China’s six largest state-owned banks are set to distribute more than 420 billion yuan (US$61 billion) in dividends for 2025, extending record-high payouts and strengthening their appeal as a source of stable income as investors rotate into defensive assets amid low interest rates.
Combined payouts from Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB), Agricultural Bank of China, Bank of China, Bank of Communications and Postal Savings Bank of China were expected to reach about 427.4 billion yuan, up 1.6 per cent from a year earlier, according to the South China Morning Post’s calculations based on their latest profit distribution plans.
ICBC and CCB led the group, with each declaring annual dividends exceeding 100 billion yuan. ICBC plans to distribute about 110.6 billion yuan, equivalent to a payout ratio of 30 per cent, marking its fifth consecutive year above the 100 billion yuan threshold. CCB will pay out about 101.7 billion yuan, also a 30 per cent payout, extending its streak to three years.
Liu Jun, vice-chairman and president of ICBC, said the bank would adjust its dividend policy and capital planning dynamically.
“If the market calls for a higher payout ratio, ICBC, as a bellwether, will take the lead in responding, provided such adjustments support the long-term, healthy development of the capital market,” he said. “We will closely monitor market changes and investor demand, and respond accordingly.”
Agricultural Bank of China and Bank of China will distribute 87.3 billion yuan and 72.9 billion yuan, respectively, both maintaining a payout ratio of 30 per cent. Agricultural Bank recorded the fastest growth in dividends among the six, broadly in line with its earnings expansion. Smaller peers Bank of Communications and Postal Savings Bank will pay 28.7 billion yuan and 26.2 billion yuan, respectively.
The banks’ ability to sustain large payouts is underpinned by stable earnings growth and strong capital buffers. In 2025, the six lenders reported combined revenue of about 3.6 trillion yuan, up 2.3 per cent year on year, while net profit attributable to shareholders rose 1.7 per cent to 1.43 trillion yuan.
