Zhong Zheng Wang·2025-10-30 03:02Core Insights - The net profit attributable to shareholders of China Merchants Bank for the first three quarters of 2025 was 113.77 billion yuan, representing a year-on-year increase of 0.52% [1] Revenue Trends - The bank achieved an operating income of 251.42 billion yuan in the first three quarters, 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 [2] - Net interest income for the first three quarters was 160.04 billion yuan, up 1.74% year-on-year, while non-interest income was 91.38 billion yuan, down 4.23%, with the decline narrowing compared to the first half [2] Wealth Management Performance - The wealth management segment of China Merchants Bank showed strong growth, contributing positively to overall revenue [3] Operational Advantages - The bank's net interest margin was 1.88% in the first half of 2025, exceeding the industry average by 46 basis points, despite a downward trend due to falling asset yields [4] - The cost of interest-bearing liabilities decreased by 38 basis points to 1.31%, positively impacting net interest income [4] - Retail loans reached 3.70 trillion yuan, growing 1.43% year-on-year, with retail loans accounting for 51.80% of total loans and advances [4] Retail Business Resilience - As of the end of September, the number of retail customers was 220 million, an increase of 4.76% year-on-year, with total assets under management (AUM) reaching 16.60 trillion yuan, up 11.19% [5] Steady Development - Total assets amounted to 12.64 trillion yuan, a 4.05% increase year-on-year, with total loans and advances at 7.14 trillion yuan, up 3.60% [6] - The non-performing loan (NPL) ratio was 0.94%, a slight decrease from the previous year, with a provision coverage ratio of 405.93% [6][7] Income Structure - Non-interest income accounted for 36.34% of total revenue, maintaining a high level compared to peers, with significant growth in wealth management fees and commissions [7]