CM BANK(SH:600036) Zheng Quan Shi Bao Wang·2025-08-29 12:25Core Viewpoint - The report indicates that China Merchants Bank (CMB) has shown resilience in its operations during the first half of 2025, with a gradual improvement in revenue despite a slight year-on-year decline in total revenue and a modest increase in net profit [1][4]. Financial Performance - CMB's total operating income for the first half of 2025 was 169.97 billion yuan, a year-on-year decrease of 1.72%, with a smaller decline of 0.36% in Q2 compared to Q1 [1] - Net profit attributable to shareholders was 74.93 billion yuan, reflecting a year-on-year growth of 0.25% [1] - Net interest income increased by 1.57% to 106.09 billion yuan, while non-interest income decreased by 6.73% to 63.88 billion yuan [4] Customer Base and Asset Quality - The total number of retail customers grew by 2.86% to 216 million, and the number of corporate customers increased by 6.36% to 3.37 million [2] - The non-performing loan ratio decreased by 0.02 percentage points to 0.93%, with a provision coverage ratio of 410.93% [2] Market Position and Competitive Advantage - CMB maintained a leading position in non-interest income, which accounted for 37.59% of total revenue [3] - The bank's total customer deposits grew by 3.58% to 9.42 trillion yuan, with a significant reduction in the average cost of deposits by 34 basis points to 1.26% [2] - Retail assets under management (AUM) surpassed 16 trillion yuan, with a record growth of 1.1 trillion yuan in the first half of the year [5] Business Segments and Growth Areas - The corporate finance segment saw a loan balance increase of 8.04% to 2.80 trillion yuan, with significant growth in loans to key sectors such as technology and green industries [5] - Wealth management and asset management segments reported a total asset scale of 4.45 trillion yuan, with daily average balances for corporate wealth management products increasing by 14.80% [6] Transformation and Strategic 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 total asset growth of 9.49% and a revenue increase of 25.28%, outperforming average growth rates of other overseas institutions [7] - CMB has implemented 184 AI application scenarios across various business areas, enhancing operational efficiency and service quality [9]