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the six state-owned banks (industrial and commercial bank of china, agricultural bank of china, bank of china, china construction bank, bank of communications and postal savings bank of china) submitted their report cards for the first half of 2024 on the evening of august 30: five of them saw a year-on-year decline in net profit and operating income.

in the first six months of this year, the six state-owned banks achieved a total net profit attributable to shareholders (the same below) of 683.388 billion yuan, lower than 690.02 billion yuan in the same period last year. in the first half of this year, they made a total daily profit of 3.754 billion yuan.

in the first half of this year, the non-performing loan balances of the six state-owned banks continued to rise collectively; affected by factors such as the reduction in the loan market benchmark rate (lpr) and the adjustment of existing mortgage interest rates, the net interest margin of the six state-owned banks continued to be under pressure.

the six state-owned banks all plan to distribute interim dividends. among them, icbc plans to pay a dividend of rmb 1.434 per 10 shares, with a dividend ratio of 30%; ccb plans to pay a dividend of rmb 0.197 per share (including tax), a total of about rmb 49.252 billion, and a dividend ratio of 29.97%; abc proposes to distribute a cash dividend of rmb 40.738 billion (including tax) for the interim period of 2024, with a cash dividend of rmb 1.164 per 10 shares (including tax); boc plans to pay a cash dividend of rmb 1.208 per 10 ordinary shares (before tax), with a dividend ratio of about 30%; postal savings bank plans to implement the 2024 interim dividend distribution, and the total amount of interim dividends will account for no more than 30% of the net profit attributable to bank shareholders under the caliber of the semi-annual consolidated statements in 2024; bank of communications plans to distribute a cash dividend of rmb 0.182 per share (including tax), with a total cash dividend of rmb 13.516 billion (including tax).

net profit and revenue of 5 major banks decreased year-on-year

in the first half of this year, the ranking of the six state-owned banks in terms of earning power and total assets remained the same as in 2023. in terms of assets, icbc, abc, ccb, boc, postal savings bank of china and bank of communications are the top six commercial banks in china. in terms of profitability, icbc achieved a net profit of 170.467 billion yuan in the first half of the year, followed by ccb.

asset size, net profit, revenue and net interest margin of the six state-owned banks in the first half of 2024

abc is the only large state-owned bank whose net profit and operating income increased year-on-year in the first half of this year.

the net profits of icbc, ccb, boc, postal savings bank of china and bank of communications in the first half of the year decreased by 1.9%, 1.80%, 1.24%, 1.51% and 1.63% year-on-year. in comparison, in 2023, the net profit attributable to shareholders of icbc, ccb, abc, boc, postal savings bank of china and bank of communications increased by 0.80%, 2.44%, 3.90%, 2.38%, 1.23% and 0.68% respectively.

in terms of revenue, in the first half of this year, the operating income of icbc, ccb and bocom decreased by 6.0%, 3.57% and 3.51% year-on-year, ranking the top three in terms of decline.

the net interest margins of the six state-owned banks fell collectively in the first half of the year. except for bank of communications, the net interest margins of the other five banks all fell sharply compared with the same period last year.

wang zhiheng, president of the agricultural bank of china, said at the 2024 mid-term performance conference that in the first half of this year, under the guidance of macroeconomic policies, both the policy interest rate and lpr were lowered, and the central market interest rate was generally downward. the banking industry continued to reasonably give up profits to the market economy, and the net interest margin narrowed overall, but it has stabilized and rebounded compared with the first quarter.

the non-performing rate of personal housing loans of industrial and commercial bank of china, agricultural bank of china, china construction bank and postal savings bank of china has risen

in terms of asset quality, continuing the previous trend, the non-performing loan balances of the six state-owned banks rose collectively. except for postal savings bank of china, the non-performing loan ratios of the other five banks continued to decline.

asset quality of the six state-owned banks in the first half of 2024

as in 2023, bank of china was the bank with the largest decline in npl ratio in the first half of this year, with the npl ratio falling by 0.03 percentage points to 1.24% from the end of last year. although the npl ratio of postal savings bank of china rose slightly, its 0.84% ​​npl ratio was still much lower than that of the other five banks.

in terms of the non-performing rate of personal housing loans, that of postal savings bank of china continued to decline, while that of industrial and commercial bank of china, agricultural bank of china, bank of china, china construction bank and bank of communications rose compared with the end of last year.

as of the end of june, the non-performing rates of personal housing loans of icbc, ccb, abc, boc, postal savings bank of china and bank of communications were 0.60%, 0.54%, 0.58%, 0.55%, 0.50% and 0.48%, respectively, while at the end of 2023 they were 0.44%, 0.42%, 0.55%, 0.48%, 0.55% and 0.37%, respectively.

in terms of real estate loans, as the six state-owned banks increased their investment in the first half of this year, the non-performing loan ratio of the real estate industry by industry at the end of june did not rebound. among them, the agricultural bank of china remained the same as at the end of last year, while the industrial and commercial bank of china, china construction bank, bank of china, postal savings bank of china and bank of communications all declined.

talking about the decline in the non-performing rate in the real estate industry, icbc vice president wang jingwu said at the performance meeting that the bank has adopted comprehensive measures from the four aspects of "increasing prevention and treating", and while implementing the real estate financing coordination mechanism, it has strictly controlled asset selection, focused on building a decentralized, diversified and balanced real estate investment and financing structure, increased the disposal and clearance of risky real estate companies and projects, and increased the provision withdrawal ratio. the overall asset quality of the real estate industry is stable.