Zhong Guo Jin Rong Xin Xi Wang·2026-03-27 14:08Core Viewpoint - The bank expects its net interest margin (NIM) to follow an 'L-shaped' trend by 2026, with a projected NIM of 1.28% for 2025, a decrease of 14 basis points from 2024, but with a slowing decline [1]. Group 1: Net Interest Margin Management - The bank's asset-liability management is adapting to monetary policy adjustments, aiming to stabilize NIM through optimized asset-liability combinations [1]. - Liability management focuses on cost reduction and efficiency, maintaining a diversified funding structure and effectively managing low-cost fund accumulation [1]. - The bank anticipates that the impact of high-cost fixed-term deposits maturing and the end of loan repricing will stabilize the loan-to-deposit spread [1]. Group 2: Asset Allocation and Growth - The bank emphasizes long-term asset allocation, achieving a 7.5% growth in customer loans and a 19.6% increase in bond investments, despite declining bond investment yields [2]. - The bank's overseas institutions' total assets reached $491.6 billion, a 12.4% increase year-on-year, indicating a commitment to global integration and support for the internationalization of the Renminbi [2]. - The bank acknowledges that while NIM may continue to decline in the short term, favorable factors for improving NIM are accumulating, suggesting a potential stabilization trend [2].