147 A-share firms distribute 34.8 billion yuan pre-holiday, three banks account for over 10.5 billion

Ahead of the National Day holiday, the A-share market is experiencing a concentrated wave of dividend distributions.

According to Wind data, among listed companies with record dates falling between September 21 and September 30, a total of 147 firms will implement cash dividends, with cumulative distributions totaling approximately 34.8 billion yuan.

Financial institutions, particularly banks, are playing a dominant role in this round of payouts.

Banks Lead with Over 10.5 Billion Yuan in Combined Distributions

Ping An Bank, Hangzhou Bank, and Shanghai Rural Commercial Bank each distributed mid-term dividends exceeding 2 billion yuan, with some surpassing 4 billion yuan. Together, these three banks paid out more than 10.5 billion yuan, accounting for roughly 30% of the total dividends from the 147 companies. This has been described as a "landmark event" for domestic listed companies.

An increasing number of banks are initiating mid-term dividend distributions, a significant development for investors.

Mid-Term Bank Dividends Expected to Exceed 250 Billion Yuan

Since the beginning of this year, more than 20 listed banks have announced mid-term dividend plans (some yet to be implemented), with total payouts projected to exceed 250 billion yuan.

• The six largest state-owned banks have raised their mid-term dividend payout ratios from 30% to 31%.
• China CITIC Bank became the first joint-stock bank to surpass 10 billion yuan in mid-term dividends, with a payout of 11.296 billion yuan.

Among banks that have already disclosed dividend plans, Shanghai Bank, Ping An Bank, and Bank of Beijing all offer annualized dividend yields exceeding 5%.

Ping An Bank: The Most Generous Pre-Holiday Payer

Ping An Bank stands out as the most generous dividend payer ahead of the holiday.

• Record date: September 23
• Ex-dividend date: September 24
• Total shares: 19.406 billion
• Dividend per 10 shares: 2.49 yuan (including tax)
• Total semi-annual dividend: 4.832 billion yuan
• No bonus shares or capital reserve capitalization

As of the close on September 18, the bank's trailing twelve-month (TTM) dividend yield reached 5.21%.

The stable dividend is backed by improving fundamentals. In the first half of the year, Ping An Bank reported net profit attributable to shareholders of 25.696 billion yuan, a year-on-year increase of 3.3%, with both revenue and net profit returning to positive growth. Its net interest margin stabilized at 1.80%, up 2 basis points from the full-year 2023 level, ending a period of continuous decline. With earnings recovering and risks under control, the bank continues to distribute mid-term dividends to reward shareholders.

Hangzhou Bank: Leading City Commercial Banks in Dividends

• Total shares: 7.249 billion
• Dividend per 10 shares: 4.6 yuan (including tax)
• Total dividend: 3.335 billion yuan
• Payout ratio: Approximately 26.02% of attributable net profit
• Year-on-year growth in mid-term dividend: 21.05%
• Record date: September 24
• Ex-dividend and payment date: September 28

In the first half of the year, Hangzhou Bank achieved attributable net profit of 12.813 billion yuan, up 9.87% year-on-year, with a dividend yield exceeding 4%. The bank's strong performance in recent years, coupled with signs of a bottoming-out and recovery in net interest margins, has reinforced its earnings resilience. This robust operational performance underpinned the bank's confidence to increase its mid-term dividend by more than 20% compared to the same period last year.

Shanghai Rural Commercial Bank: A Rare Three-Year Streak of Mid-Term Dividends

Shanghai Rural Commercial Bank has implemented mid-term dividends for three consecutive years, a rare achievement among rural commercial banks.

• Total shares: Approximately 9.644 billion
• Dividend per 10 shares: 2.499 yuan (including tax)
• Total dividend: 2.41 billion yuan
• Mid-term payout ratio: 34.07%
• Record date: September 23
• Ex-dividend date: September 24
• Dividend yield: Also exceeding 4%

As a leading rural commercial bank in Shanghai, the bank saw its first-half revenue growth turn from negative to positive, with total loans increasing 3.48% year-on-year and retail financial assets under management (AUM) rising by over 31.4 billion yuan from the start of the year. Despite ongoing pressure on net interest margins in the industry, the bank's overall operations remain stable. Its ability to deliver mid-term dividends for three consecutive years reflects a strong commitment to rewarding shareholders.

Outlook: Banks Remain the Mainstay of Mid-Term Dividends

Driven by both earnings resilience and policy encouragement, banks continue to be the primary force behind mid-term dividend distributions. For investors focused on dividend returns, bank stocks remain a key area of attention.