China Construction Bank Corporation

2025 net profit increased 1.04% to CNY 339 billion. Operating income rose 1.69% year over year, and profit before provisions increased 1.7%. The bank reported NIM of 1.34%, ROA of 0.79%, ROE of 10.04%, capital adequacy ratio of 19.69%, cost-to-income ratio of 29.44%, NPL ratio of 1.31%, and provision coverage ratio of 233.15%. Total assets rose 12% to CNY 45.63 trillion, gross loans to customers increased 7.47% to CNY 27.77 trillion, financial investments increased to CNY 12.9 trillion, liabilities increased 12% to CNY 41.65 trillion, and deposits grew 7%. Management also said it distributed CNY 106 billion in dividends, with an interim dividend of RMB 1.858 per 10 shares and a final dividend of RMB 2 per 10 shares. Looking to 2026, management guided for steady loan growth with a structure tilted toward domestic demand, key projects, the five priorities, and consumer finance, while remaining prudent in property lending. They also said NIM decline should continue to slow, helped by deposit repricing, lower interest pressure, and active asset-liability management.

President Yi Zhang framed 2025 as a year of steady, high-quality progress and said the bank’s core indicators hit new highs across growth, structure, and risk control. He emphasized that CCB continued to support the real economy through the five priorities, regional development, and consumer demand, while also expanding digital, green, inclusive, and pension finance. His tone was confident and forward-looking, with repeated references to serving national strategy and building momentum into the 15th Five-Year Plan period.

CFO Sheng Liurong focused on the balance between asset growth, liability management, and margin pressure. He said 2025 NIM was 1.34%, and the decline narrowed as deposit repricing was completed, high-rate deposits matured, and asset/liability structure was optimized; he also cited better use of custody and payroll-related funds. On fees, he said intermediary revenue grew 5.31% to more than CNY 100 billion, supported by wealth management, asset management, custody, settlement, cards, and payments. He framed 2026 as manageable on margins because macro policy and the bank’s own liability management should help slow NIM compression.

Analysts pressed management on the drivers of profit growth, 2026 loan allocation, NIM trends, bond investment strategy, retail credit risk, AI adoption, deposit maturity pressure, and fee income. Management responded that profit growth came from steadier NIM, stronger noninterest income, lower costs, better asset quality, and stronger contributions from overseas and subsidiaries; it said 2026 lending would remain steady but more focused on domestic demand, manufacturing, infrastructure, the five priorities, and consumer finance. On AI, management said CCB has built out infrastructure, data, models, and more than 400 scenarios across channels, operations, products, and risk control; on retail risk, it said this remains a key focus, but current controls have improved the trend in personal-loan NPLs. On fees, management said growth came from traditional payment and settlement businesses as well as wealth management, asset management, custody, and specialized services tied to infrastructure and pensions.