Chengdu Bank will distribute 2.073 billion yuan in interim cash dividends for 2026 on the 18th, marking the third A-share listed bank to execute an interim payout this month, following Ruifeng Bank and China Minsheng Bank.

According to Wind data, as of 16 September 2026, 20 A-share listed banks have disclosed interim dividend plans for 2026, with total payouts reaching approximately 266.1 billion yuan. The "bonus rain" from China's major state-owned banks has arrived earlier than usual this year, with ICBC and Agricultural Bank of China revealing that their A-share interim dividends will be distributed on 21 October — nearly two months ahead of last year's schedule.

Four banks executing interim payouts this month

Corporate announcements show that four A-share listed banks will implement interim dividends in September. Ruifeng Bank and China Minsheng Bank completed their interim distributions on 10 September and 15 September respectively, paying out 196 million yuan and 5.166 billion yuan in cash dividends. On 18 September, Chengdu Bank will execute its first-ever interim dividend, distributing 0.489 yuan per share (pre-tax), totalling 2.073 billion yuan (pre-tax). The record date is set for 17 September 2026, with the ex-dividend date on 18 September 2026.

According to an earlier announcement from Shanghai Rural Commercial Bank, its interim dividend is expected to be paid on 24 September 2026, with a distribution ratio of 2.499 yuan per 10 shares (pre-tax), amounting to 2.41 billion yuan (pre-tax) in total. Wind data indicates that Shanghai Rural Commercial Bank's interim dividend payout ratio stands at 34.07% — calculated as the ratio of this cash distribution to net profits attributable to shareholders in the first half of 2026 — the highest among the 20 banks that have disclosed interim dividend plans.

Total distributions surpass 260 billion yuan

As of 16 September, 20 A-share listed banks — including six major state-owned banks, four national joint-stock banks, six city commercial banks and four rural commercial banks — have announced 2026 interim dividend plans, with combined distributions of approximately 266.1 billion yuan. Breaking down the figures, ICBC, China Construction Bank, Agricultural Bank of China, Bank of China, Postal Savings Bank and Bank of Communications will distribute 53.853 billion yuan, 52.582 billion yuan, 45.393 billion yuan, 38.343 billion yuan, 15.973 billion yuan and 14.845 billion yuan respectively, bringing the six major lenders' combined interim payouts to 220.989 billion yuan — accounting for over 80% of the total among the 20 disclosing banks.

Among joint-stock banks, China CITIC Bank plans an interim dividend of 11.296 billion yuan, also exceeding the 10 billion yuan threshold. Of the 20 banks, 11 have interim payout ratios above 30%, with all major state-owned banks reaching at least 31%. Shanghai Rural Commercial Bank leads the pack at 34.07%, while Chengdu Bank, a first-time interim dividend payer, has set its ratio at approximately 30% — comparable to the state-owned giants. China Merchants Bank has yet to announce specific figures, but its half-year report states an interim cash dividend ratio of 35% for 2026 — if realised, this would surpass Shanghai Rural Commercial Bank's ratio.

A research note from CITIC Securities indicates that 12 banks have raised their interim payout ratios compared to their full-year 2025 levels. The brokerage argues that, relative to major overseas banks, domestic banks still have room to optimise both payout ratios and shareholder returns while balancing capital consumption and accumulation — with institutions whose profit growth more closely aligns with asset growth and whose asset quality foundations are more solid being better positioned.

Accelerated payout timelines

Several banks have significantly accelerated their 2026 interim dividend schedules. Looking at last year's timing, the four largest state-owned banks concentrated their interim distributions around mid-December 2025, with Bank of Communications following on 25 December and Postal Savings Bank in January 2026. H-share dividend payments consistently lagged A-share distributions, falling between late January and mid-February.

Recently, ICBC and Agricultural Bank of China became the first to announce their interim dividend timing, moving payments forward by two months compared to last year. According to ICBC's H-share announcement, the A-share payment date is 21 October, with H-share holders receiving theirs on 25 November. Agricultural Bank of China's H-share filing confirms that its 2026 A-share interim cash dividend is expected to be paid on 21 October, while the H-share interim dividend is slated for 25 November.

Tian Lihui, a finance professor at Nankai University, told reporters that the earlier timing of interim dividends from major state-owned banks reflects a deep alignment between policy momentum and bank operational strategy. The new "National Nine Provisions" explicitly promotes multiple dividend distributions per year, and with this being the third year of implementation, processes have matured and execution has naturally accelerated.

In Tian's view, the more notable factor is the banks' own strategic considerations. With net interest margins under sustained pressure, advancing dividend schedules itself sends a signal — by enhancing the certainty and predictability of returns to attract long-term capital such as insurance and pension funds, banks are using tangible market capitalisation management to offset valuation pressure. The six major banks' combined interim distributions exceeding 200 billion yuan, with maintained intensity but earlier timing, demonstrates that dividends have evolved from passive compliance into proactive value-management tools — earlier payment means earlier investor confidence locked in.

For investors wondering whether buying shares before the ex-dividend date is worthwhile, Tian points out that the core distinction lies between "receiving dividends" and "earning returns" — the two should not be conflated. On the ex-dividend date, share prices adjust downward by an equivalent amount, leaving shareholders' total assets theoretically unchanged before and after the event; dividends themselves do not create incremental wealth. The real variable sits in the differentiated taxation of dividend income. Tian explains that holding shares for less than one month triggers a tax rate as high as 20%, and when the ex-dividend book value decline is combined with this tax burden, total assets may actually shrink in the short term. Conversely, holding for more than one year qualifies for full tax exemption, allowing the price recovery effect to convert into genuine net cash flow. Consequently, short-term dividend capture buying is largely counterproductive; instead, a long-term holding strategy of over one year, with positioning established before the payout date, aligns properly with the dividend logic of banking stocks.