---
title: "A-share listed banks deliver high-quality results: growth stabilizes, income diversifies"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/282129534.md"
description: "Against the backdrop of macroeconomic fluctuations and a complex external environment, 22 out of the 42 listed banks in A-shares have submitted their \"report cards\" for 2025. Data shows that these 22 banks achieved a total operating income of 5.2 trillion yuan, a slight year-on-year increase of 1.2%, marking the banking industry’s transition out of the \"negative growth\" period and into a stabilization phase. The income structure of the banking industry has undergone significant changes, with non-interest income accounting for 42%, indicating that the industry is gradually breaking away from its reliance on traditional interest margin income and shifting towards a diversified income structure"
datetime: "2026-04-09T03:40:28.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/282129534.md)
  - [en](https://longbridge.com/en/news/282129534.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/282129534.md)
---

# A-share listed banks deliver high-quality results: growth stabilizes, income diversifies

Against the backdrop of macroeconomic fluctuations and a complex external environment, the banking industry has delivered a resilient performance.

As of March 31, 2026, among the 42 listed banks in A-shares, 22 have submitted their "report cards" for 2025. Data shows that in 2025, these 22 listed banks achieved a total operating income of 5.2 trillion yuan, a slight increase of 1.2% year-on-year. In 2023 and 2024, this figure was -4.1% and -0.5%, respectively, marking the end of the "negative growth" period for the banking industry and entering a phase of stabilization.

The asset quality of these 22 banks generally shows a stable and improving trend, with most banks' non-performing loan ratios remaining stable or improving compared to the previous year. Four banks experienced a slight increase, overall reflecting the core characteristics of "stabilizing growth rate and restructuring," contrasting sharply with 2023 and 2024. This not only continues the previous adjustment rhythm but also explores differentiated growth paths under the new economic environment, providing a key window for observing the development trends of the banking industry.

**Shift to Diversified Revenue Structure**

The revenue performance of A-share listed banks in 2025 shows significant structural changes, a trend fully reflected in the data from 2023 to 2025. Overall, while the revenue growth of the banking industry has slowed or even declined, the proportion of non-interest income has continued to rise, indicating that the industry is undergoing profound adjustments and innovations in its business model.

In 2023, as the pace of economic recovery accelerated, the overall revenue of the banking industry showed moderate growth, but the growth rate declined compared to the previous two years. Entering 2024, affected by downward pressure on interest rates and weak credit demand, some banks began to see a decline in interest income. In 2025, this trend became more pronounced, with many banks experiencing a year-on-year decrease in net interest income, while intermediary business income became an important force supporting revenue growth.

According to the "2025 China Banking Industry Operation Report" released by the China Banking Association, the average proportion of interest income for A-share listed banks has dropped to 58% in 2025, down 7 percentage points from 65% in 2023. Meanwhile, the proportion of non-interest income has risen to 42%, indicating that the banking industry is gradually breaking away from its reliance on traditional interest margin income and shifting towards a diversified revenue structure.

Behind this change are both external pressures and internal reforms. On one hand, in recent years, the central bank has repeatedly lowered the Loan Prime Rate (LPR), leading to a narrowing of bank interest margins, particularly evident in the profit pressures faced by small and medium-sized banks. On the other hand, tightening regulatory policies require banks to strengthen risk control and limit the expansion of high-risk assets, which also encourages banks to focus more on prudent operations and promote business transformation towards low-risk, high-value-added areas For example, some banks have increased their investments in wealth management, investment banking, and financial technology, enhancing customer loyalty through product innovation and service optimization, thereby achieving growth in non-interest income.

In specific business segments, wealth management has become one of the main drivers of non-interest income growth. With the accumulation of household wealth and the upgrading of financial management needs, banks are actively laying out personal and institutional wealth management businesses. Taking China Merchants Bank as an example, its 2025 annual report shows that asset management business revenue increased by 12% year-on-year, accounting for more than 30% of non-interest income. This indicates that banks are enhancing customer stickiness by providing customized and professional wealth management services while improving overall revenue levels.

In addition, credit card business, electronic payments, and cross-border financial services also occupy an important position in non-interest income, bringing stable cash flow to banks.

At the same time, the diversification of intermediary business income also reflects the deepening of innovation in banking services. For example, investment banking, leasing, custody, consulting, and other non-traditional businesses are gradually becoming important sources of income for banks. Some large commercial banks are expanding financial intermediary services by establishing subsidiaries or collaborating with third parties to enhance profitability.

According to data disclosed by various banks in 2025, the investment banking revenue of leading banks increased by more than 15% year-on-year, indicating their increasing participation in the capital market. In addition, the development of emerging fields such as green finance and inclusive finance has also brought new revenue growth points for banks, especially under policy support, where the scale and revenue of related businesses have both improved.

**Overall Non-Performing Loan Ratio Generally Declines**

According to the data compiled from annual reports, the average non-performing loan ratio of 22 A-share listed banks in 2025 remained around 1.2%, slightly down from 2024, showing continuous improvement in risk management within the banking industry, maintaining a stable and positive trend overall.

Most banks' non-performing loan ratios remained stable or improved compared to last year, with only 4 institutions experiencing a slight increase. By the end of 2025, the non-performing loan ratios of state-owned banks, joint-stock banks, and rural commercial banks were 1.26%, 1.19%, and 1.01%, respectively, all showing varying degrees of decline from the end of the third quarter.

Among them, the highest non-performing loan ratio was Zhengzhou Bank (002936.SZ) at 1.71%; the lowest was Wuxi Bank (600908.SH) at only 0.77%; Qingdao Bank (002948.SZ) had a non-performing loan ratio of 0.97%, a year-on-year decrease of 0.17 percentage points, the largest decline among the listed banks that have disclosed annual reports.

As one of the "ballast stones" of the banking industry, the six major state-owned banks have all maintained a relatively low level of non-performing loan ratios in the industry. Except for Postal Savings Bank (601658.SH), the overall non-performing loan ratios of Industrial and Commercial Bank of China (601398.SH), Agricultural Bank of China (601288.SH), Bank of China (601988.SH), China Construction Bank (601939.SH), and Bank of Communications (601328.SH) have all achieved year-on-year declines, with decreases concentrated between 0.02 percentage points and 0.03 percentage points Specifically, the non-performing loan ratios of Industrial and Commercial Bank of China and China Construction Bank are both 1.31%, Bank of Communications 1.28%, Agricultural Bank of China 1.27%, and Bank of China 1.23%, all maintaining relatively low levels; Postal Savings Bank of China increased by 0.05 percentage points.

Among the joint-stock banks, nine have disclosed their annual reports, including China Merchants Bank (600036.SH), Ping An Bank (000001.SZ), and Industrial Bank (601166.SH). Among them, China Minsheng Bank (600016.SH), Industrial Bank, and China Everbright Bank (601818.SH) saw slight increases in their non-performing loan ratios by 0.02 percentage points, 0.01 percentage points, and 0.02 percentage points respectively, while the other six banks reported declines compared to the end of the previous year. For example, Shanghai Pudong Development Bank (600000.SH) has a non-performing loan ratio of 1.26%, down 0.10 percentage points from the end of last year, the lowest level in nearly 11 years.

Among regional banks, seven banks including Zhengzhou Bank, Chongqing Bank (601963.SH), and Zhangjiagang Bank (002839.SZ) disclosed their non-performing loan ratios. Except for Ruifeng Bank, which saw a slight increase of 0.02 percentage points, the others remained stable or decreased compared to the previous year, with overall changes being minimal.

Overall, the changes in bank non-performing loan ratios in 2025 show regional and industry differences. For instance, some banks in the eastern coastal regions, due to their relatively solid economic foundations, have non-performing loan ratios lower than the industry average, while some banks in the central and western regions have slightly higher ratios than the national average due to slowing economic growth and industrial restructuring.

This differentiation reflects the differences in economic structures across regions and the strategic choices banks make in their regional layouts. At the same time, some banks have effectively reduced the proportion of new non-performing loans by strengthening post-loan management and enhancing customer credit assessment capabilities, providing a guarantee for the stability of asset quality.

It can be seen that with the gradual implementation of policy support, especially the strict control by financial regulatory agencies over banks' capital adequacy ratios and liquidity risks, the overall risk resistance capability of the banking system has been enhanced. In addition, the flexible adjustment of the central bank's monetary policy has also provided banks with a stable source of funds, helping to alleviate liquidity pressure in certain industries, thereby reducing the probability of non-performing loans.

Moreover, the rapid development of financial technology has driven the transformation of traditional banking business models, prompting banks to pay more attention to customer experience and product innovation. Some large banks have improved their risk identification and management capabilities through digital transformation, reducing the risk of loan defaults caused by information asymmetry.

The optimization of internal risk management strategies in banks is an important factor in maintaining stable asset quality in 2025. Many banks have increased their control over credit allocation in key areas and high-risk industries in 2025, particularly adopting a more prudent approach in real estate and urban investment projects. At the same time, banks have generally strengthened the inspection and restructuring of existing loans, using various means to resolve potential risks, such as setting up special provisions and conducting non-performing asset transfers, which not only helps to reduce non-performing loan ratios but also enhances the overall asset quality level of banks (Author: Li Qiang)

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