智通财经网·2026-01-26 08:56Core Viewpoint - UBS reports that China Merchants Bank (03968) has released preliminary results for 2025, with revenue and net profit at 337.5 billion and 150.2 billion RMB respectively, indicating a stabilization in revenue year-on-year after a decline in the first three quarters of 2025 [1] Group 1: Financial Performance - The bank's revenue for the year remained flat year-on-year, reversing the downward trend observed in the first three quarters of 2025 [1] - UBS sets a 12-month target price for China Merchants Bank at 56 HKD, with a "neutral" rating [1] Group 2: Income and Loan Metrics - The bank's net interest income and average assets are expected to rise by 2 basis points quarter-on-quarter to 1.73% in Q4 2025 [1] - Net fee income is anticipated to maintain steady growth, while trading income may be negatively impacted by rising bond yields and a high comparative base [1] Group 3: Asset Quality - The non-performing loan (NPL) ratio remains stable at 0.94%, but the NPL coverage ratio has significantly decreased by 20.2 percentage points quarter-on-quarter to 391.79% [1] - The loan provision ratio has decreased by 24 basis points quarter-on-quarter to 3.68%, reflecting the bank's maintenance of low credit costs in Q4 2025 [1]