China’s 6 biggest state banks post rare shared growth as margins show tentative rebound

China's six largest state-owned banks have posted their first simultaneous rise in first-half revenue and net profit since 2022, according to interim results released last week. The combined operating income of Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB), Agricultural Bank of China (ABC), Bank of China (BOC), Bank of Communications (Bocom), and Postal Savings Bank of China (PSBC) amounted to over 2 trillion yuan ($297 billion) for the first half, with a combined net profit attributable to shareholders of approximately 712.6 billion yuan.

Revenue grew between 4 and 11 percent across the six lenders, while net profit rose 4 to 6 percent, marking the first time since 2022 that all six registered positive growth on both counts at the same time. The improvement was driven by a tentative rebound in net interest margin (NIM), which had been under pressure for two years, finally showing signs of stabilisation.

Brief written by urgent.news from South China Morning Post's own syndicated text. Machine-written — may contain errors; check the original before relying on it.