中信银行行长业绩会上发声“反内卷”

Core Viewpoint - The bank emphasizes maintaining risk resilience over short-term profit growth, adhering to a "反内卷" (anti-involution) policy to uphold operational standards [1][2] Financial Performance - In the first half of 2025, the bank reported a net profit of 36.478 billion yuan, a year-on-year increase of 2.78%, while operating revenue was 105.762 billion yuan, down 2.99% [1] - Net interest margin stood at 1.63%, and net profit margin at 1.6%, both showing a decline of 0.14 and 0.11 percentage points year-on-year respectively [2] - The bank's interest income was 71.201 billion yuan, down 1.94%, and non-interest income was 34.561 billion yuan, down 5.08% [1] Market Conditions - The bank's management noted that asset prices remain low, and as high-yield assets mature, there will be continued downward pressure on asset yields and interest margins [2] - The "反内卷" policy and neutral monetary policy are expected to stabilize the banking sector's net interest margin [2] Retail Banking Challenges - The retail banking sector faces intense competition, with ongoing price wars in consumer loans and credit cards, alongside a low-interest environment affecting customer behavior [3] - As of the reporting period, the bank's retail management asset balance reached 4.99 trillion yuan, a 6.52% increase from the previous year, but retail banking revenue fell by 8.43% [3] Strategic Initiatives - The bank plans to enhance its asset organization capabilities driven by research, transitioning its wealth management business towards a "fixed income plus" strategy [4] - The bank aims to deepen customer engagement by integrating corporate services and utilizing digital tools for customized investment solutions [4] - Future strategies will focus on supporting leading companies while gradually exiting from those under significant operational pressure [4]