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China Merchants Bank (3968) investor relations material
China Merchants Bank Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary31 Oct, 2025
Executive summary
Net operating income for the first three quarters was CNY 251.28 billion, down 0.52% year-over-year, with the decline narrowing from the first half.
Net profit attributable to shareholders reached CNY 113.772 billion, up 0.52% year-over-year, with improved growth compared to the first half.
ROAA and ROAE were 1.22% and 13.96%, both slightly up from the first half but down year-over-year.
Asset quality remained stable, with NPL ratio at 0.94%, down 0.01 percentage point from year-end, and allowance coverage at 405.93%.
Wealth management and fee income showed strong momentum, with retail AUM up 11% and wealth management fee income up 18%.
Financial highlights
Total assets reached CNY 12.64 trillion, up 4.05% from last year-end.
Total loans grew 3.6% to CNY 7.14 trillion; retail loans up 1.43%, corporate loans up 10.01%.
Customer deposits rose 4.64% to CNY 9.52 trillion, with demand deposits at 49.45% of the total.
NII increased 1.74% to CNY 160.4 billion; NIM was 1.87%, down 12 bps year-over-year but the decline narrowed.
Net non-interest income was CNY 91.24 billion, accounting for 36% of net operating income, but declined 4.27% year-over-year.
Outlook and guidance
Retail loans remain a strategic focus despite weak demand; market share continues to grow.
Corporate loan growth aligns with government guidance, with a 10% increase year-to-date.
NIM expected to stabilize at a bottom range, with further declines limited.
Fee income growth is expected to continue, especially from wealth management, though mutual fund fee cuts may pressure future income.
Plans to expand support for compliant real estate projects and maintain strict risk controls.
NIM pressure and non-interest income drivers?
Shifting NPL trends in retail vs corporate loans?
Drivers of declining capital adequacy ratios?
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Next China Merchants Bank earnings date
Q4 202523 Mar, 2026
Next China Merchants Bank earnings date
Q4 202523 Mar, 2026
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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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