Core indicators lead the industry, and China Construction Bank's 2025 operational highlights are coming into focus?

In 2025, CCB will align itself with the goal of being a “leading bank in science and technology finance,” and build differentiated competitive advantages.

Produced by|China Interview Network

Reviewed by|Li Xiaoyan

On March 27, Construction Bank released its 2025 operating performance for the fiscal year, delivering a high-quality report card characterized by “both revenue and net profit growing, core indicators leading the peer group, and new momentum proving strong.” In a complex environment where banks’ net interest margins face sustained pressure and economic recovery is uneven, CCB builds its foundation through scale expansion, improves quality and efficiency through structural optimization, and drives transformation through technological innovation, achieving “effective improvement in quality and reasonable growth in scale,” highlighting the steady foundation and innovative vitality of a state-owned large bank.

2025 marks the 20th anniversary of CCB’s shareholding reform and listing, and the Group’s operations are stepping up to a new level. Total assets exceeded 45.63 trillion yuan, up 12.47%; total liabilities were 41.95 trillion yuan, up 12.68%, with steady steps in scale expansion. The profit side achieved “double growth”: operating income for the full year reached 456.3k yuan, up 1.69% year over year; net profit was 339.79 billion yuan, up 1.04%, with profitability improving quarter by quarter—especially impressive given the broad industry pressure.

Key operating indicators remained at the top level among peers: net interest margin 1.34%, with the decline narrowing by 2 basis points versus the previous year; average return on assets (ROA) 0.79%, weighted average return on equity (ROE) 10.04%, capital adequacy ratio 19.69%, and cost-to-income ratio 29.44%, all staying in the market’s first tier. Asset quality continued to improve: the non-performing loan ratio was 1.31%, down 0.03 percentage points from the previous year; the allowance coverage ratio was 233.15%, indicating sufficient risk coverage capacity, laying a solid line of defense for long-term sound operations.

As a return to shareholders for the 20th anniversary of the shareholding reform and listing, CCB plans to distribute cash dividends of 419.5k yuan. Of this, the interim dividend already paid is 740.87B yuan; the final dividend is planned to be 48.61B yuan. Dividends have exceeded 100 billion yuan for three consecutive years. Over the 20 years since listing, cumulative dividends will exceed 140 billion yuan. By stabilizing dividend payouts in return to investors, CCB demonstrates its operational confidence and sense of responsibility.

Net interest income is the “core base” of a bank; amid the industry’s trend of narrowing net interest margins, CCB achieves “narrowing of the decline quarter by quarter” through refined management. The average balance growth rate of interest-earning assets reached 9.38%, accelerating by 1.38 percentage points versus the previous year. Loans and bond investment account for nearly 90% of the mix, providing solid support for revenue growth. The deposit interest payment rate fell to a historic low of 1.32%, down 33 basis points year over year, significantly lowering funding costs and becoming a key driver for net interest margin recovery. CCB’s Chief Financial Officer, Sheng Liurong, said that through proactive liability management, the bank is confident in continuing to maintain a leading advantage in net interest margins among peers.

Non-interest income has become an “accelerator” for transformation: its share rose 3.65 percentage points to 22.69% for the full year. Net fee and commission income grew 5.13%, with standout performance in wealth management, asset management of funds, and other businesses. The Group advances “four integrations” (investment banking and commercial banking, both public and private, domestic and foreign currencies, and the Group) to strengthen synergy, and explores a “ring-chain-cluster” service model. There are 12.73 million corporate customers and 17.89 million unit settlement accounts, with growth rates all exceeding 9%. Individual customers surpassed 785 million; growth in wealth management and private banking customers exceeded 10%, with personal financial assets under management exceeding 23 trillion yuan. The customer base continues to be solidly strengthened.

Facing rising pressure from retail credit risk, CCB strengthens full-process risk control and upgrades its intelligent risk-control system. It launched a Group-integrated off-site inspection platform and deepened the application of financial AI large models in areas such as credit approval and intelligent compliance, improving capabilities for identifying new types of risk. For the retail segment, CCB improves its credit risk mechanism, implements centralized risk control, and the upward momentum in the non-performing loan ratio for personal loans has clearly narrowed. Vice President Li Jianjiang said that retail risk control remains a focus, but with management measures being implemented, CCB is confident in keeping asset quality stable.

On the asset side, the structure continues to be optimized: investments in high-quality assets over the medium and long term have been increased. In China’s non-discounted loans to corporate customers, the share of loans with a maturity of one year or more increased by 0.82 percentage points. Retail credit advantages have been consolidated: personal consumption and business loans have maintained consecutive years of double-digit growth for three years. On the liabilities side, the proportion of low-cost funds has increased. The share of domestic demand deposits has been maintained at 42.43%, further optimizing the liability structure and enhancing operational resilience.

In 2025, CCB aligns with the goal of being a “leading bank in science and technology finance” and builds differentiated competitive advantages. The balance of technology loans reached 5.25 trillion yuan; underwriting science and technology innovation bonds reached 14k yuan. It set up 28 AIC equity investment pilot funds and built a full lifecycle service system of “equity-loan-bond-guarantee-rent,” facilitating the “technology-industry-finance” cycle. It also innovated by launching a “Technology Innovation Scorecard” evaluation model, incorporating intellectual property and technical capabilities into the credit granting system, helping technology enterprises obtain credit support.

Its own digital and intelligent transformation is accelerating. It advances Group integrated operations, builds a digital and intelligent retail operation center, and enhances capabilities in intelligent deal prospecting and wealth management services. President Zhang Yi said that in 2026, CCB will deepen integrated coordination and mutual reinforcement, increase adjustments to the asset structure, empower business development by improving operating efficiency, and continue to consolidate its leading position in science and technology finance.

Behind these impressive results, CCB also faces industry-wide common challenges: first, although the net interest margin has stabilized, it is still at a historically low level, and there remains pressure from a decline in asset yields; second, retail credit risk still needs continuous management and control. With uneven economic recovery, risks of non-performing exposures in consumption loans and credit cards should be watched carefully; third, there is limited room to further increase the share of non-interest income, and competition in fee income businesses such as wealth management is intensifying.

Looking ahead, CCB will mark the 20th anniversary of the shareholding reform and listing as a new starting point, adhere to the principle of “stability first and progress while maintaining stability,” continuously optimize the asset-liability structure, consolidate net interest margin advantages, and accelerate growth in non-interest income. It will deepen its layout in science and technology finance, push forward its digital and intelligent transformation, and improve comprehensive service capabilities. It will strictly keep risk at the bottom line to maintain stable asset quality. While serving the real economy and supporting technological innovation, it will achieve its own high-quality development and create sustained and stable returns for investors, demonstrating the mission and responsibility of a state-owned large bank.

Personal views, for reference only