China Construction Bank Corporation

For the first half of 2026, China Construction Bank reported operating income of CNY 426 billion, up 10.48% year over year, and profit before provision of CNY 328 billion, up 13% year over year. Net profit was CNY 171 billion, up 5.56% year over year, with net profit attributable to shareholders up 4.62% year over year. NIM was 1.37%, ROA was 0.74%, ROE was 9.52%, capital adequacy ratio was 19.42%, and cost-to-income ratio was 22.17%. Gross loans to customers were CNY 29.34 trillion, financial investments were CNY 13.99 trillion, and the green loan balance was CNY 6.53 trillion, up 8.95%. The NPL ratio was 1.29%, down 0.02 percentage points year over year. Management said the interest-bearing liabilities cost ratio fell by 30 basis points year over year, and earnings sources were CNY 310 billion, up 8.46%. For dividends, the bank proposed an interim cash dividend of RMB 2.01 per 10 shares, totaling CNY 52.582 billion, with payout ratio rising to 31%. No formal numerical full-year revenue or EPS guidance was given; management said it expects to maintain steady growth in NIM and non-interest income, align loan growth with monetary policy, and continue prudent capital management.

President Yi Zhang framed the half-year as a period of steady growth, scale expansion, and stronger operating efficiency. He emphasized a balanced mix of net interest income and non-interest income, better asset-liability management, and continued support for national priorities such as technology finance, green finance, inclusive finance, pensions, and digital transformation. His tone was confident but cautious, repeatedly noting disciplined growth and risk control as the bank pursues high-quality development.

The CFO-style commentary from management focused on capital, dividends, and liability costs. The bank said its capital adequacy ratio was 19.42% and Core Tier 1 CAR was 14.24%, supported by CNY 171 billion of net profit in the first half; management also said it issued CNY 30 billion of perpetual capital bonds, CNY 60 billion of Tier 2 capital bonds, and CNY 60 billion of TLAC bonds. On liabilities, management highlighted stronger low-cost deposit gathering and said the domestic time deposit interest payout rate fell to 1.66%, down 34 basis points year over year, while the interest rate on deposits from other financial institutions decreased by 19 basis points. The interim payout ratio was lifted to 31% as management stressed shareholder returns alongside retained capital for growth.

Analysts focused on the drivers of revenue and profit momentum, loan strategy amid a changing financing mix, NIM strength, bond investment in a low-rate environment, asset quality in the second half, personal deposit renewal, fee and commission income, consumer and mortgage lending, capital replenishment, and the use of AI. Management said revenue strength came from a better asset-liability mix, higher NIM, stronger non-interest income, and tighter expense control; they also pointed to stable asset quality and strong provision coverage. On AI, management said it has launched over 600 AI-powered applications and is building an ‘AI Plus’ three-year plan, while stressing compliance and security controls throughout development and use.