With the conclusion of listed banks' annual report disclosures, the 2025 results of 12 national joint-stock commercial banks have been fully revealed. For a bank, core operating indicators typically include revenue, net profit, net interest margin, non-performing loan ratio, provision coverage ratio, and core tier 1 capital adequacy ratio. Examining these six dimensions, the annual report card presents a "tale of two extremes"—CM BANK continues to lead by a wide margin, while CBHB shows strong recovery, MINSHENG BANK remains in a recovery phase, and others like China Everbright Bank and China Zheshang Bank continue to face pressure. Against a challenging macroeconomic backdrop, bank performances have diverged significantly: five banks, including CM BANK, Industrial Bank, CBHB, and China Bohai Bank, achieved growth in both revenue and net profit; five others, including Ping An Bank, China Everbright Bank, Huaxia Bank, China Zheshang Bank, and China Guangfa Bank, experienced declines in both metrics; China CITIC Bank saw increased profits without revenue growth, while MINSHENG BANK reported higher revenue but lower profits.
In terms of revenue scale, the 12 joint-stock banks have formed clear tiers. CM BANK firmly holds the top position with annual revenue of 337.532 billion yuan, the only bank in this group exceeding 300 billion yuan. Its net profit attributable to shareholders reached 150.181 billion yuan—a stark comparison shows that CM BANK's net profit alone surpasses the combined profits of Industrial Bank and China CITIC Bank. Industrial Bank and China CITIC Bank form the second tier, each with revenues above 212 billion yuan. Industrial Bank reported slight growth in both revenue and net profit, reaching 212.741 billion yuan and 77.469 billion yuan, respectively. China CITIC Bank saw a minor revenue decline of 0.55%, but its net profit increased by 2.98% to 70.618 billion yuan, also joining the "10-trillion-yuan" asset club for the first time. Notably, the revenue gap between Industrial Bank and China CITIC Bank has narrowed to less than 3 billion yuan, indicating that competition among leading joint-stock banks has entered a "centimeter-level" race.
CBHB emerged as the biggest "dark horse" of 2025. Its revenue grew by 1.88% to 173.964 billion yuan, while net profit surged by 10.52% to 50.017 billion yuan, marking two consecutive years of double-digit growth and ranking first in profit growth among the 12 banks. Its asset scale also surpassed 10 trillion yuan for the first time, and its non-performing loan ratio dropped to 1.26%, the lowest in nearly 11 years. Ping An Bank reported revenue of 131.442 billion yuan, a sharp decline of 10.40% year-on-year, and net profit of 42.633 billion yuan, down 4.20%. As its retail transformation enters a deeper phase, the once high-growth engine has noticeably slowed. However, management indicated during the earnings conference that a "retail turning point has preliminarily emerged," with the goal of "returning to growth" in 2026. MINSHENG Bank surpassed Ping An Bank in revenue, ranking fifth with revenue of 142.865 billion yuan, a 4.82% increase that placed it second in growth among joint-stock banks. However, its net profit fell by 5.37% to 30.563 billion yuan, highlighting the persistent issue of "revenue growth without profit growth."
China Everbright Bank and China Zheshang Bank continued to face pressure. Everbright's revenue fell by 6.70%, with net profit down 6.88%; Zheshang's revenue dropped by 7.59%, and net profit plummeted by 14.85%, the largest decline among the group. Huaxia Bank also saw declines in both revenue and net profit, down 5.39% and 1.72%, respectively. Among the smaller banks, China Bohai Bank and Hengfeng Bank, despite having the smallest scales, achieved double-digit growth in both revenue and net profit, with growth rates ranking among the highest. Hengfeng's revenue grew by 5.37% to 27.159 billion yuan, with net profit up 8.31%; Bohai's revenue increased by 1.92% to 25.97 billion yuan, and net profit rose by 4.61%. Their lower bases and lighter burdens allowed them to achieve relatively impressive growth rates.
In terms of business structure, a common trend emerged among joint-stock banks in 2025: weak demand for retail credit, with corporate lending taking up the growth mantle. CM BANK's retail business remains a stabilizing force, contributing 56.6% of revenue and 50.7% of pre-tax profit. However, in terms of scale expansion, corporate loan growth accelerated to 12.3%, the highest since 2013, while retail loan growth was only 2.1%. CM BANK significantly increased corporate lending in manufacturing, technology, green finance, and inclusive finance, using corporate "volume" to offset retail "price" pressures. Industrial Bank's structural adjustment was more pronounced, with corporate loan growth at 8.63%, while retail loan balances fell by 3.41%. The bank attributed this to proactive structural adjustments and risk control rather than passive contraction. Its wealth management segment performed well, with retail AUM growing 12.23% to 3.7 trillion yuan and private banking AUM surpassing 1 trillion yuan, up 15.15%, providing strong support for non-interest income.
Ping An Bank's business landscape showed a "see-saw" effect. Retail financial revenue fell by 13.51% to 61.626 billion yuan, though the decline narrowed by 12.4 percentage points from the previous year. More notably, retail net profit surged from 289 million yuan in 2024 to 2.683 billion yuan, an increase of over 828%, indicating restorative growth after risk clearance. On the corporate side, enterprise loan balances grew by 3.5%, and corporate client numbers increased by 13.2%, effectively playing a "compensatory" role. However, the corporate loan non-performing ratio rose from 0.70% to 0.87%, indicating asset quality pressures amid rapid expansion. China CITIC Bank's business structure showed a clear "corporate strong, retail weak" pattern. Corporate banking assets accounted for 34.1% of the total, contributing 46.5% of revenue and 64.6% of pre-tax profit, making it the bank's most profitable segment. While retail banking contributed 37.3% of revenue, its profit share plummeted to 6.3%. Chairman Fang Heying emphasized that the bank is not downgrading retail but assigning it "responsibility to overcome challenges." However, with consumer loan non-performing ratios soaring to 2.80% and credit card non-performing ratios rising to 2.62%, the retail segment's "profit collapse" is unlikely to reverse soon.
CBHB's recovery largely benefited from the clearance of存量 risks. With its non-performing ratio at an 11-year low, provisions' erosion of profits significantly eased, while its "digital-intelligent" transformation strategy created incremental space for operational efficiency. Despite MINSHENG Bank's impressive revenue growth, profit declines stemmed from persistently low net interest margins (1.40%) and high credit costs, with risks in retail and small-to-micro enterprise businesses continuing to drag on profits.
Net interest margin, a key indicator of bank profitability, fell below 2% for all 12 joint-stock banks in 2025, with none reaching the "2% mark." The average net interest margin for listed banks that disclosed annual reports was 1.54%, down 10 basis points year-on-year. However, some positive signals emerged amid the downward trend. MINSHENG Bank, China Bohai Bank, and Hengfeng Bank bucked the trend, with net interest margins rising by 1, 6, and 4 basis points, respectively. CM BANK's net interest margin fell by 11 basis points to 1.87%, but it increased by 3 basis points quarter-on-quarter in Q4, showing signs of stabilization. CBHB's net interest margin remained flat at 1.42%, the only leading joint-stock bank to avoid further deterioration. The halt in decline is attributed to two main factors: the gradual release of deposit rate cut benefits, which reduced interest-bearing liability costs by 30-40 basis points across banks, and proactive adjustments in asset structures toward higher-yielding assets. However, pressure on asset-side returns persists, and the lagged effects of LPR cuts will continue to impact margin trends in 2026.
In asset quality, CM BANK led with a non-performing loan ratio of 0.94%, the only bank below 1%. Ping An Bank (1.05%), Industrial Bank (1.08%), and China CITIC Bank (1.15%) followed, all keeping ratios within 1.2%. China Bohai Bank had the highest ratio at 1.66%, linked to historical concentrated exposure in real estate and overcapacity industries. Notably, retail credit risk has become a common challenge. China CITIC Bank's consumer loan non-performing ratio rose to 2.80%, up 0.66 percentage points year-on-year, while its credit card ratio reached 2.62%. Although Ping An Bank's overall personal loan non-performing ratio declined, its business loan ratio increased significantly. Industrial Bank's credit card non-performing ratio, though down 29 basis points year-on-year, remained high at 3.34%. The "high return, high risk" nature of retail business has been amplified in the economic downturn, with banks that previously relied on retail for scale now paying the price in asset quality.
In provision coverage, CM BANK led far ahead at 391.79%, meaning nearly 4 yuan in reserves for every 1 yuan of non-performing loans. Industrial Bank (228.41%), Ping An Bank (220.88%), and China CITIC Bank (203.61%) all exceeded 200%, indicating sufficient risk buffer capacity. MINSHENG Bank had the lowest coverage at 142.04%, indicating a thinner risk cushion. In core tier 1 capital adequacy, CM BANK stood out at 14.60%, demonstrating strong internal capital generation. China Zheshang Bank and China Bohai Bank both stood at 8.40%, with Hengfeng Bank at 8.78%, facing capital replenishment pressures that may limit future scale expansion.
In summary, several key trends are evident from the data of the 12 joint-stock banks: First, the "10-trillion-yuan club" is reshaping the industry landscape. CM BANK, Industrial Bank, China CITIC Bank, and CBHB, all with assets exceeding 10 trillion yuan, will further widen the gap with smaller peers due to scale-driven cost advantages and customer stickiness. Second, retail is no longer a "universal solution." CM BANK's decades-long accumulation of low-cost current deposit advantages and wealth management ecosystem have made retail a "profit anchor," while others are trapped in a negative cycle of "high-interest deposits, high-risk pricing, and high non-performing clearances," with retail contributing minimally or negatively to profits. Third, the decline in net interest margins is nearing an end, but recovery will take time. Margins stabilized quarter-on-quarter for many banks in Q4, and with the repricing of high-interest deposits in 2026, margins may bottom out. However, a rebound in asset-side returns depends on economic recovery and is unlikely to reverse soon. Fourth, the clearance of存量 risks is a key variable in performance divergence. CBHB's double-digit profit growth stemmed largely from shedding historical burdens, while banks with high non-performing ratios and low provision coverage will continue to see profits eroded by credit costs.
The 2025 report card shows some banks navigating challenges with ease, while others struggle. In the context of deepening interest rate liberalization and economic restructuring, the era of "easy profits" for banks has ended. Wealth management capabilities, corporate lending quality, and refined risk control are becoming core determinants of a joint-stock bank's future. Divergence will not stop; it will only intensify. For these 12 banks, the real test has just begun.
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