Agricultural Bank of China (1288) H2 2025 earnings summary

Executive summary

• Net profit reached CNY 292 billion in 2025, up 3.3% year-over-year; operating income rose to CNY 725 billion.

• Total assets grew 12.8% to CNY 48.8 trillion; loan growth rate was 8.9%, deposit growth 7.7%.

• NPL ratio declined for five consecutive years to 1.27%, with provision coverage at 292.5%.

• Maintained a capital adequacy ratio of 17.93% and a dividend payout ratio above 30%.

• Strategic focus on rural revitalization, inclusive finance, technology finance, and green finance.

Financial highlights

• Net interest income was CNY 569.6 billion, down 1.9% YoY; net fee and commission income rose 16.6% to CNY 88.1 billion.

• Operating expenses increased 5.4% to CNY 275.4 billion; cost-to-income ratio at 35.18%.

• Credit impairment losses decreased 2.8% to CNY 127.2 billion.

• Return on average total assets was 0.63%; return on weighted average net assets was 10.16%.

• Deposit balance: CNY 14.3 trillion (+CNY 1.23 trillion YoY); county-level loans: CNY 10.9 trillion.

Outlook and guidance

• Management confident in continued positive growth for 2026, supported by stable macroeconomic trends and the 15th Five-Year Plan.

• Focus on driving net interest income, expanding non-interest income, and controlling risks and costs.

• Plans to increase credit supply to key sectors, advance digital and green finance, and maintain sound asset quality.