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on august 30, industrial and commercial bank of china, agricultural bank of china, china construction bank and postal savings bank of china successively released their semi-annual reports for 2024. so far, the semi-annual reports of the six state-owned banks have been fully disclosed.

image source: visual china-vcg111175424424

icbc achieved a net profit of rmb 171.296 billion in the first half of the year, of which the net profit attributable to shareholders of the parent company was rmb 170.467 billion, and a dividend of rmb 1.434 (tax included) per 10 shares was paid.

image source: icbc announcement

agricultural bank of china's net profit in the first half of the year was rmb 135.89 billion, up 2% year-on-year.

image source: agricultural bank of china announcement

in the first half of the year, china construction bank's net profit attributable to shareholders was rmb 164.32 billion, and its net interest income was rmb 296.06 billion.

image source: construction bank announcement

the 2024 semi-annual report released by postal savings bank of china shows that during the reporting period, the bank achieved operating income of 176.789 billion yuan and net profit attributable to the bank's shareholders of 48.815 billion yuan.

image source: postal savings bank announcement

according to china fund news, in the first half of this year, the performance of the six major industries was relatively stable, with a total revenue of 1.8 trillion yuan and a total net profit attributable to the parent company of 683.388 billion yuan. among them, icbc achieved a revenue of 420.499 billion yuan and a net profit attributable to the parent company of 170.467 billion yuan, ranking first among a-share listed banks.

image source: china fund news

in the first half of this year, the total assets of the six state-owned banks all achieved steady growth. among them, the asset scale of industrial and commercial bank of china, china construction bank and agricultural bank of china has exceeded 40 trillion yuan, and the growth rate in the first half of the year has exceeded 5%.

in addition, the six state-owned banks all said they would implement mid-term dividends. except for the dividend plan of postal savings bank, which is to be announced later, industrial and commercial bank of china plans to pay the largest dividend, reaching 51.109 billion yuan; china construction bank plans to pay a dividend of 49.252 billion yuan, agricultural bank of china plans to pay a dividend of 40.738 billion yuan, bank of china plans to pay a dividend of 35.562 billion yuan, and bank of communications plans to pay a dividend of 13.516 billion yuan.the total dividend amount has now exceeded 190 billion yuan.

according to the daily economic news, the share prices of major banks have hit new highs several times this year. the high dividends and low valuations are important driving factors behind the favor of bank stocks by funds. caitong securities research report pointed out that the strong performance of state-owned large bank stocks and the record high share prices were mainly driven by the decline in long-term interest rates, which provided investors seeking stable returns with the attractiveness of high-dividend assets.

many securities analysts believe that the improvement in liability costs is an important factor in the flat month-on-month net interest margin. zhongtai securities research report mentioned that it is expected that the downward pressure on the net interest margin of the banking industry will be reduced quarter by quarter this year. looking at 2024, the pressure on asset repricing will improve quarter by quarter, and the contribution of the liability side to the interest margin will gradually be reflected. the release of the efficiency of the deposit rate cut and the decline in active liability costs will promote the support of the liability side for the interest margin of listed banks, and the prohibition of "manual interest supplement" is expected to further regulate the competition in the deposit market and reduce the industry's deposit costs.

according to the central bank's official website on august 29, the people's bank of china recently held a symposium with experts, scholars and financial enterprise leaders. the meeting stated that in the next stage, the people's bank of china will implement the requirements of the central political bureau meeting on "macroeconomic policies should continue to be more effective" and continue to adhere to a supportive monetary policy stance.strengthen countercyclical regulation, comprehensively use various monetary policy tools, and increase financial support for the real economy.at the same time, we will study policy measures to increase reserves, strengthen coordination and cooperation in macro policies, and support the consolidation and enhancement of the positive trend of economic recovery.