Following Agricultural Bank of China's stock price reaching a historic high, China Construction Bank Corporation (CCB) (601939.SH, 00939.HK), one of the six largest state-owned banks, has also seen its stock price achieve a new record.
On May 22, CCB's A-share price touched 10.13 yuan per share during trading, marking a new all-time high. By the close on May 22, CCB's A-share price settled at 10.1 yuan per share. Since hitting a yearly low of 8.52 yuan per share on March 2, 2026, the stock has surged by 18.54% in less than three months, resulting in a total market capitalization of 2.642 trillion yuan. As of the close on May 22, CCB holds the top market capitalization position among the six major state-owned banks.
The new high in CCB's stock price is underpinned by simultaneous growth in both interest and non-interest income.
In the first quarter of 2026, CCB's net interest income reached 153.468 billion yuan, an increase of 8.13% year-on-year, with the net interest margin showing signs of stabilization and recovery. The bank's annualized net interest margin for the quarter was 1.36%, an improvement of 0.02 percentage points from the full year 2025.
Furthermore, the bank's non-interest income amounted to 57.788 billion yuan, a robust year-on-year increase of 20.02%. This strong performance drove the overall operating revenue growth to 11.15% year-on-year, the highest among the six major state-owned banks, surpassing Agricultural Bank of China by 0.66 percentage points.
While revenue grew steadily, the bank's non-performing loan (NPL) ratio remained stable, standing at 1.31% at the end of the first quarter of 2026, consistent with the level at the end of 2025.
**Leading Market Cap Among the Big Six Banks**
Since March 2026, CCB's A-share price has entered an upward trajectory, closing at a new historical high on May 22.
After a brief dip at the opening, the stock touched a daily low of 9.86 yuan per share before fluctuating higher. It maintained high levels in the afternoon session, reaching an intraday historical peak of 10.13 yuan per share. At the close, the stock was quoted at 10.1 yuan per share, with a total market cap of 2.642 trillion yuan, securing the top spot in market capitalization among the six major state-owned banks and surpassing Industrial and Commercial Bank of China (ICBC) as the industry leader.
During the same period, market capitalizations among the six major banks showed significant divergence. ICBC followed with a market cap of 2.559 trillion yuan, while Agricultural Bank of China and Bank of China stood at 2.261 trillion yuan and 1.888 trillion yuan, respectively. Postal Savings Bank of China and Bank of Communications had market caps of 593.3 billion yuan and 586.7 billion yuan, respectively. Supported by a solid operational foundation and market recognition, CCB has widened its lead over peers, solidifying its top market position.
As of the end of the first quarter of 2026, 122 institutional investors held positions in CCB's A-shares, with a combined holding of 3.518 billion shares valued at 33.947 billion yuan.
State-owned banks, known for their high dividends and low volatility, have long been favored by patient capital such as insurance funds. In the third quarter of 2025, New China Life Insurance increased its holdings of CCB's A-shares to 210 million shares, becoming the bank's fifth-largest tradable shareholder. In the first quarter of 2026, China Life Insurance and Ping An Life Insurance continued to hold significant positions in CCB's A-shares, with holdings of 89.336 million shares and 69.6542 million shares, respectively. Insurance capital's ongoing allocation reflects both the appeal of stable dividends and low volatility, as well as its role as a core long-term asset allocation.
Huatai Securities analysis noted that CCB's first-quarter operational performance was impressive, with a solid overall fundamental foundation. The bank maintains ample provision reserves and strong risk resistance capabilities. Its technology, green, and inclusive credit businesses have expanded steadily, with the asset structure continuously optimizing. Coupled with its high dividend attributes, these factors have attracted capital market favor.
Data shows that in the first quarter of 2026, CCB achieved operating revenue of 211.256 billion yuan, a year-on-year increase of 11.15%, and net profit attributable to shareholders of 86.291 billion yuan, up 3.53% year-on-year, with revenue growth breaking into double digits.
Among the six major banks, only CCB and Agricultural Bank of China reported revenue growth exceeding 10% in the first quarter of 2026, with CCB leading its peers in revenue growth.
Data indicates that in the first quarter, the operating revenues of ICBC, Agricultural Bank of China, Bank of China, Bank of Communications, and Postal Savings Bank of China were 230.37 billion yuan, 206.255 billion yuan, 178.846 billion yuan, 69.618 billion yuan, and 96.162 billion yuan, respectively, with year-on-year growth rates of 8.27%, 10.49%, 8.44%, 4.89%, and 7.61%. Their net profits attributable to shareholders were 86.941 billion yuan, 75.185 billion yuan, 56.631 billion yuan, 26.162 billion yuan, and 25.726 billion yuan, respectively, with year-on-year growth rates of 3.31%, 4.52%, 4.17%, 3.11%, and 1.9%.
While performance steadily improved, CCB's dividend scale remained among the highest of the major banks, second only to ICBC. In 2025, the six major state-owned banks distributed a total of 427.4 billion yuan in dividends. ICBC and CCB both exceeded 100 billion yuan in dividend payments, at 110.593 billion yuan and 101.684 billion yuan, respectively. Agricultural Bank of China, Bank of China, Bank of Communications, and Postal Savings Bank of China paid dividends of 87.321 billion yuan, 72.917 billion yuan, 28.692 billion yuan, and 26.217 billion yuan, respectively.
**Growth in Both Interest and Non-Interest Income**
CCB's leading revenue growth among state-owned banks is attributed to the dual contribution from net interest income and non-interest income.
In the first quarter of 2026, CCB's net interest income was 153.468 billion yuan, an increase of 8.13% year-on-year, the highest growth rate among the six major banks. The net interest incomes of the other five banks were 168.531 billion yuan, 151.196 billion yuan, 116.143 billion yuan, 45.675 billion yuan, and 73.897 billion yuan, with year-on-year growth rates of 7.49%, 7.55%, 7.81%, 7.21%, and 7.32%, respectively, none exceeding 8%.
At the 2025 Annual Performance Briefing held on March 27, 2026, President Zhang Yi and Chief Financial Officer Sheng Liurong provided insights into the net interest margin trend. In 2025, the bank's net interest margin was 1.34%, with the year-on-year decline gradually narrowing. The deposit interest payment rate was at a relatively low level, laying the groundwork for margin stabilization. Management indicated that the repricing process for existing loans is nearing completion, high-interest deposits are maturing, and adjustments in the asset-liability structure are effectively mitigating pressure on declining returns.
Based on first-quarter report data, the bank's net interest margin rebounded to 1.36%, an increase of 0.02 percentage points from the end of 2025, ending the downward trend. Management holds a positive outlook for further margin recovery.
Non-interest operations also made significant contributions, having become a core driver of revenue growth in 2025. Full-year non-interest income grew by nearly 20% year-on-year, with its share of revenue continuously increasing. The bank's traditional settlement business remained stable, while emerging businesses such as wealth management, asset custody, and financial product distribution grew rapidly. Foreign exchange trading and investment income also saw substantial increases.
Non-interest operations continued their growth trend in the first quarter of 2026, with non-interest income reaching 57.788 billion yuan, a year-on-year increase of 20.02%. Within this, net fee and commission income was 39.978 billion yuan, up 6.72% year-on-year.
As of the end of the first quarter, CCB's total assets amounted to 47.13 trillion yuan, an increase of 3.29% from the end of the previous year. Total loans and advances were 28.95 trillion yuan, up 4.22%. Deposits absorbed totaled 32.42 trillion yuan, a year-on-year increase of 5.13%.
The credit allocation structure continued to optimize. The balance of technology loans reached 6 trillion yuan, an increase of 750.889 billion yuan from the end of the previous year, up 14.31%, serving over 350,000 enterprises. The balance of green loans was 6.60 trillion yuan, an increase of 10.13% from the beginning of the year. The balance of inclusive loans to small and micro enterprises was 4.09 trillion yuan, with an increase of 256.061 billion yuan. The number of loan customers grew to 3.82 million, an increase of 135,000 from the end of the previous year.
In terms of asset quality, the NPL balance at the end of the first quarter was 377.223 billion yuan, an increase of 13.241 billion yuan from the end of the previous year, while the NPL ratio remained unchanged at 1.31%. The provision coverage ratio for the period was 234.02%, a slight increase of 0.87 percentage points from the end of the previous year, and the loan provision ratio was 3.06%, with indicators remaining stable.
While operational performance steadily climbed and the stock price continued to hit new highs, routine regulatory work in the industry progressed concurrently. On May 22, according to information from the Central Commission for Discipline Inspection and the National Supervisory Commission stationed at China Construction Bank and the Guangdong Provincial Commission for Discipline Inspection and Supervision, Li Baosheng, the former senior deputy manager of CCB's Guangdong Provincial Branch, is suspected of serious violations of discipline and law and is currently undergoing disciplinary review and supervision investigation.
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