized as “one main line, one core capability, five-dimensional coordination, and five-group linkage,” namely, “to adhere to one business main line of comprehensive operations with a customer-centric approach; to enhance one fundamental capability, namely enterprise-level industrial research capability; to arrange five business dimensions—customer groups, risk, structure, efficiency, and scale; and to strengthen linkage across five areas: the company segment and the gold market, stock and incremental volumes, interest and non-interest, domestic and overseas, and basic services and value-added services.” In terms of specific paths, by growing the company business, building retail solidly, and strengthening the financial markets business, it promotes business complementarity and integrated operations, thereby achieving high-quality development.

Specifically, the bank has kept customer-centricity at the core, driving structural optimization and growth in customer segments. By the end of 2025, the total balance of company loans and advances grew by 6.55% from the end of the previous year to 1.33 trillion yuan; retail AUM reached 770.369 billion yuan, up 22.91% from the beginning of the year, with the growth rate hitting the highest level in the same period in nearly five years. It served more than 290,000 corporate customers, up 11.83% from the beginning of the year. The number of individual customers (including debit card and credit card customers) was 18.6082 million, with a net increase of 6.94 million during the year—3.5 times that of the previous year.

At the same time, in recent years Zhejiang Business Bank has continuously increased support for key areas such as the “Five Major Articles.” In 2025, half of its新增 loans went to the technology innovation, green, and inclusive finance sectors. For example, in science and technology finance, as of the end of 2025, the balance of technology loans exceeded 270 billion yuan, serving more than 35,000 science and technology enterprises. In recent years, among every three newly added corporate-type customers, one is a science and technology enterprise.

Build a solid foundation: consistently advance the “deepening efforts in Zhejiang” strategy

Behind steady improvement in areas such as customer segments, risk, structure, and scale is the “fixed star” that the Zhejiang Provincial Party Committee and the Zhejiang Provincial Government provide for Zhejiang Business Bank to cross the cycle and achieve steady development. In 2025, the Zhejiang Provincial Party Committee and the Zhejiang Provincial Government clarified the development path for the bank for the next decade and provided a package of support measures to ensure that the bank’s head-office leadership team would transition smoothly, rally people’s hearts, and stabilize the workforce, injecting momentum into mid- to long-term high-quality development.

As the only nationally licensed joint-stock bank headquartered in Zhejiang, Zhejiang Business Bank regards serving Zhejiang, serving Zhejiang businesses, and serving people in Zhejiang as an important mission. During the reporting period, the bank launched a new three-year “deepening efforts in Zhejiang” campaign. Two-thirds of the bank’s newly added credit went to within Zhejiang Province. The total volume of financing services was nearly 1.2 trillion yuan. Newly added financing for major projects exceeded 10 billion yuan, achieving a doubling compared with 2024.

By focusing on serving the local market with differentiated services, Zhejiang Business Bank has achieved steady increases in both market share and customer-segment scale within Zhejiang Province. By the end of 2025, the balances of loans and deposits within the province were 633.3 billion yuan and 661.4 billion yuan, respectively, adding 68.7 billion yuan and 46.5 billion yuan compared with the beginning of the year, respectively. The incremental growth led among joint-stock commercial banks. Notably, local deposits for the first time ranked first among joint-stock banks in the province. Service to local corporate basic customers, small and micro enterprises, and retail customers grew by 21.35%, 30.02%, and 31.12%, respectively, compared with the beginning of the year.

Industry insiders believe that, leveraging Zhejiang’s economic development advantages, the bank has high-quality customer segments and strong resilience in its interest-rate spread. Its regional layout also provides it with differentiated competitive advantages, which will offer solid support for sustainable development in the future.

Zhejiang Business Bank said that in 2026 it will anchor the vision of “a first-class commercial bank,” and draw a blueprint all the way through. With “deepening efforts in Zhejiang” and “serving the real economy” as the landing points, it will strengthen the customer-segment foundation, the risk and compliance foundation, the Zhejiang home-base foundation, the technology foundation, and the cultural foundation. It will continue to build distinctive competitive advantages and achieve steady mid- to long-term operations as it helps ensure a good start to the “15th Five-Year Plan for development” period.

(Editor-in-charge: Guo Jiandong ）

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