I am Chen Zhonghua from Corporate Strategy and IR Department. Our ICBC's interim results have been released. We have been attaching great importance to IR management with dedication to frequent and effective communication with global investors, clients, and media friends. We keep in close touch. We especially value your long-term trust and your recognition for ICBC's value. Today's webcast is exactly the practice of our communication commitment and the exchange with markets. With this opportunity, we want to interpret deeply our highlights of operation and strategy of development. First of all, I'd like to introduce to you the members of senior management: President Mr. Liu Jun, SEVP Mr. Wang Jingwu, Zhang Weiwu, Yao Mingde, Zhang Shouchuan, Chief Business Officer Mr. Tianfeng Li, our directors Lu Yongzhen, Zhao Liqun, Dong Yang, Zhong Mantou, Herbert Walter, Chen Guanqing, Li Weiping, are also joining online. At the same time, we also have general managers from relevant departments. First, I'll give the floor to SEVP Mr. Yao Mingde to brief you on our interim results and the main character.
Thank you. Dear investors, analysts, and journalist friends, good evening. Welcome to ICBC 2025 interim results announcement. Thank you for your concerns and support for ICBC. Now, I'd like to report ICBC's 2025 interim results and the operation by half one. Guided by five transformations of intelligent risk control, modern layout, digital driver, diversified structure, and ecological foundation, ICBC promoted its own high-quality development while supporting the economy's continued recovery and positive momentum, staying focused on our strategy and capitalizing on our potential. The bank delivered solid interim results marked by steady progress. First, operating results growing steadily, demonstrating further enhanced development resilience.
Our total assets were RMB 52 trillion, loan exceeded RMB 30 trillion, up by RMB 1.8 trillion, due to customers, was nearly RMB 37 trillion, up by RMB 2.1 trillion, all leading the peers. Operating income was RMB 409.1 billion, up by 1.8%. The proportion of NII rose by 1.4 percentage points, steadily moving toward a more optimized income structure. PPOP was RMB 303.5 billion, up by 1.4%. Net profit reached RMB 168.8 billion, maintaining a leading position. ROA and ROE were 0.67% and 8.82%. Cost-to-income ratio 25.27%. A sound input-output efficiency. NIM was 1.3% decreased, continued to shrink. CAR was 19.54%. Provision coverage ratio 217.71%, further enhancing the bank's risk resistance. NPL ratio was 1.33%. Special mention loans accounted for 1.91%. A stable asset quality. Based on robust performance, we distributed RMB 109.8 billion cash dividend.
Based on average stock price of half one, the dividend yield for A shares and H shares is 4.44% and 6.16%. This year, we will continue to implement interim dividend with an expected amount of RMB 50.4 billion. Assets and liabilities growing steadily, and the quality and efficiency of services further improved. Loans grew by 6.4%. Fund investments increased by 10.2% due to customers, increased by 5.9%. Credit structure continued to be optimizing. Corporate loans increased by RMB 1.35 trillion, which are more targeted. We actually incentivized consumption with personal loans, maintaining rapid growth. We actually grasped market opportunities and enhanced our work in five key tasks. In technology finance, sci-tech loans total RMB 6 trillion, up by 20%. In green finance, green loans exceeded RMB 6 trillion, up by 16.4%, leading the peers. In pension finance, pensions and inclusive loans are up by 17.3%.
The customers are over 2 million. In pension finance, pension assets under management total RMB 5.4 trillion, up by 7.3%, serving 220 million customers over 55 years old. In digital finance, loans to core industries of digital economy were over RMB 1 trillion, up by 19.3%. The number of personal customers in mobile banking and users in ECNY continued to be market-leading. We adhere to major responsibilities in core business in the industry and professional characteristics in commerce, providing comprehensive financial solutions. Loan invested in the manufacturing industry totaled RMB 5.2 trillion, of which the long-term was RMB 2.4 trillion. Relending loans for equipment renewal was RMB 100 billion. We established a sci-tech finance innovation fund of RMB 80 billion. Corporate settlement business totaled RMB 1,016 trillion, with domestic branches international settlements of RMB 1.6 trillion, cross-border RMB business being RMB 5.1 trillion.
Third, the five transformations advanced solidly, further unleashing reform momentum. In half one, the bank accelerated its reform. The framework for the five transformations was continuously refined, with measures upgraded and results steadily emerging. Intelligent risk control, following the path of proactive prevention, smart control, and comprehensive management, we continuously improved the group's comprehensive risk management system, deepened the application of intelligent risk control transformation, effectively managing 9+ X risks. We enhanced risk control mechanisms and tools, assigning risk officers to first-line departments at Head Office, domestic branches, overseas institutions, and diversified subsidiaries, achieving full coverage of such officers in all second-tier branches. By end of June, the NPR ratio decreased by 0.01 percentage point, and provision coverage ratio increased by 2.8 percentage points, further strengthening risk resilience. Significant progress was made in risk management for key areas.
In modern layout, we focused on national strategies and financial capabilities, drove the efficient alignment of financial resources, business layouts, and development models with modernization, consolidating traditional strength in the old three pillars of corporate, retail, and technology. We accelerated the deployment in new tracks such as new financial infrastructure, new financial business, and serving new quality productive forces. Cross-border RMB clearing volume exceeded CNY 2.9 trillion. The number of direct SIPs participants increased to 77. Third-party payment buying drove CNY 84 trillion consumption. ICBC Treasury Services clients exceeded 13,000. Custody business scale reached CNY 29.9 trillion. Investment banking mega asset management business developed steadily. The mega wealth management platform was solidly built. Intelligent quantitative trading capabilities continued to improve. Personal client financial assets surpassed CNY 24 trillion, maintaining a leading position in market. The dominant position in wealth management was further consolidated.
Supporting high-level opening up, our international network reached 69 countries and regions with over 400 overseas institutions serving as RMB clearing bank in 12 countries focusing on the One Core Three Lives strategy. We spearheaded three multilateral platforms: BRICS Business Council, China-Europe Business Council BRBR, and two bilateral platforms: China-Germany Economic Advisory Committee and China-Spain Business Council. We diligently fulfilled our role as the Chinese chair of the BRICS Business Council, promoting stable and sustainable greater BRICS cooperation. We continue to build in the China-Europe Business Council, expanding membership to 110 companies covering 17 European countries. We deepened BRBR, expanding to 190 members and observers from 75 countries and regions. We successfully issued a multi-currency carbon-neutral themed offshore green bond, contributing financial strength to global economic cooperation and sustainable development. We will soon co-host the ASEAN Plus III Industrial and Supply Chain Connectivity Conference with the Ministry of Commerce.
Digital driver, we comprehensively deepened the digital ICBC initiative, strengthened technology and data support, and new quality productive forces. Forty-five three external platforms upgraded three internal platforms. Mobile banking MAU exceeded 265 million. ICBC eLife MAU reached 21.15 million. Open banking digital finance partner transaction volume reached RMB 249 trillion. Counter clearing platform branch coverage reached 86.5%. We launched the corporate marketing intelligent agent and created a new mobile banking model for personal marketing. Leveraging the smart brain for marketing, we reached 167 million customers, driving RMB 1.18 trillion in incremental client financial assets. Intelligent inquiry trading ratio in financial markets reached 96%. AI-assisted front, middle, and back offices in credit, serving over 20,000 credit professionals. User satisfaction reached 91%. In diversified structure, proactively responding to challenges like falling interest rate and narrowing NIM, we optimized structures to forge a new development pattern from multiple pillars and efficient synergy.
Business, product, and asset-liability structures were further optimized. The proportion of retail and inclusive loans increased by 5.3%. We coordinated the four major business sectors segments, continuously improving the internationalized and diversified management system. Overseas institutions, total assets reached $460 billion, generating pre-tax profits of $2.6 billion. We drove domestic diversified subsidiaries to focus on their core responsibilities and further enhance client service capabilities, value creation, and market competitiveness. Domestic diversified subsidiaries achieved a combined net profit of RMB 8.3 billion. In ecological foundation, we deepened the chain of capital, clients, service, and value. Client ecosystem building advanced branch transformation continued. The GBC plus 10,000 miles to our cap campaign yielded significant joint banking results. Focusing on 22 head office level GBC plus key scenarios, we drove the deposit growth of RMB 192.2 billion, see and reach of 4.59 million people, and payroll funding flows of RMB 608 billion.
Online and offline channels accelerated transformation. Average AUM per branch for personal clients reached RMB 1.53 billion. Corporate clients exceeded RMB 14 billion. Personal clients surpassed 770 million. Average financial assets per client and the proportion of young clients steadily increased. We built one-stop services, achieving million-level client acquisition and billion-level client activation. We integrated ESG and sustainable development concepts into operations, further solidifying the governance structure and continuously improving the sustainable information disclosure system. Looking ahead, ICBC will adhere to the decisions of the government, accelerate the exploration of comprehensive financial solutions, strengthen smart risk control, improve the modern layout, enhance digital momentum, optimize diversified structure, and solidify the ecological foundation. We will elevate the traditional areas of strength in corporate, retail, and technology banking and broaden the new tracks. Through higher quality developments, we will create stable and sustainable value returns for our shareholders worldwide. Thank you.
Now we will enter into a Q&A session to allow you to have more questions. We suggest you only raise one question each time and identify yourself with name and institution. Thank you. The first question. Please identify yourself with name and institution. The first question.
Thank you. I'm Analyst Winnie from Bank of America . I want to congratulate that amid the complex operating environment, in the uncertainties, you reached certain kind of certainties. What is the operation highlights in half one and for the whole year? Will you achieve positive growth in operating income and net profit? Thank you.
Thank you for your question. I will take your question. In this year's annual results announcement in March, I have made a commitment that ICBC will go a path that is in line with the market and will be above the average of the market and create reasonable returns for shareholders. We go aligned with the market and we precisely demonstrate the growth of the country and people. If our development exceeded the normal line, it means that we comprehensively serve the real economy. Maybe there will be a mismatch. What we give into full play to our role is to main force the stabilizer. If the pace of the stabilizer is exceeding one, then it will not be a good stabilizer. Our speed is the average one. Balance may be the best. With such philosophy, we promote our high-quality development and transformation.
For our half one results, if you want to have a deeper understanding, I would like to interpret from three dimensions. First, from financial analysis with the dimensional comparison to see if our annual sheet is expected. As what Winnie said, achieving certainties amid uncertainties. We primarily focus on operating income. We believe that ICBC's, if we want to give into full play its role, our contribution of returns is prominent, not only in China, but also comparable to the international peers. When we see revenues, we do not only see quantity, we also see quality. In half one, we achieved RMB 409.1 billion, up by 1.8%, achieving positive growth. The best in the recent three years compared with the same term. If we see the past four quarters, three quarters we recorded the positive growth, that means this is the transformation or the transition of China's revenue growth.
We see that net interest income accounts for a larger proportion of revenue, which is the [backbone] is our revenue. It's down by 0.1%, relatively good results compared with big companies. It's conducive to the balance of quantity and pricing. On the other hand, when LPR was reduced, the nominal rate of deposits was also reduced, flattening the influence of net interest margin. That ensures the stability of net interest margin, but also delivered the confidence that when we reasonably support the real economy, we implement our business. Non-interest income was 95.5%. Fee and commission income was RMB 67 billion, down by 0.6%. As the one-time policy factor was eliminated, the decrease was rapidly shrinked. Other non-interest income was RMB 28.5 billion, up by 38%, which is quite remarkable. Our control of asset quality in the cost side was also robust.
Our NPR ratio was 1.33%, down by 1 basis points. In the annual results announcement, I said that when we control our asset quality and increase provision coverage ratio, we have created an expanding trend. Our provision coverage ratio was 217.71%, up by 2.8 percentage points. What is worth mentioning is that our provision balance was exceeding CNY 1 trillion, the first of its kind in history. Everybody knows the implications, the significance of such balance. When we see from the market, when we compare such balance, when we compare with such the sheet with other banks, we pursue the share of the creation results with stakeholders. Becoming ICBC's shareholder is quite happy. In stock price last year, ICBC's A share and H share increased by 44.8% and 36.4%. In half one, they are 9.7% and 19.4% higher than the average of the sector.
Some analysts, journalist friends may ask that as a big ship, ICBC is really hard to do transformation. When we are an important strength in our financial sector in China, we go along with the national economy. We try not to do the quick shift. If we do it, it means that our direction is wrong. When we go ahead, we adjust our direction to make this ship sail more stably. We do not pursue excess growth. If we do that, we believe that the reactions of the economy may not be positive. When we see dividend, last year, our cash dividend was ¥109.8 billion, the largest of its kind in A share. This year, we will continue to implement interim dividend with an amount of 50.4%, a dividend payout ratio of 30%.
When we see dividend yield, after a certain time of increase, our dividend payout ratio may decrease a little bit. It's the same trend with the whole sector. When we calculate as of last of yesterday, our dividend yield in A share and H share was still 4.2% and 5.8% higher than the long-term fund cost of liabilities. It is still a good investment target as a large listed bank. We want to convey that the characteristics of our shares have some characteristics of fixed income products. We want to return to you with the dividends. Third, from the operation management, that is the structural factors, we always emphasize that our goal is to create ourselves as a world-class modern commercial bank. We are the leading in making ourselves a strong bank. Internationalization and diversification is a necessity for us.
It is also a way to tackle the low NIM environment. From half one data, domestic branches are our major fortress, creating stable momentum for our development. Internationalization and diversification is our new fortress, supporting our new growth and incremental contribution as time goes on, which will be stable. Their total contribution of operating income and pre-tax income was 9.8% and 13% higher than last year. Therefore, we will continue to promote our five transformations strategy and also in line with the 14-5-year plan and 15-5-year plan. We will continue our high-quality development, for example, in diversification. Together with the AIC equity pilot work, we continue to cover all 18 pilot regions, and we lead the market in fund establishment and investment volume. In our assets, the debt proportion is higher.
We want to provide more products of equity and quasi-equity so as to form diversified product and income structure in internationalization. We are trying to give into full play our advantage of the biggest RMB bank, not only in China, but also around the world, so as to create a new path for the transaction of RMB asset investment. In half one, we have new good news for us. That is the number of our RMB clearing banks increased to 12, and we acquire and we become the custody bank of multiple global customers. Winnie said that if we can deliver positive results in net profit for the full year, ICBC goes along with the national economy. In our balance sheet, national economy is demonstrated. That is ICBC going to go with a similar path with the national economy. We hope that the full year's answer sheet can be improved than half one, and we hope it is a solid one and in which we serve the real economy. Thank you.
Now we have the second question. Please identify yourself and your institution.
Guo Ziyuan from Economic Daily. On the first half of this year, ICBC's asset quality has remained generally stable. Could you share with us what measures were taken? At present, regulators are strongly encouraging banks to increase personal consumption loans. What is ICBC's measures?
Let's welcome President Wang to answer this question.
Thank you for your interest. On the first half of this year, ICBC thoroughly implemented the decisions and arrangements of the CPC Central Committee on Financial Operations, adhered to the principle of high-quality development and high-level security, and followed the path of comprehensive management, proactive prevention, and smart control.
By taking early and effective actions in credit risk management, the bank has firmly safeguarded the financial stability. By mid-year, the group NPR ratio was 1.33%, down by one basis point from the beginning of this year. The provision coverage ratio rose by 217.71%. Risk resistance and capabilities have been further strengthened. The improvement of asset quality embodies the results of our reform of the risk management system and mechanism. Specifically, we mainly focused on the three persistencies to ensure secure and stable development. First, persisting deepening the optimization of investment and loans. We attach great importance to major national strategies, ensure effective alignments of a package of national incremental policy, and build a modernized credit policy system that fits with the modern industrial system. We align with the central deployments, ICBC strategies, and regional layouts.
In line with national balance sheets management, we reallocate assets in large categories and large blocks, achieving balance across industries, regions, clients, and products. We make credit resource allocation and capital utilization more efficient, enhancing the long-term foundation for improving asset quality. Specifically, to support modernization, the bank aligns with the founding needs of major strategies and key fields, renewal and trade-in, deepen and refine the five priorities, facilitate faster development of new productive forces, use incremental structures to improve existing structure in manufacturing, scientific innovation, grain inclusive, and agriculture-related key sectors. Loan growth surpassed the bank average. Second, we persist in improving the risk control system. We continue the comprehensive risk management system building, enhance the functions of the Risk Control Committee and the Chief Risk Officer. We further upgrade the three gates and the seven-color poles, intelligent credit risk control system.
At the admission stage, we build an industries region's industrial chain policy framework to steadily advance in the tier two branches, the new rules of credit approval, and improve the risk identification and forecasting. During the ongoing management phase, we strengthen ongoing management during the duration, prevent and resolve risk in major areas. At the disposal stage, we carried out high-quality and direct management of risk assets and further improved the quality and efficiency of risk asset operation and management. With a series of measures, our ability to proactively prevent and diffuse risks has been further improved. Third, we persist in strengthening intelligent risk control. We firmly uphold the digital empowerment, deepen the application of AI and other emerging technologies in risk control, and continue to raise the level of intelligent risk control.
The enterprise-level intelligent risk control platform has been applied to all the domestic branches and more than 130 risk control decision-making scenarios across foreign exchange, balance, commodities, equities, the five major markets to identify the risk. We launched the industry's first AI-driven credit risk control integrated model, Smart Loan Connect, with the functions like intelligent monitoring and risk analysis. We also developed the AI-powered credit review assistant, realizing fast analysis of systems and data. We also optimized ICBC e- prevention, the credit risk supervision system. We spun supervised accountants and upgraded digital tools. We spun satellite monitoring coverage areas, strengthened the application in agriculture sectors like forestry and crop planting. In terms of the quality of personal consumption loans, ICBC carried out the requirements proposed by the CPC Central Committee and the State Council to stimulate consumption.
We expand our resource allocation, innovate our service model, and improve the consumption financing supply and ensure the policy truly benefits people. In the first half of the year, the personal consumption loan increased more than 10%. In the pricing, ICBC followed the self-regulatory mechanism for market interest rate pricing. We stick to the commercial sustainability and balance the quantum enterprising to price reasonably. In terms of the asset quality affected by the market environment, the bank industry is facing the downward asset quality in the retail loan area. After we take full consideration of the risk disposal progress, our bank situation is basically the same as our peers within the reasonable range comparable to peers. In the second half of the year, the external challenges and risks still exist, but China's economy has a strong foundation, great resilience, and potential.
The favorable long-term conditions do not change as we see a package of policies to stabilize the economy, taking effects, improve domestic demands, and stimulate consumptions are affecting the markets. We estimated that the average trend will ease. We follow the principle of not raising cost and not undermining market honor. We will expand our consumption loan and upgraded our management at the admission stage in a comprehensive, dynamic, and sustainable manner. We will conduct the full cycle management of the material risk in consumption debt, and we will take the data-driven approach, and we'll segment the scenarios and the clients, develop more intelligent models to control risk, and to realize the long-term healthy development. Thank you.
The third question.
Thank you. I'm Hou Wei from Hong Kong Commercial Daily. My question concerning serving high-level opening up. In the results brief in March, President Liu said that in the future, ICBC will create three key pillars. The first is internationalization and diversification. In half one, how did you advance internationalization and diversification in supporting foreign trade enterprises in going global and serving high-level opening up? What are your measures and achievements?
I'll invite Mr. Zhang Wenwu to answer your question.
Thank you. Promoting internationalization and diversification of operation, as Mr. Liu said, for ICBC, it is our standard practice, but it is also the necessity for serving the real economy. It is also important to create new models for financial services and enhancing our competitiveness and achieve high-quality development. In half one, the operation is in steady progress. In half one, our international network covers 69 countries and regions.
In 30 countries, we established 250 subsidiaries. Under one bank, one policy, the overseas total assets were nearly $460 billion. Pre-tax income contributed to 9.5%. Asset quality is stable. The regulatory rating is increasing. In half one, we are newly approved as the RMB clearing bank in Turkey. The number expanded to 12 countries. In 37 countries, we are the incumbent president's Chinese business association. In diversification, we center around customers' need, giving full play to the coordination of parent bank and subsidiaries and fund leasing, insurance, and so on to create the transition of comprehensive financial solutions. By the end of June, the total net income of the domestic diversified companies exceeded CNY 8 trillion, up by 25%. They focus on core business and honing expertise. They play an important role in supporting five key tasks. For example, our AIC proportion in technology increased by 46%.
ICBC Credit Suisse pension Fund AUM exceeded CNY 1.1 trillion. ICBC Wealth Management has seen its daily average products volume over CNY 2 trillion. ICBC- AXA played its role as a guarantee. The income of premium was 25x of last year. ICBC Leasing new leasing assets increased by 14.1%. In serving the high-level opening up, in half one, we center around serving the establishment of Belt and Road and opening up. We served the global customers. We have three aspects. First, we serve the foreign trade and capital to increase its quantity. We launched Spring Bloom Action and ICBC eTrade. In half one, the cross-border e-commerce settlement totaled over RMB 280 billion, up by 9%. The number of small and micro e-commerce service businesses exceeded 100,000. We are the first to achieve full coverage of FT account system in five free trade zones. The RMB transaction volume was up by 26%.
The deposits and loans in FT headquarters were over 120% and 46%. Our global cash management customers were over 19%, and the global settlement was up 27%. We focus on going global and the Belt and Road. We supported outbound projects with 500 projects and RMB 130 billion loans. Second, we promote RMB internationalization stably. We launched Spring Sunshine Action and support the global market players in their cross-border RMB demand. In half one, the cross-border RMB business exceeded RMB 5 trillion, up by 6%. The settlement of clearing bank was RMB 60 trillion, up by 23%. We promoted Standard Bank to become the first SIPs participant, and we promote QR co-payment between China and Vietnam. We also help the overseas customers to issue RMB 57 billion panda bonds. Three, we deepened our international cooperation. We fulfill our role as Chinese chair of the BRICS Business Council.
We promote the establishment of the RBR. The membership was expanded to 190 institutions in 75 countries. The membership of CEBC expanded to 110, covering 17 European countries. We also served CIIE and CISCE and contributed to the global trade and cooperation sustainable development. Thank you.
Now we take the fourth question. Please identify yourself.
Thank you for this opportunity. I'm Wang Jingwu from Guosen Securities. I have a question for NIM. We observed that ICBC's NIM declined the first half of this year was smaller than the same period last year. Can this stable trend be sustained? In May, with the LPR reduction and the adjustment of the deposit benchmark interest rate, what impact did this have on ICBC's NIM? In the first half, what measures did ICBC take in deposit cost control and what results were achieved? Looking ahead, what's ICBC's outlook on NIM for the full year?
President Liu Jun will answer this question.
Thank you for your question. I will ask them one by one. First, about NIM, you ask whether NIM stability can be sustained. In the first half of the year, our NIM was 1.3%, down by 12 basis points year on year, down by 6 basis points compared with the previous half year. Looking at the trend, while still on the downward path, the rate of decline has begun to moderate. We believe the decline in NIM during the first half demonstrated that we have maintained competitive advantages through proactive and effective asset-liability management and operations. We take three measures. First, we focus more on the asset-liability portfolio duration management to face the external shocks. We extend the duration of RMB assets moderately while maintaining a short net duration for foreign currency assets.
We increase the sensibility of our balance sheet to enhance mismatch income and maintain a stable net interest income base. To cope with the LPR cut in May, we proactively adjust our posted deposit rate to face the 1 bp downward pressure. To face the fund volatility, we take our advantages as this leading bank in the world to utilize our more diversified funding channels to stabilize our NIM. Second is that we focus more on the liability cost management. The overall cost advantage of liabilities can be sustained. By mid-year, the average RMB general deposit rate dropped by 26 basis points, dropped more than 21 basis points year- on- year, and the interest rate on newly raised RMB term deposits dropped to 34 basis points, down by 5 basis points year- on- year. The operation of low-cost liabilities is sustainable.
We have this thick foundation and the excellent services in custody, settlement, and depository. We have these advantages. In terms of the strategy for exiting high-cost liabilities, this strategy can be continued. In the first half of the year, the interest expense savings exceeded RMB 10 billion. Third, we focus more on optimizing the asset structure, which creates a little mover advantage for NIM recovery. We have this sound accumulation in the corporate inclusive and fintech financing. We have large competitive advantages. In the first half of the year, the fintech loan increased by RMB 1.05 trillion and 20% high, 12.5% higher than the industry average for inclusive loans, up by RMB 501.4 billion and 17.3%, 11.5% higher than the industry average. Our loans are focused on the five priorities. It is not only strategically important, but we have advantages in pricing. We focus on the marginal improvement of pricing.
We stick to the principles of risk-based pricing, comply with the series of requirements of the regulators, and prevent irrational declines in loan interest rates. In the second half of the year, the new RMB loan rate was 2.82%, down by 22 basis points compared with 2024. We also focus on precise risk control. I also want to talk about our outlook on the NIM in the second half of the year. It is expected the downward trend in NIM will remain a common feature in the second half of the year, though the pace of decline is likely to gradually narrow. At an original level, banks face structural challenges of difficult growth, incremental business, and declining floor prices. The downward pressure on NIM is expected to persist for some time. Its trajectory is closely tied to three factors.
Whether the monetary policy can exert balance effect on both sides, whether the social credit demand and stabilize recover, whether banks' adjustment to asset structure become more targeted and meet sustainable financing needs, we are confident about our stable NIM in the future.
The fifth question, please.
Thank you. I'm Dong Xiao from China Business Times. My question concerns investments and financing. In half one, ICBC's investments and financing lead the world in the quantity. Please specify which sectors are they directed to. The Central Urban Work Conference said that to create more vigorous cities. My question is, in supporting the new quality productive forces, what are the achievements and highlights? In half one, AIC equity investment pilot program continues to expand. What is the latest development in this regard? Maybe you need to repeat the last part of your question as the connection is not good. As AIC equity investment pilot programs continue to expand, as you have mentioned, what is the latest development in this regard and what strategic plans do you have in the future?
I'll invite Mr. Zhang Shouchuan to answer your question.
Thank you for your questions. You have noticed that in half one, our investments and financing continue to maintain the leading position in the market. In fact, we rank first compared with other banks. We believe high-quality investment and financing is how we play our role and complete our financial mission, and also how we create high-quality development and create values for shareholders. In half one, we adhere to the decisions of the government and implement various old and new policies of the country. We support the stability of employment, company market, and expectation. We play our role as a main force and a leading bank. We have four features.
First, in quantity, we achieve year-on-year growth. The loan growth and the bond investment stepped into a new stage. By end of June, the total balance exceeded RMB 45 trillion, up by RMB 3 trillion. The quantity, the increments, both lead the world, up by a more increase of RMB 330 billion, of which domestic branches RMB loans increased by RMB 1.78 trillion. RMB bond investments increased by 1.23%. They all achieved year-on-year growth, injecting vigorous growth to the real economy. Second, when we see directions, we see it's quite targeted in two major areas to new areas in technology finance. The loans achieve relatively high growth. Technology finance comes first in five key tasks: manufacturing, strategically emerging industries, inclusive finance, green finance, private sectors, and agriculture-related loans. All achieved over 10% growth. The balance and increment in technology grain both lead the world.
We increase our financial services for the two majors to new and food and energy security. The long-term made and long-term corporate loans were up by RMB 800 billion. At the beginning of the year, the proportion was over 60%. We also actively participated in the real estate coordination. Third, our core businesses are more remarkable. The loans to manufacturing exceeded RMB 5 trillion. Industry is our core responsibilities. We focus on advanced manufacturing clusters and big equipment upgrading. By end of June, our loans to manufacturing balance was over RMB 5.2 trillion, of which middle and long-term loans balance was over RMB 2.4 trillion. The loans to equipment upgrading loan was over RMB 100 billion, ranking first in the market. We also strengthened commerce as our expertise. We integrate ourselves in the coordinated market establishments in the nation. We coordinated with the platforms, supermarkets, support the domestic consumption.
We concluded into one trade finance, three settlements. That means RMB settlement, cross-border RMB settlement, and international settlement. The one and three, the four indicators all maintained market leading. Four, our service for domestic demands continue to be strengthened. The proportion of retail and inclusive loans continue to increase. We accelerate the transformation of personal loans business. We upgrade our service for consumption and the businesses. We focus on key consumption scenarios. We launched the ICBC interest shopping. The personal consumption loans increased by over 10%. Personal business loans over 11%. In the country-level agriculture-related areas, the inclusive finance increased by 17%, of which the corporate inclusive finance increased by RMB 320 billion, the highest in the history and the highest compared with the peers. Second, our support for sci-tech innovation and new productive forces.
We implemented the decisions in the world conferences and increased the improvement of the sci-tech system and support the innovation city, innovation ecosystem, and the new productive forces in their development. You can see it from three aspects. First, equity, loans, bonds are both strengthened to cultivate new quality development. We focus on the transformation of the traditional industries. We support eight new emerging industries and nine future industries in their development. In equity, we established the Sci-tech Innovation Fund over RMB 80 billion, and we covered 18 AIC equity pilot regions. The volume continued to lead the peers. In loans, sci-tech loans was over RMB 6 trillion, up by RMB 1 trillion. Strategic emerging industries was over RMB 4 trillion, up by RMB 700 billion. The balance and increments both lead the peers. In bond, we are the first to launch the Sci-tech Innovation Bond.
The highest volume was RMB 20 billion. We lead the world in underwriting and investment. Second, we continue to improve our four-level momentum and increase the coverage of sci-tech finance. We give full play to the head office branch-level technology centers, and we actively serve the sci-tech companies in their whole process demand. By end of June, the customers totaled 110,000, up by 15,000, of which the high-end customers were giants. The number of customers in this regard increased by 10,500, 6,000, and 2,000, and the coverage of little giants enterprises was up by 16 percentage points to 44%. These indicators all lead the market. Third, we continue to improve our five expertise mechanisms. I have mentioned four-level institutions established. We also launched the ICBC InTech Partnership campaigns in Suzhou led by President Liu Jun. We issued the comprehensive financial solutions of sci-tech.
We innovated our special products with the finance of IPR and credit-based projects. We also strengthened our risk management. We launched the rating models, credit models, and evaluation models. We also issued the systems in this regard, and we explored the transformation of the results and the platform establishment of financial services to better serve all kinds of innovation partners. Third, as for the AIC equity investment business, we actively implement such new policies. We think AIC business was an important point to support new productive forces. We coordinate with industries, local capital, social capital to precisely serve the sci-tech innovation and industries. Our AIC pilot funds' signed volume was over RMB 150 billion. We have 28 funds with funds injected over RMB 33 billion.
We focused on circuits, new energies, high-end manufacturing, and so on to achieve, and we achieve ourselves as the biggest companies with the largest number, the highest capital, and the most solid implementation. In the future, Industrial and Commercial Bank of China will continue to give into full play our advantage of the comprehensive financial services and strengthen the synergy establishment. We adhere to long-term capital investments, value investments, and responsibility investments too. I have three considerations. First, to enlarge investment. We continue to expand the volume of the AIC fund to satisfy the need of the sci-tech companies in equity to increase the coverage of the high-quality companies. We focus on new industries, future industries. We increase our capabilities in analysis. We invest as early as possible, and we invest in more technology companies. Second, we coordinate investment and loans.
We satisfy the various needs of the customers, and we improve the settlement, credit, custody, investment banking, and the comprehensive financial services. Third, we improve the risk management. We strengthen the risk appetite, risk identification, and the evaluation of the risk management and improve the mechanisms in management and exit. We upgrade the subsidiaries in their independent risk management and promote AIC equity investment business in its high-quality development. In investment, we will continue to attach great importance to such business. As Mr. Liu and other members mentioned, ICBC is establishing a principle that is to make customers a center. We have four financing to provide our comprehensive financial solutions through our advanced technology and professional services in national strategies implementation and the development of the real economy and in our own high-quality development. We continue to inject continuous momentum. Thank you for your questions.
Thank you. Sixth question.
Thank you for this opportunity. My name is Zhang Shuaishuai from CICC . I want to ask a question about capital and dividends. This year, we've already observed the four banks. They have already completed capital injection. May I ask about the capital planning of ICBC? Since last year, ICBC has started to implement dividend payment twice a year to enhance investors' sense of gain. May I ask about the future dividend policy and whether it is possible to increase the dividend rate?
President Yao Mingde will answer this question.
Thank you for your question. As you observed, on the first y ear POC, CCP, POCY, and PSBC successfully implemented capital injection, which was well received by investment institutions and the capital market, and achieved very good results. ICBC also paid high attention to this and has actively communicated with regulators and shareholders. We mainly focus on two areas of work. First, maintain the capital adequacy ratio at the leading level in the industry. By the end of June 2025, ICBC's CAR was 19.54%, up by 15 basis points compared with the end of last year, ranking at the leading position among peers at home and abroad, providing a solid capital support for the development in various businesses. These measures include, first, optimize capital allocation. ICBC doubled down our efforts in five priorities, and low capital-intensive areas improved capital efficiency. Second, we balanced the capital supply and demand.
In the first half of the year, the retained profits reached RMB 105.9 billion, all of which we used to replenish capital, leading the industry in scale. By the end of August, we issued RMB 119 billion of capital instruments, driving the interest expenses on existing capital instruments to decrease by 24 basis points compared with the beginning of this year. The bank strengthened capital constraints, identifying potential capital improvements, cleaning up inefficient capital. In the first half of the year, ICBC's growth rate of risk-weighted assets was 4.4%, two percentage points lower than the loan asset growth rate. Second, conduct capital planning for the five-year plan in advance. We maintain a stable CAR and stick to a capital intensification approach. We will take the internal channel at core and external channel as a supplement. At present, the new round of capital instrument issuance has been submitted to shareholder meetings.
We will improve our capital layout and improve the efficiency of capital utilization to create returns for our shareholders. In terms of dividends, since its listing in 2006, ICBC has maintained a relatively high dividend level. In recent years, the dividend payout ratio has been stable, stably above 30%. Since its listing, the bank has accumulated to create a cash dividend returns of over RMB 1.5 trillion for shareholders, making it the listed company with the highest dividend amount in the A-share market. In 2024, the share price of ICBC's A shares and H shares increased by 44.8% and 36.4% respectively. The increase in the H1 also reached 9.7% and 19.4%, significantly higher than the average annualized yield of wealth management product in the same period. In 2024, to further enhance the sense of gain for investors, the bank increased the frequency of dividends twice a year.
Among them, the interim dividend was RMB 51.1 billion. The year-end final dividend was RMB 58.7 billion. The annual cash dividend per share was RMB 0.308, and the total cash dividend amount was RMB 109.58 billion, making the listed company with the highest total A-share dividend in that year. In addition, in the distribution plan for the final dividends at the end of 2024, we offer H-shareholders the choice of receiving dividend payments in RMB to cater to investors' varying capital needs, further enhancing investment convenience and attractiveness. In the future, ICBC will proactively adapt to the low-interest rate environment, stimulate new drivers for high-quality development, take a balanced approach to boosting operating income, and manage risk costs in order to strengthen financial services and market competitiveness. The bank aims to maintain a reasonable dividend payout ratio and create long-term stable value for shareholders and investors through sustainable performance.
For the interest of time, this is all for our Q&A session. Thank the management for their candid exchange and sharing, and thank you for your participation. We continue to openly and transparently communicate with investors. We value every opportunity to exchange with the capital market and the public. Our IR and PR teams are always happy to communicate with you. Thank you for your concern and trust. We will continue to improve our competitiveness and serve the development of the economy and create long-term sustainable and stable value returns. This is all for our interim results announcement. Thank you.