万亿招行，业绩会上出现“四个金句”

Core Viewpoint - The core viewpoint of the article emphasizes that despite facing challenges in retail lending and a slight increase in risk, China Merchants Bank (招商银行) maintains a stable overall asset quality and is committed to its strategic direction in retail banking and international expansion [1][6][9]. Financial Performance - In the first half of 2025, China Merchants Bank reported operating income of 169.92 billion yuan, a year-on-year decrease of 1.72%, and a net profit of 74.93 billion yuan, a year-on-year increase of 0.25% [2]. - The bank's non-performing loan (NPL) ratio stood at 0.93%, a decrease of 0.02 percentage points from the end of the previous year [2]. Retail Banking Insights - Retail banking contributed 58.53% to pre-tax profit, up from 57.1% in the same period last year, with retail assets under management (AUM) reaching 16 trillion yuan [7]. - The NPL ratio in retail banking increased by 0.07 percentage points to 1.03%, reflecting broader industry challenges [7]. - The bank's retail strategy focuses on three pillars: technological capabilities, team development, and core values [7][8]. Internationalization Strategy - The bank's management highlighted the necessity of internationalization as a response to market trends and pressures, aiming to enhance its global presence and service capabilities [10][11]. - The internationalization strategy is seen as essential for overcoming domestic market limitations and adapting to the evolving financial landscape [11][12]. Net Interest Margin Trends - As of June 2025, the net interest margin (NIM) was reported at 1.88%, a year-on-year decrease of 12 basis points [14]. - The bank's NIM remains above the industry average of 1.42%, indicating a competitive position despite the downward pressure on margins [16]. - Factors influencing NIM include the downward trend in loan pricing and the bank's strategy to manage deposit costs effectively [16][17]. Corporate Banking Focus - The corporate banking division is focusing on four key areas: technology enterprises, industry consolidation, supply chain financing, and inclusive finance [19][21]. - The bank aims to leverage its strengths in digital technology to enhance service offerings and maintain a low NPL ratio in corporate lending [19].