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.

• Total assets surpassed RMB 54 trillion, net profit reached RMB 339 billion (up 1.04%), and operating income grew 1.69% 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.

Financial highlights

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

• Total assets rose 12% to RMB 45.36 trillion; gross loans up 7.47% to RMB 27.77 trillion.

• Financial investments increased 12.9% to RMB 12.9 trillion; deposits up 7%.

• NIM at 1.34%, ROA at 0.79%, ROE at 10.04%, capital adequacy ratio at 19.69%.

• Provision coverage ratio at 233.15%; NPL ratio declined to 1.31%.

• 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.