The six major state-owned banks have all disclosed their first-quarter performance reports for 2026. Collectively, these banks achieved total operating revenue of 9.93 trillion yuan, representing a year-on-year increase of 9.04%. Their combined net profit attributable to shareholders reached 356.94 billion yuan, up 3.63% compared to the same period last year. Based on a 90-day quarter, this translates to average daily earnings exceeding 3.9 billion yuan.
All six banks reported growth in both operating revenue and net profit for the quarter. Notably, Agricultural Bank of China and China Construction Bank (CCB) saw their revenue growth exceed 10%.
By the end of the first quarter, the total assets of the six major banks had reached 229.31 trillion yuan, an increase of 4% from the end of the previous year. Industrial and Commercial Bank of China (ICBC) remained the largest by assets, with total assets amounting to 55.77 trillion yuan.
An industry analyst noted that the state-owned banks started the year with steady performance, showing a recovery in operations. Revenue and net profit maintained synchronized positive growth, with overall profitability significantly improved compared to the full year of 2025. This resilience was primarily supported by stable expansion of credit scale, accelerated growth in non-interest income, and refined cost control. Meanwhile, asset quality remained stable, with sufficient provisions bolstering the banks' overall risk resilience.
In terms of operating revenue, ICBC maintained its leading position, reporting revenue of 2.30 trillion yuan in the first quarter of 2026. CCB and Agricultural Bank of China followed, with revenues of 2.11 trillion yuan and 2.06 trillion yuan, respectively. Bank of China, Postal Savings Bank of China, and Bank of Communications reported revenues of 1.79 trillion yuan, 961.62 billion yuan, and 696.18 billion yuan, respectively.
CCB recorded the fastest revenue growth, with an 11.15% year-on-year increase, driven significantly by its non-interest income. In the first quarter, the bank's non-interest income reached 577.88 billion yuan, a surge of 20.02% year-on-year, the highest growth rate among the major state-owned banks. Net fee and commission income contributed 399.78 billion yuan, increasing by 6.72% compared to the same period last year. Additionally, ICBC reported non-interest income of 618.39 billion yuan, up 10.45%, while Bank of China's non-interest income grew 9.62% to 627.03 billion yuan.
Regarding net profit attributable to shareholders, ICBC, CCB, Agricultural Bank of China, Bank of China, Bank of Communications, and Postal Savings Bank of China reported profits of 869.41 billion yuan, 862.91 billion yuan, 751.85 billion yuan, 566.31 billion yuan, 261.62 billion yuan, and 257.26 billion yuan, respectively.
Agricultural Bank of China led in net profit growth with a 4.52% year-on-year increase. Bank of China also saw growth exceeding 4%, at 4.17%. CCB, ICBC, and Bank of Communications reported growth rates above 3%, at 3.53%, 3.31%, and 3.11%, respectively. Postal Savings Bank of China had the slowest growth at 1.90%.
By the end of the first quarter of 2026, the combined asset size of the six major banks was 229.31 trillion yuan. ICBC's assets exceeded 55 trillion yuan, reaching 55.77 trillion yuan, a 4.29% increase from the end of the previous year. Agricultural Bank of China's total assets surpassed 50 trillion yuan for the first time, reaching 51.03 trillion yuan, up 4.60%. The asset sizes of CCB, Bank of China, Postal Savings Bank of China, and Bank of Communications were 47.13 trillion yuan, 39.59 trillion yuan, 19.51 trillion yuan, and 16.27 trillion yuan, respectively.
In terms of asset quality, two banks saw an increase in their non-performing loan (NPL) ratios. Postal Savings Bank of China had the highest net interest margin at 1.65%, though it decreased by 1 basis point from the end of the previous year. The bank's management previously highlighted its stable deposit base and low cost of funds as competitive advantages. Agricultural Bank of China's net interest margin was 1.26%, down 2 basis points. In contrast, CCB, ICBC, and Bank of Communications saw their net interest margins increase to 1.36%, 1.29%, and 1.23%, rising by 2, 1, and 3 basis points, respectively.
The analyst suggested that net interest margins are showing signs of stabilization, with the pace of decline narrowing significantly. Some banks have even seen a slight quarter-on-quarter recovery. This trend is attributed to the repricing of high-cost deposits as they mature, which helps lower overall liability costs, and ongoing optimization of the asset structure by increasing the proportion of retail and higher-yielding loans to offset pressure from lower pricing on corporate loans. Coupled with regulatory guidance for rational pricing, the most severe period of margin compression appears to be over.
Regarding asset quality, by the end of the first quarter, only Postal Savings Bank of China had an NPL ratio below 1%, at 0.99%, though this represented an increase of 0.04 percentage points from the end of 2025. Bank of Communications' NPL ratio was 1.30%, up 0.02 percentage points. Agricultural Bank of China and Bank of China reported NPL ratios of 1.25% and 1.22%, down 0.02 and 0.01 percentage points, respectively. CCB and ICBC had the highest NPL ratios at 1.31%, unchanged from the previous year-end.
It is noteworthy that ICBC recorded the largest increase in non-performing loan balance during the quarter, which rose by 14.86 billion yuan from the end of the previous year.
The provision coverage ratios of the six banks showed a mixed picture: three increased, two decreased, and one remained unchanged. ICBC, CCB, and Bank of China saw slight increases in their coverage ratios. Postal Savings Bank of China and Bank of Communications experienced declines. Agricultural Bank of China maintained the highest provision coverage ratio among the group at 292.55%, unchanged from the end of 2025.
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