China Construction Bank (CCB) earns most of its operating income from net interest income: interest earned on loans and investments minus interest paid on deposits and other funding. Fees and other non-interest income add to that core stream. Investors should read income growth alongside margins, balance-sheet growth, credit costs, asset quality, capital, expenses and shareholder distributions—not treat revenue growth alone as proof of durable profit growth.
How CCB makes money
A bank’s net interest income depends on both the size of its interest-earning assets and the difference between what those assets earn and what its funding costs. For CCB, that means looking beyond loan growth: investment balances, asset yields, deposit costs and funding mix also affect the result. Net interest margin (NIM) is a measure of that spread relative to interest-earning assets, while net interest income is the actual amount earned after interest expense.
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CCB’s audited 2025 statement of accounts reported RMB 1,153.262 billion in interest income and RMB 580.488 billion in interest expense, leaving RMB 572.774 billion in net interest income. The comparable 2024 net interest income was RMB 589.882 billion. CCB’s 2025 annual report gave a full-year NIM of 1.34%. These figures show why a margin and the amount of net interest income should be considered together: a narrow margin can still generate substantial income across a large balance sheet, and changing balances can influence income even when the margin moves only modestly.
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For the six months ended 30 June 2026, CCB reported RMB 310.958 billion in net interest income, up 8.46% year over year. Its NIM was 1.37%, up 3 basis points year over year and 1 basis point from the first quarter. CCB also reported a customer deposit interest rate of 1.11%, down 29 basis points year over year. The reported growth is an outcome; the figures alone do not isolate how much came from loan and investment volumes, asset yields, lower deposit costs or changes in funding mix.
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Fees and other non-interest income
CCB reported RMB 115.375 billion in net non-interest income for the first half of 2026, up 16.31% year over year. Within that total, net fee and commission income was RMB 64.289 billion. CCB attributed fee growth mainly to wealth-management and consumer-finance products and stronger comprehensive service capabilities. The bank’s 2025 annual report said full-year net fee and commission income increased 5.13%.
Non-interest income is not a single uniform source of earnings. In its audited 2025 statement, CCB reported RMB 110.307 billion in net fee and commission income, RMB 3.933 billion in net trading gains, RMB 17.068 billion in net gains from investment securities, and RMB 17.593 billion in gains on derecognition of amortised-cost financial assets. These lines can differ in recurrence and risk; investors should not assume that a gain from securities or asset derecognition will recur at the same rate as fees.
What the latest reported figures show
The periods below are not directly interchangeable: 2025 figures cover the full year, while first-half 2026 income and profit figures cover six months. Interim return ratios are annualized by CCB.
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| Measure | 2025 full year | Six months ended 30 June 2026 |
|---|---|---|
| Net interest income | RMB 572.774 billion; CCB audited statement of accounts | RMB 310.958 billion, up 8.46% year over year; CCB interim-results release |
| Net interest margin | 1.34%; CCB annual report | 1.37%, up 3 basis points year over year; CCB interim-results release |
| Net non-interest income | not stated as a directly comparable figure in the cited 2025 audited statement lines | RMB 115.375 billion, up 16.31% year over year; CCB interim-results release |
| Operating income | RMB 740.871 billion; CCB audited statement of accounts | RMB 426.333 billion, up 10.48% year over year; CCB interim-results release |
| Net profit | RMB 339.790 billion; CCB audited statement of accounts | RMB 171.677 billion, up 5.56% year over year; CCB interim-results release |
| Credit impairment losses | RMB 133.317 billion, compared with RMB 120.700 billion in 2024; CCB audited statement of accounts | not stated in the cited interim-results figures |
What investors should check
1. Read margin, income and balance growth together
Compare net interest income and NIM with the size and composition of the balance sheet. At 30 June 2026, CCB reported net loans of RMB 28.44 trillion, up 5.62% from year-end 2025; financial investments of RMB 13.99 trillion, up 8.48%; and customer deposits of RMB 31.82 trillion, up 3.19%. The bank said current deposits made up more than 40% of deposits. These balances help describe the setting for income growth, but growth in balances by itself does not establish that income growth will persist. Also watch deposit pricing and mix: lower funding costs can support the spread, while shifts toward more expensive funding can work in the opposite direction.
2. Look beyond the headline non-performing-loan ratio
At 30 June 2026, CCB reported a non-performing-loan (NPL) ratio of 1.29%, down 0.02 percentage points from year-end 2025, and an allowance-to-NPL ratio of 238.69%, up 5.54 points. For year-end 2025, the annual report gave an NPL ratio of 1.31% and an allowance-to-NPL ratio of 233.15%. The 2025 audited accounts also show credit impairment losses of RMB 133.317 billion, versus RMB 120.700 billion in 2024.
Use those measures together rather than treating reserve coverage as a forecast of future losses. Check the direction of credit impairment costs, overdue and restructured exposures, and loan categories in later disclosures. A stable or improving NPL ratio does not, on its own, establish that credit costs will remain low.
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3. Put capital and returns in context
At 30 June 2026, CCB reported a total capital adequacy ratio of 19.42% and a core tier-1 capital adequacy ratio of 14.24%. At year-end 2025, the annual report gave corresponding figures of 19.69% and 14.63%. CCB reported first-half 2026 annualized return on assets of 0.74% and weighted average return on net assets of 9.52%; its full-year 2025 figures were 0.79% and 10.04%, respectively. Because the reporting periods differ—and the interim return measures are annualized—these are not like-for-like performance periods.
For a fuller read, consider capital alongside risk-weighted asset growth, profit retained in the business, distributions and changes in the balance sheet. Return ratios describe profitability relative to assets or equity; capital ratios describe a different aspect of financial capacity.
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4. Trace revenue through costs to profit
For the first half of 2026, operating income rose 10.48% year over year to RMB 426.333 billion, while net profit increased 5.56% to RMB 171.677 billion. CCB’s interim cost-to-income ratio was 22.17%. In 2025, operating income rose 1.69% and net profit rose 1.04%, according to CCB’s annual report. The audited accounts report full-year operating income of RMB 740.871 billion, expenses of RMB 227.225 billion and credit impairment losses of RMB 133.317 billion.
The gap between income growth and profit growth is a reason to follow expenses, impairment charges and other items below operating income. Revenue growth does not flow through to net profit one-for-one.
5. Confirm the status of any dividend
CCB’s 2026 interim-results release said the board proposed a cash dividend of RMB 2.010 per 10 common shares, totaling about RMB 52.582 billion. The release gave a proposed payout ratio of 31.0%, compared with 30.0% in 2025, and said the proposal would be submitted to a shareholders’ meeting for deliberation. That release establishes a proposal, not approval or payment; subsequent approval and payment announcements are needed to confirm completion.
Quick Recap
How to make the comparison useful
- Compare the same reporting period and the same definitions when assessing changes over time or comparing banks.
- Keep six-month income and profit amounts distinct from full-year amounts; do not treat them as equivalent periods.
- Check whether return measures are annualized, as CCB’s first-half 2026 return ratios are.
- Separate net interest income and fee income from trading, securities and derecognition gains when assessing the income mix.
- Use company-reported results to understand CCB’s reported performance, not as a standalone forecast, share-price valuation or conclusion about whether the shares are attractive.
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