In 2025, China's six major state-owned banks achieved dual growth in both revenue and net profit attributable to shareholders. Agricultural Bank of China led with a 3.18% net profit increase for the consecutive year.
The banks collectively reported total revenue of 3.6 trillion yuan, up 2.34% year-on-year, and combined net profit of 1.42 trillion yuan, a 1.65% increase, equivalent to daily earnings of 3.903 billion yuan. Against a backdrop of compressed net interest margins, non-interest income became the core driver supporting revenue growth. Bank of China led with non-interest income accounting for 33.06% of its total revenue, while multiple banks saw double-digit growth in investment returns and agency business income.
Total assets of the six banks exceeded 220 trillion yuan, reaching 220.48 trillion yuan, a 10.42% year-on-year increase, significantly outpacing the industry average. Industrial and Commercial Bank of China became the world's first bank with assets exceeding 50 trillion yuan, reaching 53.48 trillion yuan. Agricultural Bank of China and China Construction Bank also surpassed the 40 trillion yuan milestone, with assets of 48.78 trillion yuan and 45.63 trillion yuan respectively.
Meanwhile, real estate loans decreased by 730 billion yuan compared to the previous year, and non-performing loan ratios for personal loans showed an uptick, though overall asset quality remained stable. In financial technology, the six banks invested over 130 billion yuan annually, with AI models evolving from "auxiliary tools" to "productivity engines" driving front-end business operations, achieving scaled implementation in credit approval, risk control, and intelligent customer service scenarios.
Revenue and net profit both grew across all six banks, with Agricultural Bank of China recording the highest net profit growth rate. This marked the first time since 2022 that all six banks reported positive revenue growth. Industrial and Commercial Bank of China maintained the top revenue position at 838.27 billion yuan, up 2.00% year-on-year. China Construction Bank and Agricultural Bank of China reported revenues of 761.049 billion yuan and 725.306 billion yuan, increasing by 1.88% and 2.08% respectively. Bank of China achieved revenue of 658.310 billion yuan, leading with a 4.48% growth rate. Bank of Communications and Postal Savings Bank of China reported revenues of 265.071 billion yuan and 355.728 billion yuan, up 2.02% and 1.99% respectively.
Net interest margins remained under pressure in 2025. The margins for Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank of China were 1.28%, 1.28%, 1.26%, 1.34%, 1.20%, and 1.66% respectively, declining by 14, 14, 14, 17, 7, and 21 basis points from the previous year.
In terms of net profit, Industrial and Commercial Bank of China led with 368.562 billion yuan, up 0.74%. China Construction Bank reported 338.906 billion yuan, a 0.99% increase. Agricultural Bank of China achieved 291.041 billion yuan, growing 3.18% and maintaining its leading growth rate among state-owned banks for multiple years. Bank of China and Bank of Communications reported profits of 243.021 billion yuan and 95.622 billion yuan, both up 2.18%. Postal Savings Bank of China's profit was 87.404 billion yuan, increasing 1.07%.
Building on stable performance growth, the six banks continued their tradition of high dividend payouts in 2025, with total cash dividends reaching 427.423 billion yuan, an increase of 6.8 billion yuan from 2024, again surpassing the 420 billion yuan mark. As of the close on April 7, the dynamic dividend yields of the six major state-owned banks generally ranged between 3.5% and 4.6%.
In terms of asset size, the combined assets of the six banks reached 220.48 trillion yuan in 2025, a 10.42% year-on-year increase, significantly higher than the banking industry average. Industrial and Commercial Bank of China became the world's first bank to exceed 50 trillion yuan in assets, with total assets reaching 53.48 trillion yuan at year-end, up 9.5%. Agricultural Bank of China and China Construction Bank reported asset sizes of 48.78 trillion yuan and 45.63 trillion yuan, with growth rates of 12.83% and 12.47% respectively, achieving double-digit asset expansion.
Non-interest income emerged as a key differentiator for revenue growth, with Bank of China ranking first with a 33.06% contribution to revenue. The most notable structural change for the six banks in 2025 was the significant jump in non-interest income. Against the backdrop of collectively narrowing net interest margins, the combined net interest income of the six banks was 2.67 trillion yuan, with its proportion of total revenue dropping from 77% the previous year to approximately 74%, a decrease of nearly 3 percentage points. Except for Bank of Communications, which saw a slight 1.91% increase in net interest income, the other five banks experienced varying degrees of decline.
In contrast, non-interest net income growth was positive across all banks, becoming the core engine supporting revenue growth. Bank of China achieved non-interest income of 217.605 billion yuan, up 20.12%, accounting for 33.06% of its revenue. According to its annual report, within Bank of China's non-interest income, net fee and commission income was 82.237 billion yuan, up 7.37% (primarily driven by a 26.67% increase in agency business fees), maintaining steady growth. Other non-interest income was 135.368 billion yuan, surging 29.46%. Breaking this down, net investment income was 53.295 billion yuan, up 28.57%; exchange gains were 22.517 billion yuan, up 78.34%; and other business income (primarily from precious metal sales) was 62.955 billion yuan, up 20.95%.
Agricultural Bank of China's non-interest income was 155.712 billion yuan, accounting for 21.47% of revenue. This included fee and commission income of 88.085 billion yuan, up 16.6%, and other non-interest income of 67.627 billion yuan, up 24.55%. Within fee and commission income, agency business income was 30.464 billion yuan, surging 87.8%, mainly due to the bank's deepened transformation in wealth management business, leading to increased income from wealth management products and fund distribution. Within other non-interest income, investment income was 42.973 billion yuan, up 38%; gains from fair value changes were 9.837 billion yuan, up 23.09%; and other business income was 9.978 billion yuan, up 25.62% (primarily from insurance and leasing businesses).
Postal Savings Bank of China's non-interest income was 74.108 billion yuan, accounting for 20.83% of revenue. Net fee and commission income was 29.365 billion yuan, up 16.15%, while other non-interest net income was 44.743 billion yuan, up 19.73%. Within fee and commission income, wealth management business fee income was 5.373 billion yuan, up 35.99%; investment banking fee income was 4.596 billion yuan, an increase of 1.278 billion yuan, up 38.52%. Within other non-interest net income, investment income was 44.387 billion yuan, up 39.96%, accounting for 12.48% of revenue. Gains from fair value changes and other business income declined by 89.32% and 56.27% respectively.
Additionally, China Construction Bank's non-interest income was 188.275 billion yuan, up 17.47%, with its revenue share rising to 24.74%; Industrial and Commercial Bank of China's non-interest income was 203.144 billion yuan, up 10.17%, with its share rising to 24.33%; and Bank of Communications' non-interest income was 91.996 billion yuan, up 2.22%, accounting for 34.71% of revenue.
Notably, China Construction Bank's investment income surged 129.18% to 49.144 billion yuan, while Industrial and Commercial Bank of China's investment income grew 54.6% to 63.286 billion yuan.
Overall, in 2025, amid persistently narrowing net interest margins, non-interest income accelerated across all six major banks, becoming the core engine supporting revenue growth. Strong performance in investment income, asset management fees, agency business income, and diverse sectors like precious metals significantly boosted the proportion of non-interest income.
The non-performing loan ratio declined for five of the six banks, while overall real estate loans decreased by 730 billion yuan. In 2025, the asset quality of the six major banks remained generally stable, but new signals of internal divergence emerged. Regarding the non-performing loan ratio, five banks achieved a reduction. The ratios for Industrial and Commercial Bank of China and China Construction Bank were both 1.31%, down 0.03 percentage points year-on-year each; Agricultural Bank of China's ratio was 1.27%, down 0.03 percentage points; Bank of China's ratio was 1.23%, down 0.02 percentage points; and Bank of Communications' ratio was 1.28%, down 0.03 percentage points.
The exception was Postal Savings Bank of China. Its non-performing loan ratio increased from 0.90% in 2024 to 0.95%. Although the ratio rose, it remained the only bank among the six with a ratio below 1%.
In terms of the structure of non-performing loans, the personal loan non-performing ratios for Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank of China were 1.58%, 1.34%, 1.10%, 1.19%, 1.58%, and 1.42% respectively. The corporate loan non-performing ratios were 1.36%, 1.37%, 1.22%, 1.53%, 1.19%, and 0.54% respectively.
Regarding personal loan defaults, higher ratios were primarily seen in credit cards, personal consumption loans, and personal business loans. For instance, Industrial and Commercial Bank of China's credit card delinquency ratio reached 4.61%, its personal consumption loan ratio was 2.58%, and its personal business loan ratio was 1.82%.
In terms of provision coverage ratios, the situation was "five down, one up" – only Bank of Communications saw an increase, while the other five experienced declines. The ratios for Agricultural Bank of China, China Construction Bank, Postal Savings Bank of China, Industrial and Commercial Bank of China, and Bank of China were 292.55%, 233.15%, 227.94%, 213.6%, and 200.37% respectively, decreasing by 7.06, 0.45, 58.21, 1.31, and 0.23 percentage points from the previous year. Bank of Communications' provision coverage ratio was 208.38%, an increase of 6.44 percentage points. Thus, Agricultural Bank of China had the highest provision coverage at 292.55%, Bank of China the lowest at 200.37%, while Postal Savings Bank of China saw the largest decline of 58.21 percentage points.
Looking at real estate loans (including both corporate and personal loans) for the six major state-owned banks, the amounts for Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank of China were 6.963508 trillion yuan, 5.736651 trillion yuan, 6.091002 trillion yuan, 7.046823 trillion yuan, 1.957726 trillion yuan, and 2.721159 trillion yuan respectively, totaling 30.52 trillion yuan. This represented an overall decrease of 730 billion yuan from the previous year. Among them, the real estate loans of Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications all decreased year-on-year, while Postal Savings Bank of China saw an increase. At the end of 2025, Postal Savings Bank of China's real estate loans increased by 30.423 billion yuan compared to the previous year.
As of the end of 2025, the proportions of real estate loans for Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank of China were 22.83%, 21.18%, 26.02%, 25.42%, 21.46%, and 28.20% respectively. Within these, the proportions of personal housing loans were 19.26%, 17.78%, 26.02%, 21.84%, 15.81%, and 24.60% respectively.
Corporate lending spearheaded growth, with distinct focuses evident in the implementation of the "Five Key Areas" –科技金融 (科技金融), green finance, inclusive finance, pension finance, and digital finance. In 2025, corporate loans became the absolute main driver of credit expansion for the six major banks. Against the backdrop of generally pressured retail lending, the total corporate loans of the six banks reached approximately 74.6 trillion yuan, growing over 10% year-on-year, contributing the majority of new loans for the year.
Each bank demonstrated clear差异化侧重 in implementing the "Five Key Areas." Industrial and Commercial Bank of China led in corporate loan balance with 18.8 trillion yuan, followed by China Construction Bank with approximately 18.56 trillion yuan (including bills; domestic corporate loan growth was 8.70%), and Agricultural Bank of China with 17.44 trillion yuan (growth 9.22%). In terms of growth rate, Postal Savings Bank of China ranked first among the six with a 17.09% increase, pushing its total corporate loans past 4.27 trillion yuan; Bank of China's corporate loans grew 12.66%, ranking second; Bank of Communications' corporate loans (including bills) grew 8.4%.
Corporate business has become the "ballast stone" for stabilizing scale and interest income for banks in 2025.
科技金融 (科技金融) was the most fiercely competitive area in 2025. Industrial and Commercial Bank of China's technology loan balance exceeded 6 trillion yuan, up 19.9%, with coverage of specialized and sophisticated "little giant" enterprises exceeding 50%; China Construction Bank's technology loan balance reached 5.25 trillion yuan, up 18.91%; Agricultural Bank of China's technology loans stood at 4.7 trillion yuan, growing 20.1%.
Bank of China's technology loan balance was 4.82 trillion yuan, accounting for over one-third of its corporate loans, leading among major peers, with growth of 18.78%; Bank of Communications saw high growth in loans to technology-based SMEs at 36.29%, and loans to "specialized and sophisticated" SMEs grew 21.02%. Postal Savings Bank of China's annual report did not separately disclose its technology loan balance, but its corporate loans overall grew significantly, and科技金融, as one of the "Five Key Areas," is also being actively promoted.
In green loans, Industrial and Commercial Bank of China's balance exceeded 6.7 trillion yuan, maintaining the top position among peers, with 19.4% growth; China Construction Bank's green loans grew 20.54%, with a balance of approximately 6 trillion yuan; Bank of China's green loan balance was 4.96 trillion yuan, also maintaining double-digit growth. Agricultural Bank of China, Postal Savings Bank of China, and Bank of Communications also achieved double-digit growth. The combined green loans of the six major banks exceeded 23 trillion yuan, primarily directed towards clean energy, energy conservation, environmental protection, and green upgrades of infrastructure.
Agricultural Bank of China's inclusive finance loan balance reached 4.35 trillion yuan, with new loans of 749.9 billion yuan, leading peers in balance, increment, and number of inclusive micro and small enterprise borrowing customers; Industrial and Commercial Bank of China's inclusive loan balance was 3.6 trillion yuan, up 22.8%; China Construction Bank's inclusive loan balance was 3.83 trillion yuan, up 12.37%, with private economy loan balance reaching 6.72 trillion yuan; Bank of China's inclusive loans to micro and small enterprises grew over 21%; Bank of Communications' inclusive micro and small enterprise loans increased 20.76%.
In pension finance, China Construction Bank performed notably, with pension industry loans growing 53.06% year-on-year; Bank of China's pension industry loans achieved double-digit growth; Industrial and Commercial Bank of China and Agricultural Bank of China focused more on pension fund custody, opening personal pension accounts, and renovating age-friendly branches. Bank of Communications' financial technology investment accounted for 5.78% of its revenue, the highest among the six banks.
AI models transitioned from "icing on the cake" to "growth drivers." If 2024 was the "first year" of AI model implementation in banks, then 2025 was the critical year for "large-scale application." In 2025, the six major banks' combined financial technology investment exceeded 130 billion yuan, further increasing from 125.459 billion yuan in 2024. Industrial and Commercial Bank of China led with an investment of 28.588 billion yuan, exceeding 200 billion yuan for five consecutive years; China Construction Bank invested 26.722 billion yuan; Agricultural Bank of China invested 25.647 billion yuan; Bank of China invested 25.001 billion yuan; Bank of Communications invested 12.342 billion yuan, up 6.81%, accounting for 5.78% of revenue, the highest proportion among the six; Postal Savings Bank of China invested 11.791 billion yuan.
Technology talent development progressed simultaneously. By the end of 2025, Bank of Communications' financial technology personnel accounted for 9.99%, ranking first among the six banks; Industrial and Commercial Bank of China's ratio was 9.8%; China Construction Bank had 30,085 personnel in digital finance, accounting for 7.95%; Bank of China had 19,987 technology and digital operation management personnel, accounting for 6.37%.
Behind the investment was a qualitative leap in application. Industrial and Commercial Bank of China implemented its "Pilot AI+ Action" plan. Its trillion-parameter financial model "ICBC Smart Surge" has been deployed in over 500 scenarios across more than 30 business areas, handling workloads equivalent to 42,000 people annually. The bank also launched the industry's first credit AI agent matrix "Smart Loan Connect," achieving intelligent information capture and risk analysis. Its enterprise-level intelligent risk control platform is applied across all domestic branches and over 130 risk control decision-making scenarios.
China Construction Bank's model technology has scaled to empower 398 scenarios, with credit approval fully AI-driven. Its "Full-Process AI Application for Credit Approval" can generate a draft rating review opinion including five modules within one minute, automatically writing over ten pages of review comments, with automated generation of compliance review opinions exceeding 90%. Since launch, it has generated over 100,000 rating review opinion forms.
Agricultural Bank of China built the "ABC Smart+" platform, empowering business operations, risk management, and customer service through embedded, assistant-style, and agent-based AI. In the "agriculture, rural areas, and farmers" sector, it launched the "Smart Livestock Loan," using smart ear tags, video monitoring, and AI counting for intelligent supervision of live asset mortgages. By the end of 2025, "ABC e-Loan" balance reached 6.8 trillion yuan, up 18.7% from the end of the previous year, with AI empowerment effectively boosting online business scale.
Bank of China's model application scenarios increased from over 10 in 2024 to over 100. It built the BOCAI model capability platform, deploying a series of models including DeepSeek-R1 and Qwen3, cumulatively deploying over 400 intelligent assistants, achieving deep empowerment in key areas like credit, marketing, operations, office work, customer service, and technology.
Bank of Communications released its "Bank of Communications 'Artificial Intelligence+' Action Plan (2025-2027)," building a thousand-card heterogeneous computing cluster and a trillion-parameter model algorithm matrix, cumulatively deploying over 2,500 intelligent agent assistants. The processing time for corporate account opening was reduced by more than half. The net increase in online direct-operated consumer loan balance grew 92.72% year-on-year, and the net increase in online-offline coordinated personal business loan balance was 11.802 billion yuan.
Postal Savings Bank of China's "Post Intelligence" model adapted and integrated multiple mainstream models, built an AI computing resource pool based on thousand-card domestic chips, and initiated the construction of the domestic financial industry's first domestic super-node intelligent computing cluster. It has proposed nearly 260 model application scenarios. The "Intelligent Loan Review Assistant" supports over 30,000 daily transactions in credit review scenarios like agriculture-related loans and credit cards, further improving loan review efficiency.
Industry experts point out that in 2025, the financial technology investment of major state-owned banks has entered a stage characterized by "stable total growth, optimized structure, and emphasis on both quality and efficiency." The focus of investment has shifted from "prioritizing speed" to "prioritizing quality and效益," concentrating on AI models and computing power construction, upgrading from single-point technological innovation to an integrated systematic layout encompassing computing power, algorithms, and data platforms. More importantly, AI models are transitioning from being "auxiliary tools" in the background to "productivity engines" driving front-end business operations. From credit approval and risk control to intelligent customer service and wealth management, artificial intelligence is deeply integrated into the entire business process.
Overall, in 2025, facing the adversity of narrowing interest margins, the six major banks carved out growth space by relying on non-interest income (particularly investment returns and agency business). Simultaneously, they stabilized their fundamental scale through corporate lending and the "Five Key Areas." The over 130 billion yuan investment in technology is transforming AI models from "icing on the cake" into genuine "productivity engines." This represents not merely numerical growth but a profound shift in the operational logic of China's major state-owned banks.
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