Agricultural Bank of China Limited

In 2025, ABC reported net profit of RMB 292 billion, up 3.3% year over year, and operating income of RMB 725 billion, up 2.1% year over year. Net interest margin was 1.28%, average return on total assets was 0.63%, weighted average ROE was 10.16%, and capital adequacy ratio was 17.39%. Total assets reached RMB 48.8 trillion, loans reached RMB 27.13 trillion, and new loans and financial investment totaled RMB 4.7 trillion. The NPL ratio was 1.27%, special mention loans were 1.39%, overdue loans were 1.25%, and provision coverage was 292.5%. Management proposed a final dividend of RMB 1.3 per share; total full-year dividend was HKD 2.495 per share, with a 30% payout ratio. Looking ahead, management said the first two months of 2026 showed stable growth, with physical loans up RMB 1.1 trillion and net interest income turning positive year over year; they expect continued positive growth in net interest income, loan expansion, and tighter cost/risk control.

Zhiheng Wang framed 2025 as a year of steady progress and said ABC continued to serve the real economy, rural revitalization, and national strategies. He highlighted that the bank’s defining feature remains agriculture-related banking and said ABC will keep strengthening party leadership, risk control, and service capabilities as it enters the first year of the 15th Five-Year Plan in 2026. His tone was confident and policy-focused, repeatedly emphasizing long-term resilience, shareholder value, and support for China’s economic priorities.

Li Lin pointed to resilient financial performance despite a complex environment, saying revenue growth stayed positive for two years and net profit continued to grow. He highlighted the 2025 NPL ratio of 1.27%, special mention loans of 1.39%, overdue loans of 1.25%, and provision coverage of 292.55%, while noting the loan loss provision balance increased by RMB 39.6 billion. For 2026, he said the bank will keep net interest income positive, grow loans while optimizing asset mix, push down deposit costs, expand wealth-management income, and reduce costs and risks to support higher profit.

Analysts asked about the outlook for NIM and net profit, and management said the first two months of 2026 showed an inflection point, with net interest income turning positive year over year and operating income still growing. On credit growth, management said loan growth in 2026 should be roughly similar to last year, with focus on agriculture, rural revitalization, domestic demand, major projects, green transition, and SME lending. On asset quality, management said NPL formation remains under control, but acknowledged higher NPL formation in inclusive retail loans versus last year and discussed tighter risk controls, especially in retail, real estate, and SME lending. Wealth management questions drew a response that ABC is building a broader product platform and digital advisory capability, while international business questions led management to highlight higher cross-border settlement, trade finance, and RMB usage.