Bank of China H1 2026 Net Profit Attributable to Parent Reaches RMB 123.594 Billion, Up 5.1% YoY
Nashnova编辑部
Bank of China posted RMB 123.6 billion in H1 2026 net profit attributable to shareholders, up 5.1% year-on-year, with its net interest margin edging up 1 basis point to 1.27% — a rare bright spot in a falling-rate environment — though asset quality in its fast-growing policy-driven loan books remains the key test for H2.
What do the headline numbers actually say?
Operating income hit RMB 357.1 billion, up 8.41% YoY; net profit attributable to shareholders reached RMB 123.6 billion, up 5.1%. Revenue grew faster than profit. This means → some of the top-line gain was absorbed by provisions or taxes — the bank earned more but kept a slightly smaller share.
Net interest income — RMB 236.7 billion, up 10.2% — was the biggest growth engine. In plain terms = the bank's most traditional business, earning the spread between lending and deposit rates, was actually its fastest-growing line.
Basic EPS came in at RMB 0.36. The board proposed an interim dividend of RMB 1.190 per 10 shares (pre-tax).
How did the net interest margin rise in a rate-cutting cycle?
Net interest margin — the spread between what a bank charges borrowers and pays depositors — reached 1.27%, up 1 basis point YoY. This reflects pricing discipline on the asset side or cost optimization on the liability side, widening the spread while peers were squeezed.
The cost-to-income ratio fell to 23.43%, down 1.68 percentage points YoY. This means → for every RMB 100 earned, roughly RMB 1.7 less went to operating costs than a year ago. Efficiency improved.
ROA stood at 0.67%, ROE at 8.66% — within the normal band for a large state-owned bank. The numbers are solid, not spectacular. Whether the NIM uptick can continue is the core variable for H2 valuation.
Where did the lending go?
Domestic RMB loans grew by RMB 1.20 trillion from year-start, up 5.98%. Manufacturing loans rose 12%; private-enterprise loans rose 9%. This means → credit allocation is tilting toward "hard-tech plus private sector" within the real economy.
Inclusive-finance loan balance topped RMB 3.06 trillion, serving over 1.98 million clients. Authorized clients among national- and provincial-level "little giant" firms led the peer group. In plain terms = small, micro and innovative SMEs are the priority targets of this lending push.
Green loan balance (PBOC definition) grew 13.32% from year-start; green-bond underwriting volume stayed at the front of Chinese-bank peers. On consumer lending, subsidized-rate services reached over 1.66 million customers, supporting government policy to boost domestic consumption.
How far has the tech and digital push gone?
Tech-sector loans now exceed one-third of total corporate lending. This reflects a deliberate effort to brand tech-finance as the core pillar of the corporate book.
Mobile-banking monthly active users rose 6.86% YoY; digital-yuan spending volume maintained a market-leading position. In plain terms = user engagement is climbing, and the digital-yuan rollout is doubling as a traffic funnel for the bank.
Enterprise-annuity personal accounts and custody assets continued steady growth, advancing the pension-finance line.
What should investors watch in H2?
On the balance sheet: total assets reached RMB 40.19 trillion, up 4.77% from year-start; total liabilities hit RMB 36.95 trillion, up 5.11%. Liabilities grew slightly faster than assets. This means → leverage edged higher, and capital-adequacy trends will need monitoring.
Whether the NIM can keep rising is the central question. If the LPR is cut again in H2, the 1-basis-point gain could be reversed.
Inclusive, green and manufacturing loans are growing fast — but rapid growth in policy-driven books often comes with a lagged asset-quality test. In plain terms = the more aggressively a bank lends into these segments, the more important the NPL verification window becomes — and that is exactly what the market will scrutinize in the second half.
市场有风险，内容仅供研究参考，不构成投资建议。