Di Yi Cai Jing·2026-03-27 15:52Core Viewpoint - After two consecutive years of decline, China Merchants Bank's operating income returned to growth in 2025, with a slight increase of 0.01% year-on-year, marking the first positive growth since 2023 [2][3]. Financial Performance - In 2025, the bank achieved an operating income of 337.57 billion yuan, a profit before tax of 178.99 billion yuan, and a net profit attributable to shareholders of 150.18 billion yuan, with year-on-year growth rates of 0.01%, 0.19%, and 1.21% respectively [3]. - The bank's revenue growth showed a gradual improvement, with quarterly year-on-year changes of -3.1%, -1.7%, -0.5%, and 0.01% for the first quarter, first half, first three quarters, and the entire year respectively [3]. - The net interest income for the year was 215.59 billion yuan, reflecting a year-on-year increase of 2.04%, compared to a decline of 1.58% in the previous year [4]. Interest Income and Margins - The bank's interest income was 351.35 billion yuan, down 6.12% year-on-year, with loan interest income at 233.54 billion yuan, a decrease of 10.37%, while investment interest income rose by 7.72% to 91.47 billion yuan [3][4]. - The bank's net interest margin was 1.78%, down 8 basis points year-on-year, while the net interest yield was 1.87%, down 11 basis points [4]. Wealth Management and Non-Interest Income - The bank's fee and commission income reached 75.25 billion yuan, up 4.39% year-on-year, marking the first positive growth since 2022, driven by wealth and asset management income growth of 21.39% and 10.94% respectively [6]. - However, the bank's non-interest income decreased by 3.31% year-on-year to 121.68 billion yuan, influenced by a decline in other income [6]. Customer Growth and Asset Management - The bank's retail customer base grew by 6.67% to 224 million, while corporate customers increased by 14.4% to 3.6225 million [7]. - Total assets under management (AUM) for retail customers exceeded 17 trillion yuan, with an increase of over 2 trillion yuan, reaching a historical high [7]. Subsidiaries and Regional Performance - The bank's eight major subsidiaries had total assets exceeding 950 billion yuan, with a year-on-year growth of 11.43% [8]. - Key regional branches in areas such as the Yangtze River Delta and Pearl River Delta outperformed the average growth rates of domestic branches in major metrics [8].