China Minsheng Banking (600016) Q1 2025 earnings summary

Executive summary

• Achieved operating income of RMB 36.81 billion in Q1 2025, up 7.41% year-over-year; net profit attributable to shareholders was RMB 12.74 billion, down 5.13% year-over-year.

• Net interest income increased 2.49% year-over-year, with net interest margin improving to 1.41%.

• Asset quality remained stable, with non-performing loan (NPL) ratio at 1.46%, down 0.01 percentage points from year-end 2024.

• Strategic focus on high-quality growth, digital transformation, and risk management continued.

Financial highlights

• Total assets at RMB 7.78 trillion, down 0.40% from year-end 2024; loans and advances up 1.57% to RMB 4.52 trillion.

• Deposits increased 2.53% to RMB 4.36 trillion; shareholders’ equity up 1.46% to RMB 652.21 billion.

• Basic and diluted EPS at RMB 0.29, down 6.45% year-over-year.

• Cost-to-income ratio improved to 27.46%, down 1.86 percentage points year-over-year.

• Net cash flow from operating activities remained negative at RMB -117.46 billion.

Outlook and guidance

• Management expects continued improvement in business structure, customer base, and digital capabilities.

• Focus remains on optimizing asset/liability structure, expanding low-cost funding, and enhancing risk controls.