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China Merchants Bank (3968) investor relations material

China Merchants Bank Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary1 Sep, 2025

Executive summary

  • Net profit attributable to shareholders reached RMB74.93 billion, up 0.25% year-on-year, despite a 1.73% decline in net operating income to RMB169.92 billion.

  • Total assets increased 4.16% to RMB12.66 trillion, with loans and advances up 3.31% and customer deposits up 3.58%.

  • Asset quality remained strong, with NPL ratio at 0.93%, allowance coverage at 410.93%, and allowance-to-loan ratio at 3.83%.

  • Retail finance contributed over 55% to both net operating income and profit, maintaining strategic dominance.

  • Capital adequacy ratios remained above regulatory requirements, with Core Tier 1 at 14.00% and Tier 1 at 17%.

Financial highlights

  • Net interest margin (NIM) at 1.88%, down 12 bps year-on-year, but still above industry average.

  • Net interest income rose 1.57% year-on-year to RMB106.09 billion, while noninterest income fell 6.77% to RMB63.84 billion.

  • Return on average assets (ROAA) was 1.21%, and return on average equity (ROAE) was 13.85%, both declining year-on-year.

  • Cost-to-income ratio stable at 30.11%.

  • Credit cost ratio (annualized) decreased to 0.67% from 0.77% year-over-year.

Outlook and guidance

  • Net interest margin expected to remain under pressure in H2 2025 due to low interest rates and deposit structure shifts.

  • Focus on high-quality growth, digital transformation, and risk management, with continued expansion in retail, technology, green, and inclusive finance.

  • Plans to accelerate internationalization, comprehensive operations, and digital intelligence initiatives.

  • Non-interest income growth to be driven by wealth management, corporate finance, and asset management innovation.

  • Continued emphasis on prudent risk management and maintaining asset quality.

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Frequently asked questions

China Merchants Bank Co., Ltd. (CMB) is a comprehensive financial service provider, offering a wide range of banking products and services. It caters to both individuals and corporate clients, with offerings that include personal and housing loans, micro business loans, car and corporate loans, as well as liquid capital, fixed asset, mortgage, and educational loans. Additionally, CMB provides a variety of accounts such as demand deposits, time deposits, savings accounts, and call deposits. The bank extends beyond traditional banking services to offer remittance, electronic banking, cash management, M&A financing, international banking, wealth management, investment banking, trade financing, and custody services, alongside pension products and credit cards. The company is headquartered in Shenzhen, China, and its shares are listed on the Shanghai Stock Exchange.

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