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 was CNY 725 billion, up 2.1%.

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

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

• Dividend payout ratio was 30%, with CNY 1.3 per share proposed for 2025.

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

Financial highlights

• Net interest income was RMB569.6 billion, down 1.9% YoY; net fee and commission income rose 16.6% to RMB88.1 billion.

• Operating expenses increased 5.4% to RMB275.4 billion; cost-to-income ratio rose to 35.18%.

• Return on average total assets was 0.63%; return on weighted average net assets was 10.16%; capital adequacy ratio 17.93%.

• Total assets: CNY 48.8 trillion (+12.8% YoY); new loans and investments: CNY 4.7 trillion.

• Provision coverage ratio: 292.5%; annualized investor returns: A-shares 12%, H-shares 10%.

Outlook and guidance

• Management confident in continued positive growth for 2026, supported by stable macroeconomic environment and strong early 2026 performance.

• 2026 marks the start of the 15th Five-Year Plan, focusing on rural revitalization, real economy support, and risk management.

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

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

• Credit growth to maintain similar intensity as 2025, with emphasis on agriculture, green, and SME loans.