As the 2026 interim reporting season draws to a close, listed banks have been rapidly finalizing their mid-year dividend plans. Based on bank announcements compiled by reporters, as of 12:00 noon on August 28, a total of 11 A-share listed banks, including Ping An Bank, China CITIC Bank, Bank of Shanghai, and Shanghai Rural Commercial Bank, have successively released their 2026 interim profit distribution plans. Together, they intend to distribute approximately 32.424 billion yuan in cash dividends, with several banks' total payouts exceeding 30% of their first-half net profits attributable to parent companies. Experts interviewed suggest that while the roster of banks conducting interim dividends is likely to expand further, there is limited room for a significant rise in payout ratios. Overall, banks are focusing more on increasing the frequency of dividends rather than unilaterally raising the proportional payout.

The new "National Nine Articles" policy introduced in 2024 explicitly called for enhancing the stability, sustainability, and predictability of dividends, promoting multiple dividends per year, advance dividends, and dividends before the Spring Festival. The implementation plan for encouraging medium and long-term funds to enter the market also underscored the importance of adhering to the policy of multiple annual dividends. In this context, the ranks of banks distributing dividends multiple times a year are growing, and the payout ratios are becoming increasingly substantial.

Among the disclosed interim dividend plans, five institutions—Shanghai Rural Commercial Bank, Bank of Shanghai, Jiangyin Bank, China CITIC Bank, and Bank of Chengdu—have all seen their payout ratios exceed 30%. Shanghai Rural Commercial Bank leads with the highest ratio, distributing 2.499 yuan per 10 shares (including tax), for a total dividend of 2.41 billion yuan. This amount accounts for 34.07% of the bank's consolidated net profit attributable to parent company shareholders in the first half of 2026, marking the third consecutive year it has implemented an interim dividend.

China CITIC Bank is the largest distributor and the first bank to surpass the 10 billion yuan threshold for interim dividends. It will pay shareholders a cash dividend of 2.03 yuan per 10 shares (including tax), totaling 11.296 billion yuan. This payout ratio is 30.04%, which also represents 32.09% of the bank's interim consolidated net profit attributable to ordinary shareholders, further elevating it to an all-time high compared to the previous year. Meanwhile, Bank of Chengdu has initiated its first-ever interim dividend since listing. Based on its total ordinary share capital of 4.238 billion shares, the bank will distribute a cash dividend of 4.89 yuan per 10 shares (including tax) to all ordinary shareholders, with a total cash dividend payout of 2.073 billion yuan (including tax), accounting for 30.02% of its net profit attributable to parent company ordinary shareholders in the first half of 2026.

Shao Hui, an assistant professor at Zhejiang University's International Business School (ZIBS), pointed out to reporters that the most direct benefit of interim dividends is shortening the return cycle for investors, allowing shareholders to realize gains earlier and enhancing the stability and predictability of returns. In the current low-interest-rate environment, the high-dividend nature of bank stocks is highly attractive to long-term funds such as insurance capital and pension funds. Implementing two dividend distributions a year helps improve the investor structure and stabilize valuations.

The dividend-paying roster is expected to continue expanding. Statistics released by the China Association for Public Companies show that, as of the end of 2025, 1,052 companies in China had implemented multiple dividends within a single year. Guided by the new "National Nine Articles," the model of combining annual and interim dividends has become a prevailing trend in the banking industry. During the recent spate of semi-annual performance briefings, several bank executives expressed their views on dividends, signaling to investors their commitment to delivering stable returns.

On August 28, Luo Jie, vice president and board secretary of Bank of Chengdu, stated at the semi-annual performance conference that the bank has incorporated a policy of maintaining an annual cash dividend ratio of no less than 30% into its corporate charter. The bank's first interim dividend this year fully demonstrates its sincerity and attitude in sharing development achievements with shareholders. On the same day, Industrial Bank held its 2026 semi-annual performance briefing, where its president, Chen Xinjian, said, "Over the past decade or more, we have consistently raised our dividend ratio, and we will continue this trend in the future." In May of this year, Industrial Bank's shareholders' meeting authorized the board to decide on an interim dividend plan with a payout ratio not exceeding one-third of profits. Li Yun, chief financial officer of Bank of Guiyang, also indicated that the bank will follow regulatory requirements and guidance, balancing robust business development with long-term investor returns. Under the premises of adhering to profit distribution principles and ensuring the bank's normal operations and sustainable development, the bank will conduct interim profit distribution when conditions permit, promptly sharing operating results with investors.

Looking ahead, Liu Youhua, research director at Paipaiwang Wealth, believes that the number of banks conducting interim dividends is likely to increase, driven by the demonstrative effect of major state-owned banks and joint-stock banks, ongoing policy guidance, and the growing demand from institutional investors for stable cash flows. Shao Hui also noted that the roster of banks providing interim dividends is highly likely to keep expanding. On one hand, major state-owned banks have already established a normalized pattern for interim dividends, with a 30% payout ratio generally serving as a benchmark; the trend of paying dividends twice a year is gradually extending from state-owned banks to joint-stock banks and urban commercial banks. Whether this trend can be sustained will depend on each bank's profitability and capital adequacy. However, for banks with stable operations and ample capital, normalizing interim dividends is the prevailing direction.

"Nevertheless, there is limited room for a substantial rise in payout ratios. Pressure from interest margins and moderate profit growth create fundamental constraints; banks need to retain profits to replenish capital, and smaller banks with weaker capital positions will find it difficult to raise their ratios," Liu Youhua added. "Overall, banks are more focused on increasing the frequency of dividends rather than unilaterally raising the proportional payout. This presents a pattern of 'acting within one's means and differentiated evolution'—capital-rich banks maintain higher ratios, while capital-constrained banks remain prudent."