CCB dividend: payout, coverage and yield
CCB plans an annual dividend floor of 10% of attributable profit, and the proposed H1 2026 payout ratio is 31%. Its cash coverage is not judged by ordinary free cash flow: the memo says deposits are obligations, not shareholder cash.
How much does CCB pay per share?
CCB offers measured upside if funding-cost relief, orderly credit and repeatable earnings support capital and dividends. Management promises an annual dividend floor of 10% of attributable profit and expects NIM to remain ahead of comparable banks through 2026, supported by funding-cost control, settlement deposits, and changes in loan and investment mix. The proposed H1 2026 payout ratio is 31%, subject to approval.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| − Dividends, per share | 0.40 | 0.40 | 0.40 | 0.39 | 0.36 |
| − Share buybacks, per share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| = Kept, per share | 0.91 | 0.91 | 0.91 | 0.89 | 0.83 |
Is CCB's dividend covered by its cash?
Retained earnings are profits left in shareholders’ equity rather than paid out. They strengthen the cushion behind future lending. CCB’s capital policy therefore combined regular cash dividends with continued reinvestment, and it made no share buybacks during the five-year period shown below.
Capital and liquidity answer different questions. Capital absorbs losses; liquidity provides cash when depositors and creditors demand payment. The leverage ratio offers a broader capital check, while the liquidity coverage ratio tests liquid assets against stressed 30-day outflows. Ordinary free cash flow and the current ratio are less useful because deposits are obligations, not shareholder cash.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Profit after tax | 339,790 | 336,282 | 332,460 | 324,863 | 303,928 |
| − Dividends declared on common shares | 101,684 | 100,754 | 100,004 | 97,254 | 91,004 |
| − Share buybacks | 0 | 0 | 0 | 0 | 0 |
| = Kept to grow and build capital | 231,802 | 227,715 | 227,539 | 222,935 | 206,971 |
| Paid out, % of earnings for common | 30.5% | 30.7% | 30.5% | 30.4% | 30.5% |
What could change CCB's dividend?
The view moves toward the bear case if, by October 2027, loan yields keep falling faster than deposit costs ease. Property stress that raises impairment charges would reinforce that move through October 2029. By October 2028, tighter TLAC requirements and weaker earnings would further restrict dividends and compress the multiple.
What is CCB's dividend yield today?
At HK$9.735, CCB trades at 6.39 times earnings. That means the share price represents 6.39 years of the latest annual profit per share, not a cash payment to the investor. The division implies about HK$1.52 of annual earnings per share, but CCB may retain some profit to strengthen capital or make more loans. Its 4.7% dividend yield is the part expected to reach shareholders as cash.
| Today (Oct 12, 2026) | |
|---|---|
| Share price | 9.735 |
| P/E, last 12 months (calculated) | 6.39x |
| Dividend yield (calculated) | 4.7% |