With the conclusion of mid-2025 earnings disclosures, 12 national joint-stock banks have delivered their first-half performance reports. Key indicators spanning asset scale, profitability, revenue structure, and asset quality reflect the industry's development trajectory under current economic conditions—asset scales maintain growth but show clear differentiation, net interest income faces broad pressure, fee-based business income shows sluggish growth, while asset quality remains generally stable despite fluctuations in provision coverage ratios.

**Universal Positive Asset Growth, Divergent Profit Performance**

During the first half of 2025, most joint-stock banks continued expanding their asset scales. China Merchants Bank recorded total assets of 12.66 trillion yuan, representing a 9.35% increase from year-end. CITIC Bank's total assets reached 9.85 trillion yuan, up 8.28% from year-end, while Hengfeng Bank's total assets grew 9.61% to 1.56 trillion yuan. Industrial Bank achieved total assets of 10.61 trillion yuan, Shanghai Pudong Development Bank reached 9.65 trillion yuan, and MINSHENG BANK attained 7.77 trillion yuan, with these institutions maintaining positive asset growth at rates mostly ranging between 2%-5%.

Regarding revenue performance, MINSHENG BANK achieved revenue growth of 7.83% year-on-year, CBHB recorded revenue growth of 8.14% year-on-year, and Shanghai Pudong Development Bank posted revenue growth of 2.62% year-on-year, all achieving positive growth. For net profits, seven banks realized positive growth, with Hengfeng Bank leading at 12.47% year-on-year growth, followed by Shanghai Pudong Development Bank at 9.41% year-on-year growth, and CBHB at 3.60% year-on-year growth.

**Significant Net Interest Margin Pressure, Investment Gains Provide Crucial Supplement**

Affected by declining Loan Prime Rate (LPR) and intensified asset pricing competition, most banks experienced year-on-year decreases in net interest income. China Everbright Bank's net interest income fell 5.57% year-on-year, Ping An Bank declined 9.33% year-on-year, and Zheshang Bank dropped 2.52% year-on-year. Only China Merchants Bank, MINSHENG BANK, and Shanghai Pudong Development Bank achieved modest increases in net interest income of 1.57%, 1.28%, and 0.45% year-on-year, respectively.

Regarding fee-based business income, most banks experienced negative growth in net fee and commission income. CBHB's net fee and commission income declined 31.26% year-on-year, while Zheshang Bank fell 17.64% year-on-year. A few banks including CITIC Bank and Industrial Bank achieved positive growth with increases of 3.38% and 2.59% year-on-year, respectively.

Against the backdrop of market interest rate volatility and increased trading opportunities, multiple banks recorded substantial growth in investment gains. China Everbright Bank's investment income surged 33.41% year-on-year, Shanghai Pudong Development Bank increased 15.91% year-on-year, and Zheshang Bank rose 16.51% year-on-year, partially offsetting the impact of declining interest income.

**Generally Stable Asset Quality with Fluctuating Provision Coverage Ratios**

Regarding non-performing loan (NPL) ratios, most banks maintained stability or achieved slight improvements: China Merchants Bank's NPL ratio stood at 0.93%, Ping An Bank at 1.05%, and CITIC Bank at 1.16%, representing relatively low levels with improvements. Shanghai Pudong Development Bank's NPL ratio of 1.31% and Zheshang Bank's ratio of 1.36% also declined. MINSHENG BANK recorded an NPL ratio of 1.48% while CBHB reported 1.81%.

For provision coverage ratios, Shanghai Pudong Development Bank's ratio of 193.97% and CBHB's ratio of 159.70% showed improvements, while China Merchants Bank's ratio of 410.93% and Ping An Bank's ratio of 238.48% experienced declines.