Jing Ji Guan Cha Wang·2025-03-28 05:20Core Insights - The implementation of the "Big Wealth Management" strategy by China Merchants Bank (CMB) has shown mixed results over the past four years, with a stable but slightly increasing share of non-interest net income in total revenue, while net fee and commission income has been declining [2][3] Financial Performance - From 2022 to 2024, the share of non-interest net income in total revenue for CMB was 36.7%, 36.7%, and 37.4% respectively, indicating stability and slight improvement [2] - In contrast, net fee and commission income as a percentage of total revenue decreased from 27.34% in 2022 to 21.36% in 2024 [2] - In 2024, CMB achieved non-interest net income of 126.21 billion yuan, a year-on-year increase of 1.41%, while net fee and commission income was 72.09 billion yuan, a decline of 14.28% [2] Wealth Management Revenue - CMB's wealth management revenue, which includes fees from wealth management, asset management, and custody services, totaled 37.65 billion yuan in 2024, down 16.84% year-on-year [3] - Specifically, wealth management fees decreased by 22.70% to 22.00 billion yuan, while distribution income from wealth management products increased by 44.84% to 7.86 billion yuan [3] - The decline in income from insurance and fund distribution was significant, with insurance income dropping by 52.71% and fund income decreasing by 19.58% [3] Other Income Sources - Asset management fees fell by 6.30% to 10.75 billion yuan, while card fees decreased by 14.16% to 16.76 billion yuan, primarily due to a drop in credit card transaction fees [4] - Other net income, which includes investment income and fair value changes, rose by 34.13% to 54.12 billion yuan, driven by increased bond investment returns [4][5] Future Outlook - CMB anticipates significant changes in non-interest net income in 2025, with expectations for a rebound in net fee and commission income due to favorable macroeconomic policies and a recovering capital market [6][7] - The bank plans to focus on enhancing retail financial services, improving product innovation, and strengthening its investment banking and financial market capabilities to drive non-interest net income growth [7]