China's listed banks show divergence in non-interest income in H1 2026

In the first half of 2026, non-interest income at listed banks showed clear divergence. The six largest state-owned banks generated combined non-interest income of RMB 564.076 billion, up 10.3% year on year, while nine joint-stock banks recorded RMB 261.699 billion, a marginal increase of just 0.23%. The significant gap in growth rates reflects differences in revenue structures across bank types.

Among the state-owned banks, China Construction Bank reported non-interest income of RMB 125.571 billion, up 16.74% year on year. Within this, net fee and commission income fell 1.45% to RMB 64.289 billion, while other non-interest income surged 44.72% to RMB 61.282 billion. Agricultural Bank of China saw non-interest income rise 12.76% to RMB 98.627 billion, with fee income down 9.54% but turning positive after excluding a high base. Industrial and Commercial Bank of China posted RMB 124.622 billion, up 9.78%, with fee income of RMB 69.235 billion, up 3.20%. Bank of China recorded RMB 120.170 billion, up 5.24%, and fee income of RMB 47.209 billion, up 0.89%. Bank of Communications reported RMB 49.751 billion, up 3.39%, with fee income of RMB 20.473 billion, roughly flat. Postal Savings Bank of China maintained double-digit growth in fee income, with wealth management revenue up 36.66%.

Among joint-stock banks, China Merchants Bank posted non-interest income of RMB 66.159 billion, up 3.56%, with fee income of RMB 39.855 billion, up 5.65%. Huaxia Bank saw non-interest income rise 12.06% to RMB 16.750 billion. Ping An Bank reported RMB 26.329 billion, up 5.83%. China CITIC Bank recorded RMB 36.259 billion, up 4.91%. Industrial Bank posted RMB 37.373 billion, up 1.83%. Zheshang Bank saw RMB 10.904 billion, up 6.88%. Shanghai Pudong Development Bank, Minsheng Bank, and China Everbright Bank reported declines, with Everbright's non-interest income down 20.94% to RMB 16.197 billion.

Wealth management emerged as a growth highlight. China Merchants Bank's wealth management fee and commission income rose 26.53% to RMB 16.192 billion. China Construction Bank's agency business fee income grew 18.73%. Bank of China's personal wealth management fee income increased 22.82%. Postal Savings Bank's wealth management revenue rose 36.66%. Ping An Bank's wealth management fee income reached RMB 3.343 billion, up 35.6%. Industrial Bank's wealth sales revenue grew 16%. Zheshang Bank's agency and entrusted business revenue surged 144.46%. China CITIC Bank's wealth management and private banking fee income rose 21%.