Nan Fang Du Shi Bao·2026-01-23 12:29Core Insights - In 2025, China Merchants Bank reported a slight increase in both revenue and net profit, with revenue rising by 0.01% to 337.53 billion yuan and net profit increasing by 1.21% to 150.18 billion yuan [1][2] Revenue Performance - China Merchants Bank achieved an operating income of 337.53 billion yuan, reflecting a year-on-year increase of 0.01% [2] - Among the four listed banks, only CITIC Bank experienced a slight decline in revenue, while the other three banks, including China Merchants Bank, reported growth [1][3] - The revenue growth for China Merchants Bank turned positive in the fourth quarter after a negative growth of 0.51% in the first three quarters of 2025 [2] Profitability - The total profit for China Merchants Bank reached 178.99 billion yuan, with a year-on-year increase of 0.19% [2] - The net profit attributable to shareholders was 150.18 billion yuan, marking a year-on-year increase of 1.21% [2] - All four banks reported an increase in net profit, with Shanghai Pudong Development Bank showing the highest growth rate of 10.52% [5] Asset Quality and Scale - As of December 31, 2025, China Merchants Bank's total assets amounted to 13,070.52 billion yuan, an increase of 7.56% from the previous year [2] - The non-performing loan ratio stood at 0.94%, a decrease of 0.01 percentage points from the previous year [2] - The provision coverage ratio was 391.79%, down by 20.19 percentage points from the previous year [2] Industry Context - The overall performance of the four major listed banks reflects a stable banking sector, supported by stable interest margins and declining credit costs [6] - The expected growth rates for revenue and net profit for a sample of 26 listed banks in 2025 are projected to be 1.5% and 2.2%, respectively, indicating an improvement from the first three quarters of 2025 [6]