CM BANK(SH:600036) 光大证券研究·2026-01-25 23:07Summary of Key Points Core Viewpoint - The report highlights that China Merchants Bank (CMB) achieved stable performance in 2025, with slight growth in revenue and net profit, indicating a recovery in operational fundamentals after a period of decline [4][5]. Group 1: Financial Performance - In 2025, CMB reported operating revenue of 337.5 billion, essentially flat year-on-year, and a net profit attributable to shareholders of 150.2 billion, reflecting a 1.2% increase [4]. - The return on average equity for ordinary shareholders was 13.44%, down by 1.05 percentage points year-on-year [4]. Group 2: Revenue and Profit Growth - Revenue and net profit growth rates for 2025 were 0% and 1.2%, respectively, showing a slight recovery compared to the first three quarters of the year, with revenue growth improving by 0.5 percentage points and profit growth by 0.7 percentage points [5]. - The net interest income grew by 2% year-on-year, with a slight increase in growth rate compared to the first three quarters [5]. Group 3: Asset and Loan Growth - By the end of 2025, CMB's total assets increased by 7.6% year-on-year, with loans and non-credit assets growing by 5.4% and 10.4%, respectively [6]. - The proportion of loans to total assets was 55.5%, a decrease of 1.2 percentage points from the beginning of the year, indicating a balanced approach to loan growth amidst weak demand [6]. Group 4: Deposit and Liability Management - Total liabilities grew by 8% year-on-year, with deposits and market liabilities increasing by 8.1% and 7.2%, respectively [7]. - CMB has actively managed high-interest deposits while increasing the absorption of market liabilities, maintaining a stable deposit ratio of 83.4% [7]. Group 5: Asset Quality and Risk Management - The non-performing loan ratio remained stable at 0.94%, with a slight decrease in the provision coverage ratio to 391.8% [8]. - The overall risk compensation ability is considered to be at a relatively favorable level within the industry [8].