China Development Bank (SDBC)
China / Policy Bank / Development Finance
Active
Issuer Summary
China Development Bank is a policy bank 100% owned by Chinese central-government-related shareholders and is a core quasi-sovereign financial issuer supporting infrastructure, industrial policy, the Five Major Areas, new-type policy-based financial tools and other policy priorities. At end-2025, total assets were RMB19.55tn, the NPL ratio was 0.34%, net profit was RMB91.47bn, and the capital adequacy ratio was 12.81%, so standalone financials also reinforce its supported credit strength. At the same time, profitability is low, most liabilities are debt securities, and government support likelihood is separate from an explicit guarantee on individual bonds; domestic financial bonds, overseas senior bonds, subordinated bonds, Tier 2 and subsidiary bonds therefore need to be reviewed separately.
At present, CDB has among the highest-tier supported credit quality among Chinese financial issuers, as a policy bank extremely close to the Chinese central government. The direction is broadly stable, but it is more natural to see it as remaining high and flat as long as the Chinese sovereign, policy-bank framework, domestic financial bond market and policy-asset quality remain stable, rather than as an improving credit.
The most important basis for this view is integration with the government. At end-2025, all shareholders were government-related, and CDB is a policy bank that supports national strategy, infrastructure, industrial policy, the Five Major Areas, new-type policy-based financial tools and the Belt and Road Initiative. S&P's GRE list also classifies CDB as central-government-related, with a Critical role, an Integral link and an Almost certain likelihood of support.
The second basis is standalone financials and market access. At end-2025, total assets were RMB19.55tn, the NPL ratio was 0.34%, the allowance-to-loan ratio was 4.55%, net profit was RMB91.47bn, and the capital adequacy ratio was 12.81%. Declining net interest income and low ROA and ROE are constraints, but low NPLs, large allowances, stable earnings and access to the very large domestic financial bond market support issuer durability.
Issuer Reports
Current public reports for this issuer.