The six major state-owned banks saw a rebound in intermediary business income in the second half of last year.

Reporter Peng Yan

According to the 2025 annual reports disclosed by the six state-owned commercial banks, intermediary business income (net fee and commission income) has all recorded year-on-year growth, showing a clear rebound trend.

Interviewed experts said that intermediary business income has the characteristics of being low-capital and resilient against the cycle. It is a key lever for banks to shift from “scale expansion” to “value growth.” Against the backdrop of net interest margins remaining at historical lows, the six state-owned commercial banks have all seen year-on-year growth in intermediary business income. This not only improves their own earnings resilience, but also helps the banking industry optimize its income structure and achieve high-quality development. In the future, as financial technology empowerment continues to deepen and banks’ integrated financial service capabilities keep improving, intermediary business income is expected to become the “second growth curve” for revenue expansion among state-owned banks.

Intermediary business income grows across the board

Intermediary business income has become an important engine for performance growth at state-owned banks. Judging by the contribution segments, wealth management businesses (including wealth management products, fund distribution, etc.) are the core segment; investment banking businesses, especially bond underwriting, have also become an important source of growth; and agency gold and other precious metals sales can, in certain market conditions, generate a significant boost to income.

Looking at the specifics, Agricultural Bank of China and Postal Savings Bank of China lead with growth rates of over 16%. Agricultural Bank of China recorded net fee and commission income of CNY 88.09B in 2025, up 16.6% year on year. Of this, commission income from agency business increased by 87.8%, mainly driven by the bank’s in-depth promotion of the wealth management business transformation, with higher income from wealth management products and fund distribution. Postal Savings Bank of China recorded net fee and commission income of CNY 29.36B in 2025, up 16.15% year on year. Of this, fee income from wealth management business was CNY 5.37B, up 35.99%; fee income from investment banking business was CNY 4.6B, up 38.52%. This was mainly supported by its “commercial bank + investment bank” coordinated operating model, under which income from syndicated loans, financial advisory, and other businesses grew rapidly.

In addition, related income at Industrial and Commercial Bank of China and Bank of Communications showed a mild rebound, while China Construction Bank and Bank of China maintained steady growth. Bank of Communications recorded net fee and commission income of CNY 38.18B in 2025, up 3.44% year on year, with growth in wealth management business driving a steady improvement in income from wealth management and fund distribution. Industrial and Commercial Bank of China recorded net fee and commission income of CNY 111.17B in 2025, up 1.6% year on year, mainly due to increases in income from agency gold and other precious metals, funds, wealth management, securities-related businesses, and so on.

China Construction Bank recorded net fee and commission income of CNY 110.31B in 2025, up 5.13% year on year. Of this, asset management business income was CNY 15.34B, up 78.78%, mainly driven by growth in wealth management product income and fund management fee income. Fee income from agency business was CNY 15.3B, up 6.19%, mainly driven by growth in income from fund distribution, bond underwriting, and other businesses. In 2025, Bank of China recorded net fee and commission income of CNY 82.24B, up 7.37% year on year.

Growth momentum will continue to be released

As for the core driving factors behind the rebound in intermediary business income of the six state-owned commercial banks, Xue Hongyan, a special researcher at the Jiangsu Business Bank Research Institute, told reporters from the Securities Daily that first, in 2025 the capital markets continued to improve; wealth management businesses benefited from this rebound and became an important engine for intermediary business income growth. Second, the impact of the previous policy of reducing fees and sharing benefits gradually stabilized, creating room for rebound growth in intermediary business. Finally, state-owned banks continued to intensify efforts in their traditional advantage areas, and businesses such as bills, custody, and others formed new momentum. In addition, the deepening of digital transformation, together with support from macro policies, jointly drove the recovery of intermediary business.

Yang Haiping, a researcher at the Shanghai Academy of Finance and Law, told reporters from the Securities Daily that against the backdrop of sustained pressure on interest margins, commercial banks generally treat expanding non-interest income as a strategic priority, and tilt resource input and performance appraisal accordingly, forming systematic support. In particular, this helps drive rapid growth in wealth management business.

Xue Hongyan further analyzed that under an industry backdrop of continued narrowing of interest margins, the supporting role of intermediary business income in bank profitability has become increasingly prominent. It has shifted from being supplemental income to an important pillar of the income structure. Looking long term, supported by its low-capital and high-stickiness characteristics, intermediary business will keep gaining momentum in areas such as wealth management, investment banking, and settlement and custody, helping banks transition to a more refined operating model centered on customers, driven by technology, and characterized by diversified lines of business. He believes that in the future, the core focus of competition in the banking industry will concentrate on wealth management capabilities, the depth of digital transformation, and customers’ comprehensive service capabilities, and that the share of intermediary business income will become a key indicator for measuring the effectiveness of a bank’s transformation.

Looking ahead to 2026, Xue Hongyan said that macroeconomic policy will continue to exert efforts, with coordinated support from fiscal and monetary policies for the real economy. At the same time, residents’ wealth allocation is accelerating its shift toward non-deposit financial assets, providing sustained momentum for growth in wealth management business. Banks themselves have also generally implemented plans to increase intermediary business income, focusing on developing low-capital, high-stickiness businesses. Against this backdrop, intermediary business income at the six state-owned commercial banks is expected to maintain a growth trend.

(Editor: Qian Xiaorui)

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