Bank of China Limited

Bank of China said 2025 operating income was about RMB 659.9 billion, up 4.28% year on year. Net profit and net profit attributable to shareholders rose 2.06% and 2.18%, respectively. Noninterest income increased 19.21% year on year to RMB 219.2 billion, while net fee and commission income was RMB 82.2 billion, up 7.4%. NIM was 1.26%, down 14 basis points year on year, and the cost-to-income ratio fell 0.93 percentage point. Total assets reached RMB 38.36 trillion, total liabilities were about RMB 35.15 trillion, domestic RMB loans increased by RMB 1.81 trillion, and RMB deposits increased by RMB 1.37 trillion. NPL ratio was 1.23%, down 0.02 percentage point from year-end 2024, and CAR reached 18.85%. The bank paid dividends of RMB 0.2310 per share and maintained a 30% payout ratio. For 2026, management expects the year-on-year decline in NIM to narrow significantly and net interest income to return to positive growth.

President Hui Zhang framed 2025 as a solid close to the 14th five-year plan, saying the bank delivered steady and improving results despite a complex low-rate environment. He emphasized that BOC’s strategic identity is tied to serving the real economy, supporting high-level opening up, and strengthening its role as a major state-owned financial institution. Looking to the 15th five-year plan, he said the bank will focus on six capability upgrades and two transformations, especially digital-intelligent transformation and sustainable business development.

Management highlighted broad-based financial resilience: operating income of about RMB 659.9 billion, NIM at 1.26%, and noninterest income of RMB 219.2 billion. On liabilities, the bank said the liability interest payout rate fell 37 basis points, helped by deposit repricing and active liability management; it also cited total assets of RMB 38.36 trillion, liabilities of about RMB 35.15 trillion, and CAR of 18.85%. The bank also pointed to capital returns, noting a RMB 0.2310 per-share dividend, a 30% payout ratio, and cumulative dividends above RMB 970 billion since listing.

Analysts focused on the 2026 outlook for strategy, deposits, NIM, fee income, asset quality, and global operations. Management said time-deposit maturities should have limited impact on deposit growth because rollover ratios are high, and repricing should help lower deposit costs; on NIM, it expects the year-on-year decline to narrow significantly and net interest income to grow, though Hong Kong dollar rate moves could still pressure income. On asset quality, management said the bank will keep NPLs stable despite pressure in real estate, retail lending, and some overseas markets, while global operations should remain a profit pillar with overseas contribution staying at a high level.