A wave of concentrated dividend distributions has swept through the A-share market in the lead-up to National Day.
Among listed companies with the record date falling between September 21 and September 30, a total of 147 firms will execute cash dividends, with cumulative distributions reaching approximately 34.8 billion yuan.
Financial institutions, including Ping An Bank, Bank of Hangzhou, and Shanghai Rural Commercial Bank, each distributed interim dividends exceeding 2 billion yuan—some even surpassing 4 billion yuan—making them the dominant force in this round of cash payouts.
The combined distribution from these three banks exceeded 10.5 billion yuan, marking a landmark event among domestic listed companies this time around.
A Pre-Holiday "Red Envelope" Blitz Across 147 Companies
According to Wind data, the 147 listed companies executing dividends before the holiday have a cumulative cash distribution of approximately 34.8 billion yuan.
The financial sector carries particular weight in this list. The three banks—Ping An Bank, Bank of Hangzhou, and Shanghai Rural Commercial Bank—alone account for over 10.5 billion yuan in combined payouts, roughly 30% of the total distribution from all 147 companies.
An increasing number of banks are now rolling out interim dividend schemes, a development of significant importance to investors.
Bank Interim Payouts Set to Surpass 250 Billion Yuan
Separately, more than 20 listed banks have unveiled interim dividend plans so far this year (some not yet implemented), with projected distributions exceeding 250 billion yuan.
The six major state-owned banks have raised their interim payout ratio from 30% to 31%, while China CITIC Bank, with a payout of 11.296 billion yuan, became the first joint-stock bank to break the 10 billion yuan threshold for interim dividends.
Among banks with confirmed payout plans, Bank of Shanghai, Ping An Bank, and Bank of Beijing all boast annualized dividend yields exceeding 5%.
Ping An Bank's Generous 4.832 Billion Yuan Distribution
As the most lavish dividend payer among banks this pre-holiday period, Ping An Bank set its record date for the current distribution on September 23, with the ex-dividend date falling on September 24.
With total share capital of 19.406 billion shares, the company distributed a cash dividend of 2.49 yuan per 10 shares (tax inclusive), bringing the half-year total payout to 4.832 billion yuan, with no bonus shares issued and no capital reserve conversion.
As of the close on September 18, the company's latest dividend yield (TTM) stood at 5.21%.
The stable dividend policy is underpinned by improving operational fundamentals. In the first half of the year, Ping An Bank posted net profit attributable to shareholders of 25.696 billion yuan, up 3.3% year-on-year, with both revenue and net profit returning to positive growth territory.
Its net interest margin stabilized at 1.80%, up 2 basis points from the full year 2023, ending the previous downtrend. With earnings recovering and risks under control, Ping An Bank continues its interim dividend program, channeling operating results back to shareholders.
Bank of Hangzhou Leads City Commercial Banks in Payouts
Bank of Hangzhou, with total share capital of 7.249 billion shares, distributed a cash dividend of 4.6 yuan per 10 shares (tax inclusive), for a total payout of 3.335 billion yuan, representing approximately 26.02% of its net profit attributable to shareholders for the same period. The interim dividend amount grew by 21.05% year-on-year.
The record date for this distribution was September 24, with the ex-dividend date and cash dividend payment date set for September 28. In the first half of the year, the bank achieved net profit attributable to shareholders of 12.813 billion yuan, up 9.87% year-on-year, with a dividend yield exceeding 4%.
Bank of Hangzhou has demonstrated robust earnings growth in recent years, and the signs of a bottoming-out and rebound in its first-half net interest margin have further reinforced its earnings resilience.
This steady upward operational performance has provided the confidence to further scale up interim dividends, with payout levels rising more than 20% compared with the same period last year.
Shanghai Rural Commercial Bank's Three-Year Interim Dividend Streak
Shanghai Rural Commercial Bank has now implemented interim dividends for the third consecutive year, a rarity among rural commercial banks.
With total share capital of approximately 9.644 billion shares, the bank distributed an interim cash dividend of 2.499 yuan per 10 shares (tax inclusive), bringing total payouts to 2.41 billion yuan, for an interim payout ratio of 34.07%.
The record date for this distribution was September 23, with the ex-dividend date set for September 24, and the dividend yield also exceeds 4%.
As a leading rural commercial bank in Shanghai, Shanghai Rural Commercial Bank saw its first-half revenue growth turn positive from negative, with total loans up 3.48% year-on-year and retail financial assets (AUM) increasing by more than 31.4 billion yuan since the start of the year.
Despite ongoing net interest margin pressure across the industry, the company's overall operations remain stable. The ability to deliver interim dividends for three consecutive years underscores this leading rural commercial bank's commitment to consistently rewarding shareholders.
Overall, driven by both earnings resilience and policy encouragement, banks remain the primary force behind interim dividends. For investors focused on dividend yields, bank stocks continue to be the go-to pick.
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