2 1 Shi Ji Jing Ji Bao Dao·2025-10-29 14:02Core Viewpoint - The third quarter report of China Merchants Bank (CMB) for 2025 shows a slight decline in operating income but a modest increase in net profit, indicating stable profitability amidst challenges in net interest margin and non-interest income [2][4]. 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%, and net profit of 113.77 billion yuan, a year-on-year increase of 0.52% [2]. - The annualized return on average total assets (ROAA) and return on average equity (ROAE) were 1.22% and 13.96%, respectively, both showing a decline compared to the previous year [2]. - As of the end of the reporting period, total assets reached 12.64 trillion yuan, up 4.05% from the end of the previous year, while total liabilities increased by 4.12% to 11.37 trillion yuan [2]. Asset Quality - The non-performing loan (NPL) ratio stood at 0.94%, a slight decrease of 0.01 percentage points from the end of the previous year, with the real estate sector's NPL ratio at 4.24%, down 0.50 percentage points [2]. - The provision coverage ratio was 405.93%, down 6.05 percentage points from the previous year-end [2]. Net Interest Margin - CMB's net interest margin for the first nine months of 2025 was 1.87%, a decrease of 1 basis point from the first half of the year [4]. - The quarterly net interest margins were 1.91%, 1.86%, and 1.83%, reflecting a narrowing trend but with decreasing rates of decline [4]. Non-Interest Income - The bank reported net interest income of 160.04 billion yuan, accounting for 63.66% of total operating income, with a year-on-year growth of 1.74% [5]. - Non-interest income totaled 91.38 billion yuan, a year-on-year decline of 4.23%, with net fee and commission income increasing by 0.90% to 56.20 billion yuan, while other net income fell by 11.42% to 35.18 billion yuan [6]. Capital Adequacy - As of the end of September, CMB's core Tier 1 capital adequacy ratio was 13.93%, with Tier 1 capital adequacy at 16.25% and total capital adequacy at 17.59%, all showing declines from the previous year-end [6]. Retail Business - CMB had 220 million retail customers by the end of September, a growth of 4.76% from the previous year, with high-net-worth clients increasing by 10.42% to 5.78 million [6]. - Retail assets under management (AUM) reached 16.60 trillion yuan, up 11.19% from the previous year [6]. Stock Performance - On October 29, CMB's A-shares closed at 40.77 yuan, down 2.00%, while its H-shares closed at 49.80 HKD, up 0.12% [7].