新京报贝壳财经讯（记者姜樊）9月1日，招商银行副行长兼财务负责人、董事会秘书彭家文在举行的 2025年中期业绩发布会上表示，银行今年手续费及佣金收入总体承压，最大的压力来自于信用卡业务收 入。 "信用卡收入与其交易相关联。上半年招行信用卡的交易量实际上突破了2万亿，比去年下降8.3%，但 信用卡交易的市场份额提升了0.3个百分点。"彭家文介绍，信用卡的交易量下行与当前整个消费市场增 速尚未恢复息息相关。这使招行信用卡收入负增长16%，而信用卡客户数在增加，这意味着每个客户的 户均消费、笔均消费金额有所下降，是信用卡收入负增长的主要原因。招行信用卡收入占比较高，因此 影响相对较大。 此外，彭家文介绍，招商银行财富管理收入三年以来首次实现增速转正，而且增速达到了11%以上。其 中，代销理财、代销信托、代销基金的收入增长均较快，成为今年上半年手续费及佣金收入的亮点。 编辑 陈莉 校对 刘军 ...

9月1日，招商银行副行长兼财务负责人、董事会秘书彭家文在举行的2025年中期业绩发布会上表示，当 前银行今年手续费及佣金收入总体承压，最大的压力来自于信用卡业务收入。 "信用卡收入与其交易相 关联。上半年招行信用卡的交易量实际上突破了2万亿，比去年下降8.3%，但信用卡交易的市场份额提 升了0.3个百分点。"彭家文介绍，信用卡的交易量下行与当前整个消费市场增速尚未恢复息息相关。这 带来招行信用卡收入负增长16%，而该行信用卡客户数在增加，这意味着每个客户的户均消费、笔均消 费金额有所下降，这是信用卡收入负增长的主要原因。招行信用卡收入占比较高，因此影响相对较大。 此外，彭家文介绍，招商银行财富管理收入三年以来首次实现增速转正，而且增速达到了11%以上。其 中，代销理财、代销信托、代销基金的收入增长均较快，成为今年上半年手续费及佣金收入的亮点。 （贝壳财经） ...

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company reported a slight decline in Q1 revenue and net profit, with operating income at CNY 89.36 billion (-0.07% YoY) and net profit attributable to shareholders at CNY 25.25 billion (-2.62% YoY) [4] - Total assets reached CNY 17.69 trillion, reflecting an 8.31% increase YoY, while the non-performing loan (NPL) ratio stood at 0.91% [4] - The company has seen a decrease in net interest margin (NIM) to 1.71%, down 21 basis points YoY, influenced by recent LPR cuts [4] - The report highlights strong growth in corporate credit and a slight slowdown in financial investment growth, with a notable increase in corporate loans [4] - Fee and commission income grew by 8.76% YoY, outperforming peers, driven by strong performance in corporate services [4] - The company is expected to benefit from a recent capital increase plan, which will enhance its core tier 1 capital ratio significantly [7] Summary by Sections Financial Performance - Q1 operating income was CNY 89.36 billion, and net profit was CNY 25.25 billion, with total assets at CNY 17.69 trillion [4] - The NPL ratio increased slightly to 0.91%, while the NPL coverage ratio decreased to 266.13% [4] Interest Margin and Rates - The net interest margin decreased to 1.71%, with a significant impact from the recent LPR cuts [4] - The company adjusted deposit rates downward, which is expected to alleviate pressure on interest margins [4] Loan and Deposit Growth - Corporate loan growth was strong, with new corporate loans reaching a record high, while personal loans remained weak [4] - Deposit growth slowed slightly, consistent with industry trends [4] Non-Interest Income - Fee and commission income increased by 8.76% YoY, indicating strong performance in corporate services [4] - Investment income grew by 18.81% YoY, driven by strong investment scale and strategies [4] Capital and Future Outlook - The company plans to raise CNY 130 billion through a private placement to enhance its capital base [7] - Future earnings are expected to recover as interest margin pressures ease, with revised revenue forecasts for 2025-2027 [7]