China Construction Bank (939) Q4 2025 earnings summary

Executive summary

• 2025 marked the final year of the 14th Five-Year Plan and the 20th anniversary of the IPO, with steady growth in all core indicators and a focus on high-quality development.

• Operating income increased by 1.69% year-over-year, with net profit up 1.04% and net profit attributable to equity shareholders up 0.99% year-over-year.

• Strategic focus on Five Priorities: technology, digital, green, inclusive, and pension finance, with significant loan growth in these sectors.

• Enhanced digitalization, AI adoption, and customer-centric service models drove operational efficiency and customer engagement.

• Enhanced group-wide integrated services, advancing commercial and investment banking integration and expanding international business.

Financial highlights

• Net profit increased 1.04% to RMB 339 billion; operating income up 1.69% year-over-year.

• Total assets reached RMB 45.63 trillion as of December 31, 2025, up 12.47% year-over-year.

• Gross loans to customers increased to RMB 30.84 trillion, up 7.39% year-over-year.

• Deposits from customers rose to RMB 37.23 trillion, up 7.47% year-over-year.

• Dividend payout totaled RMB 106 billion, with interim and final dividends declared.

Outlook and guidance

• 2026 will focus on supporting national strategies, expanding financial services for infrastructure, and maintaining steady loan growth.

• Continued emphasis on risk management, digital transformation, and customer-centric innovation.

• NIM decline expected to slow, with proactive liability and asset management to maintain peer-leading margins.

• Fee income growth to be driven by wealth management, asset management, and custody businesses despite ongoing fee reduction policies.

• Plans to consolidate and expand traditional strengths while tapping into high-quality development opportunities in line with the 15th Five-Year Plan.