[Domestic Bank Stocks Performance] Bank of China reduces the final dividend by 4% to 11.69 cents RMB; Agricultural Bank raises the final dividend by 4% to 13 cents. An article to understand the 2025 performance of major domestic bank stocks (updating continuously)

Mainstream mainland banks have continued to release their 2025 full-year results. Agricultural Bank of China (01288)
On Monday (the 30th), it announced a final dividend of 13 sen RMB per share, up 3.6% year over year. Bank of China (03988)
The final dividend was 11.69 sen RMB per share, down 3.9% year over year.

Industrial and Commercial Bank of China (01398)
and China Construction Bank (00939)
Last Friday, they had already released their results first. ICBC’s revenue last year rose 2%, net profit rose 0.7%, and the final dividend increased 3% year over year to 16.89 sen RMB per share. China Merchants Bank’s final dividend was 1.003 RMB per share; full-year dividends per share rose 0.8% year over year to 2.016 RMB per share.

Due to several mainland banks having raised capital through share allotments to state-owned background institutions during 2025, resulting in dividends per share decreasing year over year, including BOC, CCB, Bank of Communications (03328)
and Postal Savings Bank (01658).

Table of contents

				*   					A table to clearly see dividend distributions of major mainland bank stocks for 2025
					
				*   					A table to clearly see performance indicators for 2025 results of mainland bank stocks
					
				*   					ICBC non-interest income up 12%　driving revenue growth
					
				*   					CCB final dividend cut by 2% year over year　full-year payout ratio falls to 29.9%
					
				*   					Agricultural Bank net interest income down 1.9% year over year
					
				*   					BOC non-interest income up 19%
					
				*   					China Merchants Bank revenue edges up by less than 0.1%　net interest income rises 2%
					
				*   					BOCOM final dividend cuts by 15% year over year
					
				*   					Postal Savings Bank final dividend cuts by 16% year over year
					
				*   					CITIC final dividend 19.3 sen RMB　up 12% year over year
					
		

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A table to clearly see dividend distributions of major mainland bank stocks for 2025

A table to clearly see performance indicators for 2025 results of mainland bank stocks

ICBC non-interest income up 12%　driving revenue growth

ICBC (01398)
announced that its full-year 2025 net profit was 368.56 billion RMB (same below), up 0.7% year over year; basic earnings per share were 1 RMB, up 2% year over year.

ICBC president Liu Jun at the 2026 dividend briefing: If there are calls from the market to increase the payout ratio, ICBC will definitely rush to the market with urgency to meet demand

During the year, income was 801.4 billion yuan, up 2%. Net interest income fell 0.4% to 635.13 billion yuan; non-interest income rose 12% to 166.27 billion yuan. Operating expenses rose 2% year over year to 246.87 billion yuan. Credit-asset impairment losses rose 6% year over year to 132.97 billion yuan. Income tax expense fell 2% year over year to 53.67 billion yuan.

During the period, affected by factors including the decline in the loan prime rate (LPR) and changes in the deposit term structure, the net interest yield was 1.28%, down 14 basis points year over year. In addition, the provision coverage ratio was 213.6%, down 1.31 percentage points year over year; the loan loss provision ratio was 2.79%, down 0.08 percentage points.

ICBC results announcement

CCB final dividend cut by 2% year over year　full-year payout ratio falls to 29.9%

CCB’s revenue last year also rose 2%, net profit rose 1%, and the final dividend per share fell 2% year over year to 20.29 sen RMB.

CCB: The expected narrowing in the decline of net interest spread this year can further be reduced

CCB results announcement

Agricultural Bank net interest income down 1.9% year over year

Agricultural Bank said that net interest income is the largest component of the bank’s revenue, accounting for 78.6% of operating income in 2025. In 2025, its net interest income was 569.59 billion yuan, down 1.9% year over year. Net interest margin was 1.28%, down 14 basis points. The main reason was the impact of the LPR being lowered and market interest rates running at a low level, leading to a decline in the yield on interest-earning assets.

As of the end of last year, Agricultural Bank’s non-performing loan ratio was 1.27%, down 0.03 percentage points year over year; and the non-performing loan ratio for corporate real estate loans was 5.4%, flat year over year.

Agricultural Bank results announcement

BOC non-interest income up 19%

BOC’s 2025 group net interest margin was 1.26%, down 14 basis points. The bank said this was mainly due to the decline in the loan prime rate (LPR) for RMB loan markets in mainland China and the fall in foreign currency market interest rates, among other factors, which caused the average yield on interest-earning assets to drop by 49 basis points year over year. The bank said it actively strengthened proactive management, adhered to coordinated development of both volume and pricing, continued to further strengthen deposit-cost control, and promoted a 37 basis point decrease in the average interest rate paid on interest-bearing liabilities, effectively mitigating the downward trend in net interest margin. For customers in mainland RMB, the share of average outstanding balances of long-term loans and advances in mainland RMB customers’ loans and advances was 71.66%, maintaining a relatively high level.

BOC non-interest income increased 19% year over year to 219.16 billion RMB, driving overall revenue growth last year.

BOC results announcement

China Merchants Bank revenue up slightly by less than 0.1%　net interest income up 2%

In 2025, China Merchants Bank’s net operating income rose marginally 0.05% year over year to 337.27 billion RMB. Net interest income was 215.59 billion RMB, up 2% year over year; net non-interest income was 121.68 billion RMB, down 3.3%.

China Merchants Bank final dividend 1.003 RMB　Q4 net interest spread up 3 bps quarter over quarter

China Merchants Bank results announcement

Bank of Communications final dividend down 15% year over year

Bank of Communications (03328)
earned 2% more for 2025, but the final dividend per share decreased 15% year over year to 16.84 sen RMB. Full-year dividends were 32.47 sen RMB, down 14% year over year.

Bank of Communications results announcement

Postal Savings Bank final dividend down 16% year over year

Postal Savings Bank (01658)
earned 1.1% more for 2025; final dividend per share decreased 16% year over year to 9.53 sen RMB. Full-year dividends were 21.83 sen RMB, down 17% year over year.

Postal Savings Bank results announcement

CITIC Bank final dividend 19.3 sen RMB　up 12% year over year

CITIC Bank’s net profit last year was 70.62 billion RMB, up 3% year over year. Earnings per share were 1.2 RMB. The final dividend was 19.3 sen (including tax), up 12% year over year. Combined with the interim dividend, the full-year total paid dividends were 0.381 RMB (including tax). CITIC Bank’s net interest income was 144.47 billion RMB, down 1.5%. Net interest margin was 1.63%, narrowing by 0.14 percentage points; non-interest income was 68.167 billion RMB, up 2.44%. Operating income was 212.636 billion RMB, down 0.28% year over year.

CITIC Bank earned 3% more last year　final dividend rises 12% to 0.193 RMB　current dividend yield 5.8‰

CITIC Bank results announcement

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