867 A-share Firms Announce 2026 Interim Cash Dividends Totaling RMB 716.75 Billion

With the 2026 interim reporting season concluded, A-share listed companies have largely finalized their interim profit distribution plans. As of August 31, 867 companies had announced interim cash dividend plans, with total proposed payouts reaching RMB 716.75 billion (including those already completed), setting a record high in the number of dividend-paying companies. Historical data show that only about 100 companies paid interim cash dividends in 2022, rising to over 180 in 2023, more than 700 in 2024, 852 in 2025, and further increasing to 867 in 2026. Petrochemicals, banking, telecommunications, and non-bank financials were the main dividend contributors, accounting for over 60% of total payouts, with large distributions concentrated in cash-rich central state-owned enterprises and industry leaders.

The six largest state-owned banks reported combined operating revenue of RMB 2,004.99 billion for the first half of 2026, up 9.38% year on year, and aggregate net profit attributable to shareholders of RMB 712.60 billion, up 4.41%, with all six achieving growth in both revenue and profit. Individually, Industrial and Commercial Bank of China (ICBC) posted operating revenue of RMB 465.86 billion and net profit of RMB 173.68 billion, up 3.32% year on year. China Construction Bank (CCB) and Agricultural Bank of China (ABC) each recorded revenue above RMB 400 billion. Bank of China (BOC) reported revenue of RMB 356.90 billion and net profit of RMB 123.59 billion, up 5.11%. Postal Savings Bank of China (PSBC) and Bank of Communications (BoCom) posted revenue of RMB 192.48 billion and RMB 142.34 billion, respectively. In terms of revenue growth, ABC led with 11.07%, followed by CCB at 10.72%.

The six banks proposed interim dividends totaling approximately RMB 220.99 billion, an increase of about RMB 16.3 billion from the same period in 2025, with payout ratios all raised from 30% to 31%. Specifically, ICBC proposed RMB 1.511 per 10 shares (pre-tax), totaling about RMB 53.85 billion; CCB proposed RMB 2.010 per 10 shares, totaling about RMB 52.58 billion; ABC proposed RMB 1.297 per 10 shares, totaling RMB 45.39 billion; BOC proposed RMB 1.19 per 10 shares, totaling RMB 38.34 billion; PSBC proposed RMB 1.330 per 10 shares, totaling RMB 15.97 billion; and BoCom proposed RMB 0.168 per share, totaling RMB 14.85 billion. Based on closing prices on August 28, interim dividend yields for the six banks ranged from 3.64% to 4.57%, with BoCom at approximately 4.57% and PSBC at about 4.37%.

Beyond the six major banks, 11 other A-share listed banks, including Ping An Bank, China CITIC Bank, Bank of Shanghai, and Shanghai Rural Commercial Bank, also released interim profit distribution plans, with combined proposed payouts of about RMB 32.42 billion. Shanghai Rural Commercial Bank, Bank of Shanghai, Jiangyin Bank, China CITIC Bank, and Bank of Chengdu all exceeded a 30% payout ratio, with Shanghai Rural Commercial Bank the highest at 34.07%. China CITIC Bank had the largest total payout at RMB 11.30 billion. Bank of Chengdu initiated its first interim dividend since listing. The number of A-share listed banks participating in interim dividends expanded to 31 in 2026 from 24 in 2025.

Regarding net interest margins (NIM), the six major banks reported first-half 2026 NIMs as follows: PSBC 1.63%, CCB 1.37%, ICBC 1.29%, ABC 1.28%, BOC 1.27%, and BoCom 1.23%. Compared with full-year 2025, the pattern was "four up, one flat, one down." CCB and BoCom each rose 3 basis points, ICBC and BOC each rose 1 basis point, ABC was flat, and PSBC declined but remained the highest among the six. Deposit repricing and liability cost reduction were the main drivers of NIM stabilization. BoCom's deposit cost rate fell to 1.49% in the first half, down 36 basis points from the same period in 2025; CCB's domestic time deposit interest rate was 1.66%, down 34 basis points from the start of the year.

As of the end of June 2026, the six major banks' total assets reached RMB 231.72 trillion, an increase of over RMB 11 trillion from the beginning of the year. ICBC's total assets stood at RMB 57.07 trillion, up nearly RMB 3.6 trillion from end-2025; ABC grew by RMB 2.27 trillion to RMB 51.06 trillion; BOC, CCB, and PSBC each added more than RMB 1 trillion; and BoCom increased by RMB 700 billion to RMB 16.26 trillion. In terms of credit, the six banks' combined loans and advances totaled approximately RMB 130.86 trillion, with the ratio to total assets slightly higher than at end-2025. ICBC's manufacturing loans exceeded RMB 5.8 trillion, and loans to technology firms reached RMB 3 trillion. CCB's manufacturing loans surpassed RMB 4 trillion, growing 17.95%, while its personal consumption loans stood at RMB 781.8 billion.