Zhejiang Shaoxing Ruifeng Rural Commercial Bank (601528.SH) has become the first A-share listed bank to distribute an interim dividend this year, with a payout of RMB 0.10 per share (tax-inclusive), totaling RMB 196 million, representing 21.85% of its first-half net profit attributable to shareholders.

As of September 11, a total of 20 A-share listed banks have disclosed or implemented their 2026 interim profit distribution plans, with a combined intended payout of RMB 266.113 billion. Beyond the first mover, China Minsheng Bank and Shanghai Rural Commercial Bank have also entered the implementation phase, with dividend payment dates scheduled for September 15 and September 24, respectively.

Industry analysts note that the growing wave of interim dividend plans, coupled with the collective increase in payout ratios by major state-owned banks, signals a systematic upgrade in shareholder return mechanisms across the banking sector. These moves align with regulatory encouragement for higher dividend frequency, while also reflecting the robust profitability and capital adequacy of leading banks.

Ruifeng Bank's Milestone Interim Dividend
This marks the first interim dividend since the bank's listing in 2021. In March, the board approved a "Valuation Enhancement Plan" aimed at boosting shareholder returns by increasing dividend frequency and amounts. In April, senior management, including the chairman and president, voluntarily increased their shareholdings by 2.5 million shares, totaling RMB 12.06 million, completed in late June. The bank's dividend history shows steady growth, from RMB 1.8 per 10 shares in 2021 to RMB 2.1 proposed for 2025, achieving five consecutive years of rising total cash dividends at RMB 1.852 billion.

However, the bank's dividend amount ranks last among the 20 banks disclosed so far. In the first half, revenue declined 1.96% year-on-year to RMB 2.214 billion, while net profit attributable to shareholders edged up 0.94% to RMB 898 million. The revenue dip stemmed from a 47.06% drop in investment income due to reduced gains from bond sales. Net interest income grew 12.04% to RMB 1.757 billion, but non-interest income fell 33.77% to RMB 457 million. Asset quality showed slight weakening, with the non-performing loan ratio at 1.09% and the provision coverage ratio at 308.70%, while the net interest margin stabilized at 1.49%.

20 Listed Banks to Distribute Over RMB 266 Billion
Beyond those with confirmed plans, major lenders including China Merchants Bank, Industrial Bank, and Bank of Nanjing have also announced intentions to implement interim dividends in their half-year reports, though amounts have yet to be finalized. Payment schedules vary, with China Minsheng Bank distributing RMB 5.166 billion and Shanghai Rural Commercial Bank paying RMB 2.41 billion in September. In contrast, the big state-owned banks typically distribute dividends between December and January due to their larger capital bases and multi-listing structures.

This year marks a historic first: the six major state-owned banks have collectively raised their interim cash dividend payout ratio from 30% to 31%, with combined planned distributions of RMB 220.989 billion. ICBC leads with RMB 53.853 billion, while China Construction Bank follows with RMB 52.582 billion, posting the largest increase of RMB 3.977 billion. Agricultural Bank of China and Bank of China plan to pay RMB 45.393 billion and RMB 38.343 billion respectively, with both Postal Savings Bank and Bank of Communications exceeding RMB 10 billion each.

Among joint-stock banks, China CITIC Bank proposed RMB 2.03 per 10 shares, totaling RMB 11.296 billion at a 32.09% payout ratio, while China Minsheng Bank, Ping An Bank, and China Everbright Bank plan distributions of RMB 5.166 billion, RMB 4.832 billion, and RMB 4.786 billion respectively. City commercial banks are expanding their presence, with Bank of Shanghai, Bank of Hangzhou, Bank of Beijing, and Bank of Chengdu all initiating their first-ever interim dividends.

Not all high-performing banks have joined the trend, however. Changshu Bank, which reported impressive first-half growth with revenue up 6.05% and net profit up 10.64%, has yet to announce its interim plan despite board authorization, maintaining its historically conservative payout ratio of 21.21% for 2025. In response to investor queries on the exchange's interactive platform, the bank's secretary reiterated its commitment to a stable and sustainable dividend policy balancing immediate returns with long-term development.