3 6 Ke·2025-09-02 05:41Core Viewpoint - The current capital market is experiencing a phenomenon of deposit outflow, leading to increased pressure on demand deposits growth for China Merchants Bank (CMB) [1] Financial Performance - In the first half of 2025, CMB reported operating income of 169.97 billion yuan, a year-on-year decrease of 1.72%, while net profit attributable to shareholders was 74.93 billion yuan, a slight increase of 0.25% [1] - CMB's daily earnings for the first half of 2025 averaged approximately 409 million yuan [1] - The bank's net interest income for the first half of 2025 was 106.09 billion yuan, up 1.57% year-on-year, with a net interest margin of 1.88%, down 12 basis points year-on-year [4] Deposit and Loan Trends - As of June 30, 2025, CMB's average daily balance of demand deposits was 4.38 trillion yuan, a year-on-year increase of 4.78%, accounting for 50.26% of total customer deposits [5] - The average cost of customer deposits was 1.26%, down 28 basis points from the end of the previous year [4] - Retail loans amounted to 3.61 trillion yuan, a slight increase of 0.94%, representing 53.43% of total loans, down 1.21 percentage points from the end of the previous year [7] Non-Interest Income - CMB's non-interest income for the first half of 2025 was 63.88 billion yuan, a decrease of 6.73% year-on-year, with net fee and commission income at 37.60 billion yuan, down 1.89% [6] - Wealth management fee and commission income saw a notable increase of 11.89% year-on-year, marking the first positive growth in three years [6] Retail Banking Strategy - CMB's retail banking business contributes over 55% to both revenue and profit, with a total retail customer base of 216 million, up 2.86% from the end of the previous year [7] - The bank's management emphasized a commitment to maintaining a strong retail strategy while being cautious in tactical execution amid rising risks in the retail credit sector [8][9]