息差企稳与成本改善支撑盈利，农行上半年大口径融资增量超3万亿元

<div><!--StartFragment--> <p>8<span>月</span><span style="font-family: Calibri;">28</span><span>日，中国农业银行发布</span><span style="font-family: Calibri;">2026</span><span>年中期业绩报告。</span></p> <p><span>数据显示，农行资产规模突破</span>50<span>万亿元关口，营业收入与净利润增速较一季度进一步加快。</span></p> <p><span>截至今年</span>6<span>月末，农行总资产达</span><span style="font-family: Calibri;">51.06</span><span>万亿元，较年初新增</span><span style="font-family: Calibri;">2.27</span><span>万亿元，增速为</span><span style="font-family: Calibri;">4.7%</span><span>。在资产扩张的支撑下，上半年农行实现营业收入</span><span style="font-family: Calibri;">4,111</span><span>亿元，同比增长</span><span style="font-family: Calibri;">11.2%</span><span>；</span></p> <p><span>净利润</span>1,481<span>亿元，同比增长</span><span style="font-family: Calibri;">5.8%</span><span>；</span></p> <p><span>两项指标增速分别较今年一季度提升</span>0.7<span>个和</span><span style="font-family: Calibri;">1</span><span>个百分点。</span></p> <p><strong><span>受负债端成本改善影响，农行净息差呈现企稳迹象。</span></strong></p> <p><strong><span>上半年其净息差录得</span>1.28%<span>，较一季度回升</span><span style="font-family: Calibri;">2</span><span>个基点</span></strong><strong><span>，</span></strong><strong><span>带动利息净收入达到</span>3,122<span>亿元，同比增长</span><span style="font-family: Calibri;">10.5%</span><span>。</span></strong></p> <p><span>从负债端看，全口径客户存款余额</span>40.86<span>万亿元，存款付息率较上年末下降</span><span style="font-family: Calibri;">21</span><span>个基点至</span><span style="font-family: Calibri;">1.13%</span><span>，资金成本降幅支撑了利差的阶段性改善。</span></p> <p><span>信贷投放与融资供给保持既定节奏。</span></p> <p><span>上半年农行大口径融资增量达到</span>3.2<span>万亿元</span><span>，较上年同期多增约</span><span style="font-family: Calibri;">0.8</span><span>万亿元；</span></p> <p><span>其中，贷款新增</span>1.69<span>万亿元，总额达</span><span style="font-family: Calibri;">28.82</span><span>万亿元；债券投资新增</span><span style="font-family: Calibri;">1.52</span><span>万亿元，总额升至</span><span style="font-family: Calibri;">17.37</span><span>万亿元，债券配置增量接近信贷投放规模。</span></p> <p><span>在信贷结构分布上，县域与重点领域构成了主要增量来源。</span></p> <p><span>县域贷款余额达</span>11.9<span>万亿元，新增</span><span style="font-family: Calibri;">9,815</span><span>亿元，占境内贷款比重提升至</span><span style="font-family: Calibri;">41.9%</span><span>。</span></p> <p><span>其中，粮食和重要农产品保供相关贷款增速为</span>20.3%<span>。在实体领域，科技型企业、科技型中小企业贷款增速分别为</span><span style="font-family: Calibri;">24%</span><span>和</span><span style="font-family: Calibri;">29%</span><span>，绿色贷款与普惠贷款余额分别升至</span><span style="font-family: Calibri;">6.53</span><span>万亿元和</span><span style="font-family: Calibri;">4.88</span><span>万亿元。</span></p> <p><span>零售与财富管理业务维持既有规模。</span></p> <p><span>目前农行个人客户数为</span>9.05<span>亿户，个人客户管理资产（</span><span style="font-family: Calibri;">AUM</span><span>）达到</span><span style="font-family: Calibri;">25.7</span><span>万亿元；手机银行月活客户数（</span><span style="font-family: Calibri;">MAU</span><span>）超</span><span style="font-family: Calibri;">2.82</span><span>亿户。</span></p> <p><span>受代销保险及基金等业务拉动，其净值型理财产品余额增至</span>1.99<span>万亿元，同比增长</span><span style="font-family: Calibri;">13.6%</span><span>。</span></p> <p><span>此外，农行</span><span>资产质量相关指标</span><span>亦</span><span>保持稳定。</span></p> <p><span>截至</span>6<span>月末，农行不良贷款率为</span><span style="font-family: Calibri;">1.25%</span><span>，较年初下降</span><span style="font-family: Calibri;">2</span><span>个基点；关注类贷款率与逾期贷款率分别为</span><span style="font-family: Calibri;">1.38%</span><span>和</span><span style="font-family: Calibri;">1.24%</span><span>，均较年初下降</span><span style="font-family: Calibri;">1</span><span>个基点。风险抵补方面，拨备覆盖率为</span><span style="font-family: Calibri;">290.10%</span><span>，贷款拨备余额为</span><span style="font-family: Calibri;">1.04</span><span>万亿元。</span></p> <p><span>基于上半年的经营业绩，农行董事会建议将现金分红比例提升至</span>31%<span>，派发</span><span style="font-family: Calibri;">2026</span><span>年度中期股息每</span><span style="font-family: Calibri;">10</span><span>股</span><span style="font-family: Calibri;">1.297</span><span>元（含税），现金分红总额为</span><span style="font-family: Calibri;">453.93</span><span>亿元。</span></p> <!--EndFragment--></div><div style="color: #666; margin-bottom: 15px;">风险提示及免责条款</div> <div> 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资，责任自负。 </div>