Zheng Quan Shi Bao Wang·2025-10-29 11:11Core Viewpoint - China Merchants Bank (CMB) reported a steady improvement in operational efficiency for the first three quarters of 2023, with net profit slightly increasing by 0.52% year-on-year to 113.77 billion yuan [1] Revenue Trends - CMB achieved operating revenue of 251.42 billion yuan in the first three quarters, a decrease of 0.51% year-on-year, but the decline narrowed by approximately 1.2 percentage points compared to the first half of the year [2] - Net interest income for the first nine months was 160.04 billion yuan, up 1.74% year-on-year, while non-interest income was 91.38 billion yuan, down 4.23% year-on-year, with a positive growth in net fees and commissions [2] Wealth Management Development - CMB's wealth management segment showed strong growth this year, contributing positively to overall revenue [3] Operational Advantages - CMB maintained a significant net interest margin of 1.87%, which, despite a year-on-year decline of 12 basis points, is still above the industry average by 46 basis points [4] - Retail loans reached 3.70 trillion yuan, growing 1.43% year-on-year, demonstrating resilience amid industry challenges [5] Steady Development Trends - As of the end of September, CMB's total assets reached 12.64 trillion yuan, with a year-on-year growth of 4.05% [6] - Total customer deposits increased by 4.64% year-on-year to 9.52 trillion yuan [6] Asset Quality Stability - CMB's non-performing loan (NPL) ratio stood at 0.94%, a slight decrease from the previous year, with a provision coverage ratio of 405.93% [7] - The bank's focus on high-quality clients and collateral has led to a stable asset quality, with 90% of loans classified as "three high" [7] Revenue Structure Stability - Non-interest income accounted for 36.34% of total revenue, with significant growth in wealth management fees, including increases of 18.14% in fund sales and 78.50% in securities trading [8]