China Construction Bank (939) Q1 2025 earnings summary

Executive summary

• Operating income for Q1 2025 was RMB185,990 million, down 4.76% year-over-year; net profit was RMB83,742 million, down 3.64% year-over-year.

• Total assets reached RMB42.79 trillion, up 5.48% from the end of 2024; total equity attributable to shareholders rose 2.01%.

• The group prioritized high-quality development, supporting the real economy, technological innovation, green finance, and digital transformation.

Financial highlights

• Net interest income was RMB141,923 million, down 5.21% year-over-year; net interest margin fell 16 bps to 1.41%.

• Net non-interest income was RMB44,067 million, down 3.26% year-over-year; net fee and commission income was RMB37,460 million, down 4.63%.

• Cost-to-income ratio increased to 22.97%, up 0.86 percentage points year-over-year.

• Non-performing loan ratio was 1.33%, down 0.01 percentage points from end-2024; allowance coverage ratio rose to 236.81%.

• Net cash from operating activities surged 244.46% year-over-year to RMB721,067 million, mainly due to higher net increase in certificates of deposit issued.

Outlook and guidance

• The group aims to continue supporting the real economy, deepen reforms, and enhance digital and green finance capabilities amid a complex global environment.