Zhong Guo Jin Rong Xin Xi Wang·2025-10-29 11:40Core Viewpoint - China Merchants Bank (CMB) reported a slight decline in revenue for the first three quarters of 2025, but net profit showed a modest increase, indicating resilience amid industry challenges [1][2]. Financial Performance - For the first nine months of 2025, CMB achieved operating income of 251.42 billion yuan, a year-on-year decrease of 0.51%, with the decline narrowing by approximately 1.2 percentage points compared to the first half of the year [1]. - The net profit attributable to shareholders was 113.77 billion yuan, reflecting a year-on-year growth of 0.52% [1]. - The return on average assets (ROAA) and return on average equity (ROAE) were reported at 1.22% and 13.96%, respectively [1]. Interest Margin and Income Structure - CMB's net interest margin (NIM) was 1.87%, down 12 basis points year-on-year, but the decline was less severe than in the previous year [2]. - The bank's net interest income for the first nine months was 160.04 billion yuan, up 1.74% year-on-year, while non-interest income decreased by 4.23% to 91.38 billion yuan [1][2]. Retail Banking and Loan Growth - CMB's retail loan balance reached 3.70 trillion yuan, a year-on-year increase of 1.43%, despite industry-wide pressures on retail loan growth [3]. - The bank's retail customer base grew to 220 million, an increase of 4.76% from the previous year, with total assets under management (AUM) rising to 16.60 trillion yuan, reflecting an 11.19% increase [3]. Asset Quality - CMB maintained a high provision coverage ratio of 405.93% and a non-performing loan (NPL) ratio of 0.94%, which decreased by 0.01 percentage points from the previous year [4]. - The bank's management emphasized the stability of retail asset quality, with 90% of loans focused on high-quality clients and collateral [4]. Non-Interest Income and Wealth Management - Non-interest income accounted for 36.34% of total revenue, maintaining a strong position relative to peers [5]. - Wealth management services showed significant growth, with fees from fund sales, trust, and securities trading increasing by 18.14%, 38.76%, 46.79%, and 78.50%, respectively, leading to an 18.76% rise in total wealth management fees [5].