股份行“10万亿俱乐部”出炉 招行基本面或迎拐点

Core Viewpoint - The first shareholding commercial bank with total assets of 13 trillion yuan has been established, marking a significant milestone in the banking sector [2] Financial Performance - In 2025, China Merchants Bank (CMB) reported total operating revenue of 337.532 billion yuan, a slight increase of 0.01% year-on-year, and a net profit attributable to shareholders of 150.181 billion yuan, up 1.21% year-on-year [3][6] - The quarterly revenue changes for the first three quarters of 2025 were -3.08%, -0.36%, and 2.12%, indicating a potential turning point in performance [3] - As of the end of 2025, CMB's total assets increased by 918.487 billion yuan, reaching 13.07 trillion yuan, a year-on-year growth of 7.56% [3][4] Asset Quality - CMB's non-performing loan (NPL) ratio stood at 0.94% at the end of 2025, a decrease of 0.01 percentage points from the previous year, while the provision coverage ratio was 391.79%, down 20.19 percentage points [4] - The bank's NPL ratio has remained below 1% over the past five years, indicating stable asset quality [5] Comparative Analysis - CMB's total assets surpassed 13 trillion yuan, maintaining its position as the leading shareholding bank, while other banks like Industrial Bank and CITIC Bank also reported significant asset growth [8][9] - The overall trend in the banking sector shows a steady increase in total assets, with the "10 trillion yuan club" expanding to ten members, including six large state-owned banks and four shareholding commercial banks [10] Dividend and Shareholder Returns - CMB announced its first interim dividend, distributing 1.013 yuan per share (before tax), totaling approximately 25.548 billion yuan, with a dividend yield of 35.02% [7]