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A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11China Construction Bank (CCB) earns most of its operating income from net interest income—the difference between interest it earns on loans and investments and interest it pays for deposits and other funding. Fees and other non-interest income add a second earnings stream. In the first half of 2026, both streams grew year over year, but operating income grew faster than net profit. Investors should therefore look beyond revenue growth to margins, balance-sheet growth, credit costs, expenses, capital, returns and the status of any proposed dividend.
How does CCB make money?
Net interest income: the spread between assets and funding
Net interest income is interest earned on assets, such as loans and financial investments, minus interest paid on deposits and other funding. It is CCB’s central earnings driver. The amount depends on more than loan growth: asset yields, the size and mix of interest-earning assets, deposit costs and the bank’s funding mix all matter.
CCB’s audited 2025 accounts report interest income of RMB 1,153.262 billion and interest expense of RMB 580.488 billion, producing net interest income of RMB 572.774 billion for the year. Net interest income was RMB 589.882 billion in 2024. CCB’s 2025 annual report gives a full-year net interest margin (NIM) of 1.34%. NIM measures the net interest earned relative to interest-earning assets; it is a useful spread indicator, but not a substitute for looking at the size and composition of the balance sheet.
Fees and other non-interest income
CCB also earns fees and commissions from services and products, alongside other non-interest items. For the first half of 2026, the bank reported net non-interest income of RMB 115.375 billion, up 16.31% year over year, including RMB 64.289 billion in net fee and commission income. CCB attributed fee growth mainly to wealth-management and consumer-finance products and stronger comprehensive service capabilities. That explanation is the bank’s characterization of its results.
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The audited 2025 accounts show why it is useful to separate fee income from other non-interest lines. For full-year 2025, net fee and commission income was RMB 110.307 billion; net trading gain was RMB 3.933 billion; net gain arising from investment securities was RMB 17.068 billion; and net gain on derecognition of amortised-cost financial assets was RMB 17.593 billion. These are different income sources, and investment-related or derecognition gains should not automatically be treated as recurring at the same rate as fees or interest income. CCB’s annual report says full-year net fee and commission income increased 5.13% in 2025.
What do CCB’s latest results show?
In its company-reported results for the six months ended 30 June 2026, CCB reported growth in both net interest and net non-interest income. The reported amounts and year-over-year changes are:
| Measure | First half of 2026 | Change from first half of 2025 |
|---|---|---|
| Net interest income | RMB 310.958 billion | Up 8.46% |
| Net non-interest income | RMB 115.375 billion | Up 16.31% |
| Net fee and commission income | RMB 64.289 billion | Not stated as a separate growth rate in the interim-results release |
| Operating income | RMB 426.333 billion | Up 10.48% |
| Net profit | RMB 171.677 billion | Up 5.56% |
The figures are six-month amounts, and the growth rates compare with the same six-month period a year earlier. The difference between operating-income growth and net-profit growth is a reminder that higher income does not flow through one-for-one to profit: expenses, credit impairment and other items also affect the result.
What should investors check?
1. Read NIM alongside lending, investment and deposit trends
For the first half of 2026, CCB reported a NIM of 1.37%, up 3 basis points year over year and 1 basis point from the first quarter. The bank also reported a deposit interest rate of 1.11%, down 29 basis points year over year. These movements provide context for interest earnings and funding costs; they do not, by themselves, identify how much each factor contributed to the change in net interest income.
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1Scan for outdated or missing drivers - takes under a minute2Clear out junk files and repair common Windows errors3Fix the driver behind crashes, sound loss and screen glitchesAt 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 release said current deposits made up more than 40% of deposits. When reviewing later results, compare asset growth and mix with deposit growth, deposit pricing and NIM. Larger balances can support interest income, but the quality and cost of funding matter too.
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 percentage points. For year-end 2025, the annual report gave an NPL ratio of 1.31% and an allowance-to-NPL ratio of 233.15%.
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Those ratios are snapshots, not guarantees of future credit costs. Compare them with credit impairment losses and disclosures on overdue or restructured loans and loan categories. CCB’s audited accounts report credit impairment losses of RMB 133.317 billion for 2025, compared with RMB 120.700 billion in 2024. A rising or falling NPL ratio alone does not explain the full cost of lending risk.
3. Compare income growth with expenses and impairment
For the first half of 2026, CCB reported a cost-to-income ratio of 22.17%. In its audited 2025 accounts, the bank reported annual operating income of RMB 740.871 billion, expenses of RMB 227.225 billion, credit impairment losses of RMB 133.317 billion and net profit of RMB 339.790 billion. These lines show why assessing earnings means examining what remains after operating expenses and credit losses, rather than treating revenue growth as equivalent to profit growth.
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4. Put capital and returns in period context
At 30 June 2026, CCB reported capital adequacy of 19.42% and core tier-1 capital adequacy of 14.24%. Its interim release gave annualized return on assets of 0.74% and weighted average return on net assets of 9.52%. For year-end 2025, the annual report gave total capital adequacy of 19.69% and CET1 capital adequacy of 14.63%, with return on assets of 0.79% and weighted average return on net assets of 10.04%.
The interim returns are annualized, while the 2025 figures cover a full year; they should not be read as a direct like-for-like performance comparison. Consider capital alongside risk-weighted-asset growth, profit retained in the business, distributions and changes in the balance sheet.
5. Check the status and terms of a dividend proposal
CCB’s 2026 interim-results release said its board proposed a cash dividend of RMB 2.010 per 10 common shares, totaling about RMB 52.582 billion. The stated payout ratio was 31.0%, compared with 30.0% in 2025. The release said the proposal would be submitted to a shareholders’ meeting for deliberation. It is a proposal as described in that release, not proof of approval or payment; check subsequent company announcements for its status.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to compare CCB’s results over time
- Compare the same reporting period with the same reporting period, and check whether a return ratio is annualized.
- Keep income, balance-sheet growth and credit costs in view together; a single margin or growth rate cannot explain the full result.
- Separate recurring interest and fee income from trading, securities and derecognition gains when considering whether an income mix may persist.
- For comparisons with other banks, confirm that accounting bases, ratio definitions and annualization conventions match.
The figures here describe results reported by CCB in its 2026 interim-results release, 2025 annual report and audited 2025 accounts. They do not establish a forecast or determine whether CCB shares are attractively valued.
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