On the evening of 22 april, the 30-year-old nanjing bank (601009. Sh), a company, presented two annual and quarterly reports for 2025。
The annual report shows that the bank's total assets last year were $302 trillion, an increase of 16. 61 per cent over the same year, and that the fifth city comptoir, with its size, surpassed $3 trillion. On the profit side, the two core indicators showed a double growth pattern, with business income of 55,542 million yuan over the past year, an increase of 10. 48 per cent over the same period, and net profit of 21,807 million yuan over the same period。
Thanks to the good foundations laid in 2025, the nanjing bank's performance during the first quarter was also impressive。
During the reporting period, there was a steady increase in size, with total assets exceeding 3. 2 trillion in the first quarter, an increase of 18,5065 billion yuan compared with the beginning of the year; income from operations of 16,111 million yuan, an increase of 13. 54 per cent over the same period; and net earnings to mothers of 6. 60 billion yuan, an increase of 8. 05 per cent over the same period。
In addition, the nanjing bank simultaneously published a profit distribution programme for 2025, which proposes a profit of $22295 (including taxes) for every 10 shares and a total profit of $2,756 million (including taxes). Added to the medium-term distribution of dividends, the bank accumulated $6,542 million in dividends throughout 2025, which represented 31. 60 per cent of the net return to the mother。
On 23 april, the nanjing bank rose by 2. 43 per cent on a single-day basis and was at the top of the bank's stock, at $11. 79/unit, with a total market value of $14. 58 billion。
Net interest income as a percentage jump
The nanjing bank was established in 1996 as the nanjing urban cooperative bank, which was formed by 39 former municipal credit unions and credit unions in nanjing. The international finance corporation (ifc) and bnp paribas were introduced into the stock market in 2001 and 2005, and were successfully listed on the shanghai exchange in 2007 as the first listed bank in the national city comptoir。
In its development history, nanjing bank is known as the king of bonds. In 1997, the bank was among the pioneers in entering the interbank bond market. In 2002, nanjing banks reached market-led levels of transactions in spot purchases and purchases of bonds, which exceeded even the sum of four large banks on the market at the time, laying down their leading position in the bond market。
This reliance on bond transactions is directly reflected in the profitable structure of the bank. From 2021 to 2024, the share of the bank's non-interest income rose from 33. 77 per cent to 47. 04 per cent. This is particularly the case in trade-like banks that are generally highly dependent on net interest income。
However, the continued upward trend in interest-bearing income of nanjing bank was broken in 2025。
The annual report shows that the bank's non-interest income reached $20. 640 billion last year, a decrease of $3. 006 billion compared with the end of the previous year, a decrease of 12. 71 per cent over the same period, and a significant decline of nearly 10 percentage points to 37. 16 per cent in the share of total revenue。
Of these, fair-value gains and losses, which were affected by last year's bond market fluctuations, went from a profit of $7. 377 billion in 2024 to a loss of $2,512 million, a sharp decline of 13. 05 per cent over the same period, which is a direct drag of nearly $10 billion. Even though net investment earnings and fees and commissions increased significantly by 34. 74 per cent and 62. 17 per cent, respectively, over the previous year, the decline in non-interest income remained irreversible。
In retrospect, the net interest income reached $34,902 million last year, a significant increase of 31. 08 per cent over the same period and a rare rise to 62. 84 per cent in the share of total revenue, which has increased the support for the overall profit growth of the bank。
The significant increase in net interest income was largely the result of a double-digit increase in the size of the bank's interest-bearing assets over the past year and the structural optimization of the cost of liabilities. Specifically, in 2025, the average balance of the bank's interest-bearing assets was 2. 42 trillion yuan, an increase of 21 per cent over the previous year's $19. 9 trillion, leading to an increase in interest income from 9. 20 per cent to 86,851 million yuan over the previous year; and in 2025, the bank's interest-paying liabilities averaged 1. 99 per cent, a decrease of 0. 37 per cent over the end of the previous year, further contributing to a decrease of 1. 81 per cent in interest expenditure。
In addition, the trend towards profitable restructuring of nanjing bank continued in 2026. The quarterly reports show that, as at the end of march 2026, the net interest income of nanjing banks had reached 67. 09 per cent of operating income, while the share of non-interest income had been further reduced to 32. 91 per cent。
It is noteworthy that behind the change in the profitability structure of the bank is not just a passive adjustment resulting from market turbulence, but also the transformation of the bank's business strategy。
In april of last year, nanjing bank released a bulletin on the nanjing bank gmbh valuation upgrading and upgrading efficiency-effort plan, which mentions the need to unleash the transformative dynamism around a strategic vision; focus on high-quality development to build values to create new dynamic energy; and secure development barriers to protect high-quality development。
In other words, it is to boost credit operations and to shift more resources towards the real economy, such as technology and inclusion, while creating more profit openings and strengthening risk compliance management。
The effectiveness of this scheme has been demonstrated in terms of credit lending. In the past year, bank of nanjing loans totalled $14. 2 trillion, an increase of $16,958 million, or 13. 37 per cent, compared with the end of the previous year, of which science and technology, green and inclusive loans increased by 19. 49 per cent, 30. 08 per cent and 17. 46 per cent, respectively。
The other side of profit-making is the pressure gradually highlighted by nanjing bank in terms of asset quality, capital replenishment and compliance。
In terms of asset quality, the bank's non-performing lending rate in 2025 was 0. 83 per cent, the same level as in the previous year and has remained below 1 per cent for the long term. In recent years, there has been a marked decline in the provision of coverage, from a peak of 462. 68 per cent at the end of 2018 to 313. 62 per cent in 2025. Although it remains at a good level, risk resilience has diminished。
At the same time, the bank's core-level capital adequacy rate has declined for the fourth consecutive year, with increasing pressure on capital replenishment. In 2021-2025, 10. 16%, 9. 73%, 9. 39%, 9. 36% and 9. 35% respectively. The contraction last year was largely due to the fact that the nanjing bank was able to contain the decline by completing 20 billion yuan in advance of the transferable market share, with 99. 98 per cent of the transfer rate and the timely replenishment of core-level capital。
