China's Big Six banks post profit, revenue growth in first three quarters
China's six large, State-owned commercial banks reported year-on-year increases in both operating income and net profit in the first three quarters of this year, reflecting their own growth amid continued efforts to advance the high-quality development of the nation's economy.
Industrial and Commercial Bank of China announced on Thursday that it achieved an operating income of 610.97 billion yuan ($86 billion) in the first three quarters, up 1.98 percent year-on-year, and net profit of 271.88 billion yuan, up 0.52 percent year-on-year.
During the period, ICBC continued to support the real economy, with loan disbursements and bond investments increasing by over 4 trillion yuan, setting a new record for incremental growth. The bank intensified its support for key sectors, with loan growth in manufacturing, strategic emerging industries, green finance, inclusive finance, private enterprises, and agriculture all exceeding the average growth rate of various loans.
In the first three quarters, China Construction Bank achieved operating income of 560.28 billion yuan, representing a year-on-year increase of 1.44 percent. Its net profit reached 258.45 billion yuan, up 0.52 percent from the same period last year.
CCB has steadily advanced its service plan supporting new industrialization while maintaining robust support for the private sector. As of the end of September, the bank's outstanding loans to the manufacturing sector exceeded 3.5 trillion yuan, with outstanding loans to the private economy surpassing 6.7 trillion yuan.
In the first three quarters, CCB actively fostered new quality productive forces. It maintained rapid growth in technology loans and registered 21 pilot equity investment funds for asset investment companies across 15 cities.
Meanwhile, CCB further refined its diversified green finance service system. By the end of September, the bank's green loan balance reached 5.89 trillion yuan, marking an 18.38 percent increase since the beginning of the year. It issued multiple green bonds with a total volume equivalent to over 50 billion yuan.
Agricultural Bank of China reported operating income of 550.88 billion yuan for the first three quarters, representing a year-on-year increase of 1.97 percent. Its net profits attributable to shareholders of the parent company reached 220.86 billion yuan, up 3.03 percent year-on-year.
During this period, ABC's non-interest income grew rapidly, with net fee and commission income reaching 69.88 billion yuan, a year-on-year increase of 13.34 percent. The growth stemmed from ABC's proactive pursuit of opportunities in wealth management and consumer finance.
Since the beginning of this year, the effects of a package of policies supporting the real economy have continued to unfold. As macroeconomic measures work in tandem, momentum for China's economic recovery and improvement has been steadily strengthening.
Wang Xiaoyong, general manager of the Agricultural Bank of China's Asset and Liability Management Department, said ABC will pursue high-quality development while supporting the economic rebound, striving to maintain a reasonable net interest margin.
In line with this positive momentum, Bank of China reported an operating income of 492.1 billion yuan for the first three quarters, a year-on-year increase of 2.72 percent, while its post-tax profit rose 1.12 percent to 189.6 billion yuan.
BOC has increased financial resource allocation to key sectors. As of the end of September, the bank's outstanding loans to strategic emerging industries reached 3.12 trillion yuan, marking a 26.29 percent increase from the end of last year. Its outstanding technology loans amounted to approximately 4.7 trillion yuan.
BOC leveraged equity, debt, insurance and leasing to support technological innovation, with comprehensive technology-focused financial services exceeding 830 billion yuan in cumulative supply. The bank's asset investment company actively advanced its equity investment pilot program, establishing 16 equity investment funds across multiple cities with a combined committed capital of 11.76 billion yuan. It also implemented a series of equity investment projects in key sectors of emerging and future industries, including commercial aerospace, biopharmaceuticals, artificial intelligence, and integrated circuits.
Bank of Communications achieved operating income of 199.65 billion yuan in the first three quarters, representing a year-on-year increase of 1.8 percent. Net profit attributable to shareholders of the parent company reached 69.99 billion yuan, up 1.9 percent year-on-year.
The bank's asset quality continued to improve, with the nonperforming loan ratio standing at 1.26 percent, down 0.05 percentage points from the end of last year. Its provision coverage ratio rose to 209.97 percent, an increase of 8.03 percentage points.
Postal Savings Bank of China recorded operating income of 265.08 billion yuan in the first three quarters, up 1.82 percent year-on-year, with net profit reaching 76.79 billion yuan, an increase of 1.07 percent year-on-year.
PSBC has advanced the implementation of the coordination mechanism for financing small and micro enterprises, reaching nearly 1.7 million clients and extending cumulative credit lines exceeding 1 trillion yuan to business entities on the regulatory authorities' recommendation list. As of the end of September, the bank's outstanding inclusive loans to small and micro enterprises stood at 1.75 trillion yuan, with cumulative disbursements this year surpassing 1 trillion yuan.
PSBC accelerated the development of a specialized technology finance service system, establishing technology finance divisions in six branches to focus on providing financial services for cutting-edge technology sectors. By the end of September, the bank's outstanding technology loans exceeded 940 billion yuan.
PSBC also actively advanced green finance. By the end of September, its outstanding green loans reached 999.28 billion yuan, representing a 16.32 percent increase from the end of last year.
