The 2025 financial reporting season has concluded for ten listed joint-stock banks, revealing a landscape of overall stability alongside increasing performance divergence. Key observations indicate that four banks have now surpassed the ten trillion yuan threshold in total assets, highlighting a strengthening leading effect within the sector. Among these, China Merchants Bank and Industrial Bank Co., Ltd. have reached asset sizes of over 13 trillion yuan and 11 trillion yuan, respectively. China CITIC Bank Corporation Limited and Shanghai Pudong Development Bank have also crossed the ten trillion yuan mark.
The leading banks—China Merchants Bank, Industrial Bank, China CITIC Bank, and Shanghai Pudong Development Bank—demonstrated outstanding performance across multiple metrics, including scale, profitability, and risk control. Industrial Bank achieved growth in both revenue and net profit for two consecutive years, Shanghai Pudong Development Bank reported a high net profit growth rate, and China Merchants Bank continued to lead in profit scale, representing the core highlights of the annual results. In contrast, mid-tier and smaller joint-stock banks faced significant profit pressure, with some institutions experiencing declines in both revenue and net profit. This divergence is primarily attributed to differences in net interest margin management capabilities, the development of intermediary businesses, and risk control levels. A common industry trend was the recovery in fee-based income and a stabilization of net interest margins, which provided a profit buffer for some banks. However, varying strategies in intermediary business development and asset structure further intensified the performance gap.
In summary, the 2025 results of the ten joint-stock banks objectively reflect the operational resilience and transformation progress of the sector under a challenging environment. The performance disparities underscore the strategic choices and operational capabilities of individual institutions, presenting a clear picture of differentiated development paths for the industry's future.
Only four banks—China Merchants Bank, Industrial Bank, Shanghai Pudong Development Bank, and China Bohai Bank—achieved growth in both operating revenue and net profit attributable to shareholders. Collectively, the ten banks reported total operating revenue of 1.52 trillion yuan, with five banks showing increases and five showing decreases. Their combined net profit attributable to shareholders reached 505.936 billion yuan, marking a year-on-year increase for six banks and a decrease for four. Industrial Bank was the only institution to achieve growth in both revenue and net profit for two consecutive years.
Regarding revenue, three banks exceeded 200 billion yuan: China Merchants Bank led with 337.532 billion yuan, followed by Industrial Bank with 212.741 billion yuan, and China CITIC Bank with 212.475 billion yuan. Four other banks—Shanghai Pudong Development Bank, MINSHENG BANK, China Everbright Bank, and Ping An Bank—also reported revenues exceeding 100 billion yuan. Among the five banks with positive revenue growth, MINSHENG BANK recorded the highest growth rate at 4.82%. China Bohai Bank, Shanghai Pudong Development Bank, Industrial Bank, and China Merchants Bank saw increases of 1.92%, 1.88%, 0.24%, and 0.01%, respectively. Conversely, Ping An Bank, China Zheshang Bank, China Everbright Bank, Huaxia Bank, and China CITIC Bank experienced declines ranging from 0.55% to 10.4%, influenced by narrowing net interest margins and fluctuations in non-interest income.
In terms of net profit attributable to shareholders, the top four joint-stock banks all achieved positive growth. China Merchants Bank led significantly with a profit of 150.181 billion yuan, a 1.21% year-on-year increase. Industrial Bank, China CITIC Bank, and Shanghai Pudong Development Bank followed with profits of 77.469 billion yuan, 77.469 billion yuan, and 50.017 billion yuan, representing growth rates of 0.34%, 2.98%, and 10.52%, respectively. Together, these four banks accounted for 69.25% of the total net profit of the ten institutions. Mid-tier banks faced clearer profit pressures: MINSHENG BANK, Ping An Bank, China Everbright Bank, and Huaxia Bank saw their net profits decline by 5.37%, 4.2%, 6.88%, and 1.72% to 30.563 billion yuan, 42.633 billion yuan, 38.826 billion yuan, and 27.2 billion yuan, respectively. Notably, China Zheshang Bank reported the strongest profit growth among the ten, surging 14.85% to 12.931 billion yuan, while China Bohai Bank grew 4.61% to 5.498 billion yuan.
Income structures are becoming increasingly diversified. In 2025, the net interest margins of commercial banks gradually stabilized. By the end of the fourth quarter, the overall net interest margin for joint-stock banks stood at 1.42%, unchanged from the third quarter and showing a significantly narrowed decline compared to previous periods, indicating阶段性成效 in the industry's efforts to protect margins. The average net interest margin for the ten banks was 1.57%. China Merchants Bank, Ping An Bank, and Industrial Bank held the top three positions with margins of 1.87%, 1.78%, and 1.71%, respectively. Shanghai Pudong Development Bank's margin remained stable at 1.42% compared to the end of the previous year, while MINSHENG BANK and China Bohai Bank saw their margins increase against the trend by 1 and 6 basis points to 1.40% and 1.37%, respectively.
Superior net interest margin levels provide support for the development of net interest income. Financial reports show that the ten banks collectively achieved net interest income of 1.03 trillion yuan last year. Six banks—China Merchants Bank, Industrial Bank, Shanghai Pudong Development Bank, MINSHENG BANK, Huaxia Bank, and China Bohai Bank—recorded year-on-year growth in net interest income, with increases ranging from 0.44% to 12.08%. The other four banks experienced declines between 1.51% and 5.8%.
From the perspective of complementary profit structures, stable net interest income forms a foundation for overall profitability. However, given that net interest margins remain at low levels industry-wide, reliance solely on net interest income is insufficient to fully alleviate profit pressures. Consequently, the supportive role of intermediary business income has become increasingly prominent. As a core component of non-interest income, net fee and commission income (hereafter referred to as intermediary business income) is characterized by its capital-light and counter-cyclical nature, making it a key lever for joint-stock banks to reduce dependence on interest income and optimize their profit structures.
Compared to the widespread decline in intermediary business income witnessed in 2024, the performance across the ten banks in 2025 showed a trend of "six increases and four decreases," indicating a clear recovery. This rebound has become a core growth driver for non-interest income, effectively hedging against some of the pressure from interest margins and serving as an important supplement to the year's profit resilience. Industrial Bank led peers with a 7.45% growth in intermediary business income, while China CITIC Bank and China Merchants Bank also saw increases of 5.58% and 4.39%, respectively.
The logic behind the transition from interest income dependence to diversified drivers is becoming clearer for joint-stock banks. There is a consensus on increasing investments in areas such as wealth management, investment banking, asset custody, and financial technology to promote a more balanced revenue structure. Such a diversified income system is becoming a solid moat for banks to navigate cyclical fluctuations.
Asset quality is the lifeline of a bank's stable operation and the core foundation for risk resistance and serving the real economy. In 2025, the ten joint-stock banks adhered to risk bottom lines, strengthened refined risk control, and maintained overall robust asset quality. The non-performing loan (NPL) ratio trended downward steadily, while the provision coverage ratio remained sufficient, indicating continuously enhanced risk absorption capacity.
Regulatory data shows that by the end of 2025, the average NPL ratio for joint-stock banks was further reduced to 1.21%. Three banks had NPL ratios at or below this average. China Merchants Bank had the lowest ratio at 0.94%, down 0.01 percentage points year-on-year, making it the only bank among the ten with an NPL ratio below 1%. Ping An Bank and Industrial Bank followed with ratios of 1.05% and 1.08%, respectively, both below 1.1%. China CITIC Bank's ratio was 1.15%, falling within the 1.1% to 1.2% range.
The remaining banks, listed from lowest to highest NPL ratio, were: Shanghai Pudong Development Bank (1.26%), China Everbright Bank (1.27%), China Zheshang Bank (1.36%), MINSHENG BANK (1.49%), Huaxia Bank (1.55%), and China Bohai Bank (1.66%). Changes in the NPL ratios for 2025 were generally modest and stable. Excluding Shanghai Pudong Development Bank, Huaxia Bank, and China Bohai Bank, which saw their ratios reduced by 5 to 10 basis points, changes for most banks were within 2 basis points.
Regarding the provision coverage ratio, the average for joint-stock banks released by the National Financial Regulatory Administration was 207.2% at the end of 2025. China Merchants Bank, Industrial Bank, and Ping An Bank had ratios of 391.79%, 228.41%, and 220.88%, respectively, all exceeding this standard. The ratios for other institutions were: China CITIC Bank (203.61%), Shanghai Pudong Development Bank (200.72%), China Everbright Bank (174.14%), Huaxia Bank (143.3%), China Bohai Bank (162.16%), China Zheshang Bank (155.37%), and MINSHENG BANK (142.04%). Most remained above the regulatory minimum of 150%. Overall, the asset quality of the ten major listed joint-stock banks was robust, with marginal stabilization in risk absorption capacity.
Looking back at 2025, the ten listed joint-stock banks demonstrated the operational resilience and transformation determination of the banking sector by maintaining an overall stable performance despite dual challenges from macroeconomic fluctuations and industry transformation pressures. Moving forward, as the financial market landscape continues to evolve, competition based on differentiated strategies will intensify. Continuously optimizing profit structures, strengthening technological empowerment, and deepening expertise in specific fields will be crucial for joint-stock banks to achieve long-term, sustainable development.
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