The six major state-owned banks saw a rebound in intermediary business income last year.

According to the 2025 annual reports disclosed by China’s six state-owned major banks, intermediary business income (net fee and commission income) has all increased year over year, showing a clear rebound.

Experts interviewed said intermediary business income has the characteristics of low capital usage and resilience against the business cycle. It is a key lever for banks to shift from “scale expansion” to “value growth.” Against the backdrop of net interest margins remaining at historic lows, intermediary business income at all six state-owned major banks has increased year over year. This not only strengthens their own earnings resilience, but also helps the banking industry optimize its income structure and achieve high-quality development. Looking ahead, as financial technology empowerment continues to deepen and comprehensive financial service capabilities keep improving, intermediary business is expected to become the “second growth curve” for revenue expansion at state-owned banks.

Intermediary business income grows across the board

Intermediary business income has become an important engine driving performance growth at the six state-owned major banks. In terms of contribution segments, wealth management businesses (including wealth management products, and fund distribution, etc.) are the core segment. Investment banking businesses, especially bond underwriting, have also become an important source of growth. Agency precious metals sales, in particular market conditions, have played a significant role in boosting income.

Specifically, Agricultural Bank of China and Postal Savings Bank of China lead with growth rates above 16%. In 2025, Agricultural Bank of China recorded net fee and commission income of RMB 88.085 billion, up 16.6% year over year. Of this, fee and commission income from agency business grew 87.8%, mainly due to the bank’s deepening of the wealth management business transformation, which increased revenue from wealth management products and fund distribution. In 2025, Postal Savings Bank of China’s net fee and commission income was RMB 29.365 billion, up 16.15% year over year. Of this, fee income from wealth management business was RMB 5.373 billion, up 35.99%; fee income from investment banking business was RMB 4.596 billion, up 38.52%. This was mainly supported by a “commercial bank + investment bank” integrated operations model, under which revenue from syndicated loans, financial advisory, and other businesses grew rapidly.

In addition, relevant income at Industrial and Commercial Bank of China and Bank of Communications rebounded moderately, while China Construction Bank and Bank of China maintained steady growth. In 2025, Bank of Communications achieved net fee and commission income of RMB 38.183 billion, up 3.44% year over year, with stronger efforts in wealth management driving steady growth in wealth management and fund distribution income. In 2025, Industrial and Commercial Bank of China achieved net fee and commission income of RMB 111.171 billion, up 1.6% year over year, mainly due to an increase in fee and commission income from related businesses such as agency precious metals, funds, wealth management, and securities.

In 2025, China Construction Bank’s fee and commission income was RMB 110.307 billion, up 5.13% year over year. Of this, asset management business income was RMB 15.341 billion, up 78.78%, mainly driven by growth in wealth management product income and fund management fee income. Fee and commission income from agency business was RMB 15.304 billion, up 6.19%, mainly driven by growth in income from fund distribution, bond underwriting, and other activities. In 2025, Bank of China’s fee and commission income was RMB 82.237 billion, up 7.37% year over year.

Growth momentum is expected to keep releasing

Regarding the core drivers behind the rebound in intermediary business income at the six state-owned major banks, Xue Hongyan, a special researcher at Sushang Bank’s specialized research institute, told reporters from The Securities Daily that first, the capital markets continued to improve in 2025. The wealth management business benefited from the rebound and became an important engine for intermediary business income growth. Second, the effects of earlier fee-cut and benefit-giving policies have gradually stabilized, creating room for a recovery growth in intermediary business. Finally, state-owned major banks continued to step up efforts in their traditional strengths—businesses such as bill services and custody & settlement formed new momentum. In addition, the deepening of digital transformation and the combined support from macro policies jointly promoted the repair of intermediary business.

Yang Haiping, a researcher at the Shanghai Institute of Finance & Law, told reporters from The Securities Daily that against the backdrop of continued pressure on net interest margins, commercial banks generally made expanding non-interest income a strategic priority, tilted resource inputs and performance assessment accordingly to form systematic support, especially by driving rapid growth in the wealth management business.

Xue Hongyan further analyzed that in an industry environment where net interest margins continue to narrow, the supporting role of intermediary business income in bank profitability has become increasingly prominent. It has shifted from a supplementary source of income to an important pillar of the income structure. Over the long term, supported by its characteristics of low capital usage and high customer stickiness, intermediary business will continue to focus efforts in areas such as wealth management, investment banking, and settlement and custody, helping banks move toward a refined operating model centered on customers, driven by technology, and diversified in business. He believes that in the future, the core focus of competition in the banking industry will be concentrated on wealth management capability, the depth of digital transformation, and customers’ comprehensive service capability. The share of intermediary business income will become a key indicator for measuring the effectiveness of bank transformation.

Looking ahead to 2026, Xue Hongyan said that macroeconomic policies will continue to be intensified, with fiscal and monetary policies working together to support the real economy. At the same time, household wealth allocation is accelerating its transfer from deposit products to non-deposit financial assets, providing sustained momentum for growth in wealth management businesses. Banks themselves have also generally implemented plans to raise intermediary business income, focusing on developing low-capital, high-stickiness businesses. Against this backdrop, intermediary business income at the six state-owned major banks is expected to maintain a growth trend.