Revenue and net profit both increase! China Construction Bank's 2025 performance report is out, with the "new" engine driving strong growth

The total assets of China Construction Bank have exceeded 45 trillion yuan, and it aims to “make further progress on a high starting point” by 2025. “A more resilient and ‘valuable’ report card from CCB.” — This is how CCB summarizes its achievements in the 2025 annual report.

China Construction Bank President Zhang Yi (center), Vice President Li Jianjiang (right), Vice President Tang Shuo (left)

China Construction Bank Vice President Ji Zhihong (center), Vice President Lei Ming (right), Chief Financial Officer Sheng Liurong (left)

On March 27, CCB released its operating performance for 2025, achieving a “double increase” in operating income and net profit, with profit performance improving quarter by quarter; key indicators such as net interest margin, average return on assets (ROA), weighted average return on equity (ROE), and capital adequacy ratio remain leading among peers. “All businesses have achieved effective qualitative improvement and reasonable quantitative growth,” said CCB President Zhang Yi at the performance release conference.

2025 marks the 20th anniversary of CCB’s stock reform and listing. To share development results with a wide range of investors, CCB plans to distribute a cash dividend of 101.684 billion yuan based on the annual operating performance, of which 48.605 billion yuan has been distributed as an interim dividend. Following the corporate governance procedures, a year-end cash dividend of 53.079 billion yuan will be distributed, continuously and steadily rewarding investors. Currently, CCB has distributed over 100 billion yuan in dividends for three consecutive years, and the cumulative dividends since the stock reform and listing will exceed 1.4 trillion yuan.

First, let’s look at a set of performance data for CCB in 2025:

1. Total group assets of 45.63 trillion yuan, an increase of 12.47%; total liabilities of 41.95 trillion yuan, an increase of 12.68%.

2. Operating income of 740.871 billion yuan, an increase of 1.69%; net profit of 339.790 billion yuan, an increase of 1.04%.

3. Net interest margin of 1.34%, ROA of 0.79%, ROE of 10.04%, capital adequacy ratio of 19.69%, cost-to-income ratio of 29.44%, and non-interest net income ratio of 22.69%, all maintaining market leadership.

4. The decline in net interest income has narrowed quarter by quarter, and the proportion of non-interest income has increased by 3.65 percentage points, with a 5.13% increase in net income from fees and commissions.

5. The non-performing loan ratio is 1.31%, down 0.03 percentage points from the previous year; the provision coverage ratio is 233.15%, indicating sufficient risk compensation capacity.

6. Net loans and advances granted amounted to 26.93 trillion yuan, an increase of 7.53%, with a steady rise in credit to key sectors such as the “Five Major Articles” in finance and manufacturing.

Performance “steady with progress”: Highlights in operating results

In 2025, CCB’s total assets surpassed 45 trillion yuan, achieving a “double increase” in operating income and net profit, with operating performance making steady progress.

Net interest income is the cornerstone of a bank’s revenue. In recent years, amid a trend of gradually narrowing interest margins in the industry, CCB has performed excellently among its peers. Over the past year, CCB stabilized net interest income by effectively managing volume, price, and structure, leading to a narrowing decline in net interest income quarter by quarter. In 2025, the average balance of interest-earning assets grew by 9.38%, accelerating by 1.38 percentage points compared to the previous year, mainly due to the rapid growth of core assets, with loans and bond investments accounting for nearly 90% of the average balance, providing solid support for revenue growth.

When observing the operational quality and efficiency of financial institutions in the banking industry, the interest margin remains a key indicator. In 2025, CCB’s decline in net interest margin narrowed by 2 basis points compared to the previous year, maintaining a leading position among peers. Among them, the interest rate on deposits fell by 33 basis points year-on-year to a historical low of 1.32%, significantly reducing interest expenses on deposits, laying a foundation for the recovery and stabilization of the interest margin. According to CCB Chief Financial Officer Sheng Liurong, the decline in the deposit interest rate last year was mainly due to the maturity of relatively high-interest time deposits and the effective operation of the self-discipline mechanism in the banking industry, which drove a rapid decline in the interest rate on interbank deposits last year.

“We believe that through proactive liability management, we can further narrow the decline in the interest margin and are confident in maintaining CCB’s leading advantage in the interest margin among peers,” Sheng Liurong said.

The continuous optimization of the asset-liability structure is the foundation of CCB’s “stability” in performance. On the asset side, CCB has continuously increased the allocation of high-quality mid- to long-term assets, with the proportion of medium- and long-term loans over one year in domestic non-pledged loans rising by 0.82 percentage points. At the same time, it continues to consolidate its traditional advantages in retail credit, with personal consumer loans and business loans maintaining double-digit growth for three consecutive years. On the liability side, CCB has intensified efforts to expand settlement and low-cost funding, with the proportion of domestic demand deposits maintained at a relatively favorable level of 42.43%, further optimizing the liability structure.

If net interest income is the cornerstone of a bank’s operations, non-interest income serves as a booster for the bank’s transformation and is a clear reflection of CCB’s “progress.” In 2025, CCB’s non-interest income accounted for 22.69%, an increase of 3.65 percentage points.

In the past year, CCB has actively deepened comprehensive services to enhance the contribution of non-interest income. By solidifying traditional businesses such as payment and settlement and accelerating the cultivation of wealth management and asset management capabilities, CCB achieved a year-on-year increase of 5.13% in net fee income in 2025. Among them, the revenue growth of high-growth products such as fund distribution and wealth management significantly exceeded the average level, becoming the core driver of net fee income growth. Additionally, by strengthening market analysis, optimizing investment strategies, and enhancing trading capabilities, CCB has performed well in foreign exchange gains and losses and equity investments, with relevant income growth exceeding 40%, achieving multi-party win-win situations with clients.

Asset management, wealth management, and custody services have now become the “three driving forces” of CCB’s intermediary business income and new momentum in the transformation and development of CCB’s intermediary business. In Sheng Liurong’s view, in the future, with the promotion of domestic demand expansion and consumption, payment and settlement services will be further facilitated. The continuous enhancement of residents’ awareness of investment and wealth management will also create greater space for the “three driving forces.”

Thanks to the collaborative efforts of interest income and non-interest income, CCB’s profit quality has further improved. Data shows that since the second quarter of last year, CCB’s operating income has continuously grown positively, with annual profit growth improving quarter by quarter.

Resilience “excellent”: Upgraded risk control system

In an increasingly complex internal and external environment, maintaining asset quality stability is a core test for banks. As of the end of 2025, CCB’s non-performing loan ratio was 1.31%, down 0.03 percentage points from the end of the previous year; the proportion of loans under concern was 1.77%, down 0.12 percentage points from the end of the previous year, with forward-looking risk indicators continuing to improve.

“In recent times, in the face of various risks and challenges, China Construction Bank has always adhered to a bottom-line and extreme thinking,” said CCB Vice President Li Jianjiang. On one hand, CCB focuses on its main responsibilities and core businesses, increasing financial services in key areas, maintaining strict adherence to institutional standards, and ensuring that risk controls are not weakened, resulting in a continuously stable and improving credit structure. On the other hand, CCB solidly manages risk, safeguarding the risk bottom line and continuously improving a comprehensive, proactive, intelligent, and agile risk control system.

In terms of new risk management, CCB is accelerating the upgrade of intelligent risk control. According to Zhang Yi, last year, CCB launched a group-wide integrated non-site inspection platform, establishing an in-process monitoring platform to form an online discovery of institutional compliance and in-process control; deepening the application of financial AI large models in areas such as credit approval and intelligent compliance, strengthening the identification and management of new risks such as model risk, data risk, fraud risk, and new product risk.

Regarding risk compensation capacity, CCB’s provision coverage ratio reached 233.15%, and maintaining a high level of loan impairment provisions is also the solid foundation for CCB’s asset quality.

According to Li Jianjiang, in response to the recent upward trend of credit risk in the retail sector, CCB has made great efforts to strengthen the credit risk mechanisms and key links of the credit process in the retail sector, while deeply implementing concentrated risk control in retail credit. Currently, a series of measures have achieved results, and the upward trend in the non-performing loan rate for personal loans last year has narrowed year on year.

“From the current situation, risk management in the retail sector will continue to be a key focus for CCB. We believe that with the implementation and refinement of various management mechanisms and risk control measures at CCB, we can maintain the stability of credit asset quality in the retail sector,” Li Jianjiang stated.

New momentum: Significant results in comprehensive operations

Revenue, profit, and other financial indicators reflect the results of corporate operations, and good profitability relies on strong business momentum for support.

In 2025, CCB’s “new” business engine is even more powerful. Behind this is CCB’s strategic choice to strengthen integrated comprehensive services at the group level and focus its efforts.

In recent years, CCB has accelerated its shift from product thinking to customer thinking, enhancing the quality and efficiency of integrated services through multidimensional collaboration and synergy, continuously promoting the integration of commercial and investment banking, public and private banking, domestic and foreign currency integration, and group integration (“four integrations”); exploring service models around “ecosystems,” “supply chains,” “industrial clusters,” and “business clusters,” integrating group resources to match comprehensive services based on customer needs, and continuously promoting the integrated development of corporate finance, personal finance, and fund management.

From the perspective of service effectiveness, by 2025, CCB had reached 12.73 million corporate clients, with 17.89 million RMB settlement accounts, both client metrics growing over 9%; personal clients exceeded 785 million, with growth rates for wealth management and private banking clients exceeding 10%, managing personal financial assets of over 23 trillion yuan.

Zhang Yi revealed at the conference that CCB will increase its structural adjustments on the asset side in 2026. By deepening synergy and solidly promoting the “four integrations,” the front, middle, and back offices, as well as branches and headquarters, will work in concert to enhance operational efficiency and empower business development.

Striving to build a “leading bank in financial technology”

In recent years, various banks have increased their financial resource allocation around the “Five Major Articles” in finance. In the “red ocean” field where banks are flocking, CCB aims to build a differentiated advantage in the field of financial technology, targeting the development goal of becoming a “leading bank in financial technology.”

In the past year, CCB deepened comprehensive services such as “equity, loans, bonds, guarantees, and leases,” with the balance of technology loans reaching 5.25 trillion yuan, underwriting technology innovation bonds worth 71.984 billion yuan, and cumulatively establishing 28 pilot funds for AIC equity investment, providing full lifecycle financial support for technology enterprises.

On one hand, CCB leverages its group’s comprehensive service advantages to facilitate a virtuous cycle of “technology—industry—finance,” adhering to early, small, long-term investments in hard technology. “We leverage the collective strength of the group to strengthen equity financing support in the early stages of enterprise and technological innovation, comprehensively utilizing diversified tools such as equity, bonds, leasing, and insurance to empower the integrated development of technological and industrial innovation,” said CCB Vice President Lei Ming.

On the other hand, CCB fully utilizes the advantages of a large bank’s funds to empower the integrated development of technological innovation and industrial innovation through high-quality credit disbursement. In assessing the innovation capabilities of technology enterprises, CCB has established a dedicated evaluation model and innovatively launched a “technology innovation table” in its evaluation system, incorporating information related to intellectual property, technological capabilities, and innovators, assisting enterprises in achieving creditization and digitization of intellectual property, and helping more promising technology enterprises and innovators access credit funds.

While empowering the real economy through technological innovation, CCB also emphasizes its own “scientific” capacity, focusing on solidifying information technology and operational management foundations and deepening service model upgrades in recent years. It is understood that this year, CCB will accelerate the advancement of the group’s digital transformation, establishing a retail digital operation center to support intelligent opportunity exploration and adapt wealth management services. It will continuously enhance enterprise-level operational capabilities, promote centralized operations, and optimize the online platform customer service experience.

In the future, CCB will fully promote financial technology business. “CCB will anchor the goal of becoming a leading bank in financial technology, continuously enhancing the professionalism, comprehensiveness, and integration of financial technology services, accelerating the establishment of long-term mechanisms, and improving sustainable operating models,” Zhang Yi stated.

Proofread by: Pan Da