In 2025, the business focus of China's six major state-owned banks has tilted back towards corporate banking. As retail banking growth slows, the corporate segment has become a critical pillar for stabilizing revenue, expanding scale, and optimizing structure.
Statistics show that in 2025, the average contribution of corporate business revenue to total revenue for the six major banks rebounded to approximately 38%. Among them, Bank of Communications exceeded 50%, while Industrial and Commercial Bank of China (ICBC) approached 49%.
On the lending front, the total corporate loans of the six major banks surpassed 74.6 trillion yuan, with a year-on-year growth rate exceeding 10%, making it the primary driver of overall loan expansion. More notably, asset quality continued to improve, with several banks reporting new lows in non-performing loan ratios for their corporate portfolios.
Bank of Communications had the highest proportion of corporate business revenue, while Postal Savings Bank of China led in growth rate. Although Postal Savings Bank started with a stronger retail focus and a lower base in corporate banking, its corporate financial revenue growth last year was the highest among the major banks.
Data indicates that among the six major banks, Bank of Communications saw the largest revenue contribution from its corporate business, exceeding 50%. Its annual corporate financial revenue reached 132.749 billion yuan, a 5.21% increase year-on-year. ICBC followed closely, with corporate business revenue of 410.676 billion yuan, accounting for nearly 49% of total revenue, an increase of 1.1 percentage points from the previous year.
The revenue contribution rates for China Construction Bank, Agricultural Bank of China, and Bank of China were 30.17%, 36.34%, and 37.05%, respectively, all experiencing varying degrees of decline. However, when focusing solely on Bank of China's domestic business revenue, its corporate finance contribution rose significantly to 41.42%.
Postal Savings Bank of China, having entered the corporate finance field relatively late, saw this business contribute only 22.51% to its total annual revenue. However, in terms of growth rate, its corporate business revenue increased by 16.92% year-on-year in 2025, reaching 80.09 billion yuan, making it the only bank among the six to achieve double-digit growth. This demonstrates Postal Savings Bank's rapid breakthrough in corporate business in recent years. It was reported that during the 14th Five-Year Plan period, the number of corporate clients, loan scale, and total client financing at Postal Savings Bank all doubled.
Strategically, the corporate businesses of these banks are generally deeply aligned with national major strategies. For instance, ICBC focuses on its core industrial responsibilities, coordinating services for traditional industry upgrades, the expansion of emerging industries, and the layout of future industries. Bank of China actively supports the construction of a modern industrial system, increasing credit support for major strategies and key sectors.
Overall, in 2025, the contribution of personal financial business to revenue generally declined across these banks. In contrast, corporate business has clearly become a driver of revenue growth. Additionally, segment data shows that treasury business income saw high growth for most major banks, with its share of total revenue increasing compared to previous years.
The volume and quality of corporate loans directly determine the foundation of a bank's corporate business. In 2025, the six major banks continued to expand volume in this segment.
By the end of 2025, the total corporate loans of the six major banks reached 74.6 trillion yuan, an increase of over 10% from the end of the previous year, with their proportion of total loans generally rising. Bank of Communications had the highest proportion of corporate loans at 66.24%. ICBC and Bank of China followed with 61.76% and 60.92%, respectively. China Construction Bank and Agricultural Bank of China were around 58%, while Postal Savings Bank, with its higher retail proportion, had a corporate loan share of 44.29%.
In terms of expansion speed, Bank of China and Postal Savings Bank of China were the most prominent. Bank of China's domestic corporate loan balance was 14.26 trillion yuan, up 14.38% year-on-year. Postal Savings Bank's corporate loan balance was 4.27 trillion yuan, up 17.09% year-on-year.
The growth rates for the other banks ranged between 7% and 9%: Agricultural Bank of China grew 9.48%, China Construction Bank grew 8.70%, Bank of Communications grew 8.57%, and ICBC grew 7.78%. Furthermore, corporate loans, especially medium- and long-term loans, have become the main force driving the growth of the total loan portfolio for the six major banks.
Asset quality also continued to improve. By the end of 2025, except for China Construction Bank, which had a corporate NPL ratio of 1.53%, the other five banks all had ratios below 1.5%. ICBC's ratio was 1.36%, down 0.22 percentage points; Agricultural Bank of China's was 1.37%, down 0.21 percentage points; Bank of China's was 1.22%, down 0.04 percentage points, with its domestic corporate loan NPL ratio declining for seven consecutive years; Bank of Communications' ratio was 1.19%, down 0.28 percentage points; Postal Savings Bank of China had the lowest corporate loan NPL ratio at just 0.54%.
In terms of credit allocation, loans related to the "Five Key Areas" became a common theme for the corporate credit business of the six major banks. ICBC maintained its lead in scale. Data shows that by the end of 2025, its manufacturing loan balance was the first to exceed 5 trillion yuan, reaching 5.24 trillion yuan; its technology loan balance surpassed 6 trillion yuan; and its green loan balance exceeded 6.7 trillion yuan, firmly ranking first among peers.
One-third of Bank of China's corporate loans were allocated to the technology sector, with its technology loan balance exceeding 4.8 trillion yuan by period-end. Additionally, in 2025, over half of Bank of China's newly disbursed loans went to manufacturing, energy, transportation, and other industries, with loans for inclusive finance, green finance, and strategic emerging industries all increasing by over 20%.
Regionally, credit allocation by the six major banks highly aligned with major national regional strategies, with a tilt towards the Beijing-Tianjin-Hebei region, the Yangtze River Delta, the Guangdong-Hong Kong-Macao Greater Bay Area, and the Chengdu-Chongqing region.
By the end of 2025, Bank of Communications' loan balance in the three major regions of the Yangtze River Delta, Greater Bay Area, and Beijing-Tianjin-Hebei totaled 4,925.052 billion yuan, accounting for 53.99% of its total loans. Agricultural Bank of China also stated it fully serves national regional development strategies and added 1.09 trillion yuan in new corporate loans in 2025.
Looking ahead to 2026, the six major banks maintain positive expectations for corporate credit allocation, with strategies emphasizing "stable volume and optimized structure," focusing on the start of the 15th Five-Year Plan and the construction of a modern industrial system.
ICBC's corporate loan disbursement in the first two months of the year already exceeded 2 trillion yuan, cumulatively supporting projects in key areas with over 60 billion yuan. ICBC's Vice President Wang Jingwu stated at the results briefing that the bank will maintain a significant corporate loan disbursement effort throughout the year.
Regarding specific directions, Wang Jingwu mentioned focusing on three areas: quality upgrades in traditional industries, serving the development and expansion of emerging and future industries, and promoting high-quality development of modern services. Simultaneously, ICBC will focus on the 109 major projects outlined in the 15th Five-Year Plan, actively connect with key project lists, and prioritize supporting major projects.
China Construction Bank President Zhang Yi proposed a credit guidance for 2026 centered on "stable volume and optimized structure," expecting the annual credit increment to remain relatively stable compared to the previous year's actual new loans.
For corporate credit, Zhang Yi stated the bank will anchor its support on building a modern industrial system and accelerating the development of new productive forces. It will closely align with national strategic goals, maintain the credit development guidance of stable volume and optimized structure, and promote high-quality credit business through measures like customer insight and risk control.
Agricultural Bank of China provided more specific directions for 2026. President Wang Zhiheng proposed focusing on four key areas. The bank expects its full-year credit growth rate to be roughly similar to last year's. It was also revealed that by the end of February, the increase in loans to the real economy had achieved year-on-year growth, indicating a good start.
Bank of China also saw strong growth in RMB credit in the first two months. Vice President Wu Jian outlined the bank's focus for the year on the "Five Key Areas." Specific plans include advancing technology finance, deepening support for green finance, focusing on inclusive finance for specific client groups, increasing support for pension finance, and actively integrating into the digital economy ecosystem.
Bank of Communications, adhering to its role as a main force in serving the real economy, expects its annual loan increment target to be no less than last year's. In terms of disbursement rhythm, it plans to allocate about 40% in the first quarter and over 60% cumulatively by the first half. Vice President Yin Jiuyong revealed that project reserves are growing steadily and the bank will ensure a year-on-year increase in credit disbursement.
The management of Postal Savings Bank of China set an annual credit growth target between 750 billion and 800 billion yuan. Structurally, it will increase allocation to key areas and focus on specific industries and regions for business breakthroughs.
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