Bank of China (3988) H2 2025 earnings summary

Executive summary

• Achieved steady operational improvement in 2025, with operating income up 4.48% year-on-year and net profit attributable to shareholders rising 2.18%.

• Maintained balanced key financial indicators, with ROA at 0.70% and ROE at 8.94%.

• Non-interest income grew over 19% year-on-year, now comprising a higher share of total income.

• Asset and liability growth remained balanced, with assets up 9.40% and liabilities up 9.47% year-on-year.

• Continued global expansion, with overseas pre-tax profit contribution at 27.99% and RMB internationalization efforts leading the market.

Financial highlights

• Operating income reached RMB 659.9 billion, up 4.48% year-on-year; net profit attributable to shareholders was RMB 243.02 billion, up 2.18%.

• Non-interest income grew 20.12% to RMB 217.61 billion; fee and commission income up 7.37%.

• Total assets reached RMB 38.36 trillion, up 9.40% from the previous year.

• Cost-to-income ratio improved to 27.84%, down 0.93 percentage points year-on-year.

• Dividend payout ratio maintained at 30%, with total dividends of RMB 71.048 billion.

Outlook and guidance

• 2026 marks the start of the 15th Five-Year Plan, focusing on high-quality support for the real economy, digital transformation, and risk management.

• Expects domestic RMB customer loans to grow around 8% in 2026, with positive net interest income growth.

• Continued emphasis on globalization, RMB internationalization, and digital finance.

• Plans to step up support for key sectors and advance "five major tasks".

• Focus on high-quality growth in technology, green, inclusive, pension, and digital finance.