China Construction Bank (939) Q4 2025 earnings summary

Executive summary

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

• Operating income increased 1.69% year-over-year, net profit rose 1.04% to RMB 339.79 billion, and total assets reached RMB 45.63 trillion, up 12.47%.

• 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.

• Advanced group-wide integrated services, expanding commercial, investment banking, and international business.

Financial highlights

• Net profit increased 1.04% to RMB 339.79 billion; operating income up 1.69% to RMB 740.87 billion.

• Total assets reached RMB 45.63 trillion, up 12.47%; gross loans to customers increased to RMB 30.84 trillion, up 7.39%.

• Deposits from customers rose to RMB 37.23 trillion, up 7.47%; financial investments increased 12.9% to RMB 12.9 trillion.

• 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%.

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.