Bank of China Limited

For 2025, Bank of China reported operating income of about RMB 659.9 billion, up 4.28% year over year. Net profit rose 2.06%, and net profit attributable to shareholders rose 2.18%. NIM was 1.26%, and management said the year-over-year decline was 14 bps. Noninterest income increased 19.21% to RMB 219.2 billion; fee and commission income was RMB 82.2 billion, up 7.4%. Group total assets reached RMB 38.36 trillion, up 9.4%, while total liabilities were about RMB 35.15 trillion, up 9.47%. Domestic RMB loans increased by RMB 1.81 trillion, up 9.9%, RMB deposits increased by RMB 1.37 trillion, and CAR reached 18.85%, with NPL ratio at 1.23% and provision coverage at 200.37%. For shareholders, the per-share dividend was RMB 0.2310 and the payout ratio remained at 30%. Looking to 2026, management said NIM decline should narrow significantly, net interest income should return to positive growth, and noninterest business should continue to expand.

President Zhang framed 2025 as a year of steady improvement despite a complex environment, saying the bank concluded the 14th Five-Year Plan with good results and a stronger foundation for the next stage. He repeatedly stressed BOC’s role in serving the real economy, supporting high-level opening up, and leveraging its global franchise as a differentiated advantage. His tone was confident and policy-aligned, with emphasis on long-term transformation through digitalization, overseas expansion, and value creation.

Management highlighted a stronger income mix and improved efficiency, pointing to a 4.28% rise in operating income, a 19.21% increase in noninterest income, and a 0.93 ppt decline in the cost-to-income ratio. It said NIM held at 1.26% and deposit repricing helped drive the liability interest payout rate down by 37 bps, supporting margin stability. The bank also emphasized balance-sheet strength, including RMB 38.36 trillion of assets, RMB 35.15 trillion of liabilities, CAR of 18.85%, and provision coverage of 200.37%, alongside a RMB 0.2310 dividend and 30% payout ratio.

Analysts focused on 2026 strategy, deposits, NIM, fee income, asset quality, and global operations. Management said maturing time deposits should have limited impact because most deposits were retained, while repricing should help lower deposit costs; it also said lower-rate conditions could support margin stability. On NIM, the bank expects the year-over-year decline to narrow significantly in 2026 and net interest income to grow again, helped by asset-liability optimization and global business. On asset quality, management acknowledged pressure from real estate adjustment, retail credit, tariffs, geopolitical conflict, and some overseas commercial real estate, but said the impact should be relatively limited and asset quality should remain stable.