China Construction Bank Corporation

China Construction Bank said 2025 net profit increased 1.04% to CNY 339 billion. Operating income rose 1.69% YoY, and profit before provisions increased 1.7% YoY. The bank reported NIM of 1.34%, ROA of 0.79%, ROE of 10.04%, a capital adequacy ratio of 19.69%, a cost-to-income ratio of 29.44%, an NPL ratio of 1.31%, and provision coverage of 233.15%. Total assets rose 12% to CNY 45.63 trillion, gross loans rose 7.47% to CNY 27.77 trillion, liabilities reached CNY 41.65 trillion, and deposits increased 7%. It also said it distributed CNY 106 billion of dividends in 2025, with an interim dividend of RMB 1.858 per 10 shares and a final dividend of RMB 2 per 10 shares. For 2025, fee and intermediary revenue grew 5.31% to more than CNY 100 billion. Looking ahead, management said 2026 loan growth will remain steady and structurally oriented, with emphasis on domestic demand, the 5 priorities, manufacturing, infrastructure, consumer finance, and selective support for real estate and regional development. Management also said NIM decline should continue to slow in 2026 as deposit repricing and liability-cost actions take effect.

President Yi Zhang framed 2025 as a year of steady high-quality growth, saying the bank improved profitability, diversified income, and kept risk under control while expanding support for the real economy. He repeatedly emphasized the 5 priorities, especially technology, green, inclusive, pension, and digital finance, and said CCB wants to keep balancing scale, pricing, and risk rather than chase volume alone. His tone was confident and policy-aligned, with 2026 guidance centered on domestic demand, infrastructure, manufacturing upgrading, and stronger customer-centric integration across businesses.

CFO Sheng Liurong focused on margin pressure, explaining that 2025 NIM was 1.34% and that the decline narrowed through the year. He said 2026 NIM should benefit from completed deposit repricing, fewer pressure points as high-interest deposits mature, and active asset-liability optimization, including better use of custody and payroll-related funds. He also highlighted intermediary revenue growth of 5.31% to more than CNY 100 billion and pointed to stronger asset management, wealth management, and custody income as important diversifiers beyond spread income.

Analysts pressed management on the drivers of 2025 profit growth, the outlook for 2026, loan allocation, NIM pressure, bond investment returns, AI deployment, deposit trends, and intermediary fee income. Management said the profit improvement came from steadier NIM, faster growth in core assets, better fee income, cost control, and stronger risk management; on loans, it expects steady growth in 2026 with more emphasis on domestic demand, corporate lending, consumer finance, and key strategic sectors. On AI, executives said CCB is rolling out AI across service, operations, product, and risk control, with more than 400 scenarios already deployed and strong emphasis on safety and human oversight.