CM BANK(SH:600036) Xin Jing Bao·2025-08-29 11:24Core Viewpoint - China Merchants Bank (CMB) demonstrated resilience in its operations during the first half of 2025, with a slight decline in revenue but a positive growth in net profit, indicating a recovery trend in its financial performance [1][4]. Financial Performance - Total operating income for the first half of 2025 was CNY 169.97 billion, a year-on-year decrease of 1.72%, with Q2 revenue showing a smaller decline of 0.36% compared to Q1 [1]. - Net profit attributable to shareholders reached CNY 74.93 billion, reflecting a year-on-year growth of 0.25% [1][4]. - Net interest income increased by 1.57% to CNY 106.09 billion, while non-interest income decreased by 6.73% to CNY 63.88 billion [4]. Customer Base and Asset Quality - The total number of retail customers grew by 2.86% to 216 million, and corporate customers increased by 6.36% to 3.37 million [2]. - The non-performing loan ratio improved by 0.02 percentage points to 0.93%, with a provision coverage ratio of 410.93% [2]. - Total customer deposits rose by 3.58% to CNY 9.42 trillion, with an annualized average cost of deposits decreasing by 34 basis points to 1.26% [2]. Business Segments and Growth - Retail financial segment maintained steady growth, with retail assets under management (AUM) surpassing CNY 16 trillion, an increase of CNY 1.1 trillion [5]. - Corporate loans grew by 8.04% to CNY 2.8 trillion, with significant growth in key sectors such as technology and green industries [5]. - The investment banking and financial markets segment saw a 14.95% increase in wholesale customer numbers [5]. Wealth and Asset Management - Retail wealth management product holders reached 61.07 million, a growth of 4.90% [6]. - The average daily balance of corporate wealth management products increased by 14.80% to CNY 459.06 billion [6]. - Total asset management business scale reached CNY 4.45 trillion, with custodial assets amounting to CNY 24.14 trillion [6]. Transformation Initiatives - CMB is advancing its "Four Transformations" strategy, focusing on internationalization, integration, differentiation, and digitalization [7][8][9]. - The bank's overseas institutions reported a 9.49% growth in total assets, with a 25.28% increase in operating income [7]. - CMB is enhancing its technological infrastructure, implementing 184 AI application scenarios across various business areas [9].