Xin Lang Cai Jing·2026-01-25 10:27Core Viewpoint - China Merchants Bank (CMB) is expected to see a positive revenue growth rate and a slight acceleration in profit for 2025, slightly exceeding expectations [1] Financial Performance - In 2025, CMB achieved an operating income of 337.53 billion yuan, a year-on-year increase of 0.01% (compared to -0.51% in the first nine months of 2025) [2][3] - The net profit attributable to shareholders reached 150.18 billion yuan, up 1.21% year-on-year (compared to 0.52% in the first nine months of 2025) [2][3] - The non-performing loan (NPL) ratio for Q4 2025 remained stable at 0.94%, while the provision coverage ratio decreased by 14.14 percentage points to 391.79% [2][8] Growth Outlook - For 2026, CMB's performance is expected to maintain a steady upward trend, with revenue growth continuing to improve and profit growth remaining in the low single digits [4][9] - The bank's asset scale grew by 7.6% year-on-year to 13.1 trillion yuan, with loan scale increasing by 5.4% to 7.26 trillion yuan [5] Interest Margin and Cost Management - The asset-side interest rates are expected to remain under pressure, but the decline will be less severe than in previous quarters due to ongoing optimization of the liability structure [6] - The bank's deposit scale grew by 8.0% year-on-year to 11.8 trillion yuan, supporting stable funding costs [5][6] Non-Interest Income - Non-interest income is expected to improve marginally, with wealth management continuing to show positive trends and other non-interest income not significantly dragging down overall revenue [7][9] Asset Quality - The NPL ratio remains stable, but the provision coverage ratio has declined, primarily due to the gradual disposal of retail loans and corporate real estate loans [8] - The bank is expected to adopt a cautious approach to risk management, actively addressing potential non-performing loans in the real estate sector [8][9]