China Merchants Bank 2025 Annual Report Released: Revenue and Profit Return to Growth Track, Retail AUM Surpasses 17 Trillion Yuan

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On the evening of March 27, China Merchants Bank released its highly anticipated 2025 annual report, with revenue and net profit returning to year-on-year growth.

The annual report shows that in 2025, China Merchants Bank achieved operating income of 337.532 billion yuan and net profit attributable to shareholders of 150.181 billion yuan, both showing growth compared to the previous year.

During the reporting period, CMB's total retail customer assets exceeded 17 trillion yuan. Wealth management income grew significantly, becoming a key guarantee for stable performance.

In addition, the bank is accelerating its transformation towards “digitization and intelligence” and “internationalization”. Annual technology investment exceeded 12.9 billion yuan, AI applications were widely implemented, and overseas business income grew by over 30%.

Revenue and net profit achieve growth

CMB’s operating performance has always attracted attention from the outside world.

Specifically, in 2025, China Merchants Bank achieved operating income of 337.532 billion yuan, an increase of 0.01% year-on-year, and net profit attributable to shareholders of 150.181 billion yuan, an increase of 1.21% year-on-year, ending the slight decline in revenue seen in 2024 and achieving “double growth”.

By the end of the reporting period, the bank’s total assets broke through 13 trillion yuan for the first time, reaching 13.07 trillion yuan, up 7.56% from the end of the previous year.

Although the net interest margin continued to narrow, CMB partially offset the pressure through refined asset-liability management and growth in non-interest income. The net interest yield was 1.87%, down 0.11 percentage points year-on-year.

At the same time, the scale of managed retail customer assets exceeded 17 trillion yuan, up 14.44% from the end of the previous year, driving year-on-year growth in wealth management income of 16.91%, becoming an important anchor for stable performance.

Net interest yield rebounded quarter-on-quarter in Q4

Breaking it down, CMB’s net interest income last year was 215.593 billion yuan, up 2.04% year-on-year.

Against the backdrop of the industry’s overall downward trend in net interest margin, CMB’s net interest yield last year was 1.87%, narrowing by 11 basis points year-on-year. Financial report analysis indicated that, due to factors like lower mortgage rates, declining LPR, and insufficient credit demand, loan yields fell on the asset side; on the liability side, the trend toward fixed deposits weakened the effect of deposit rate reductions. However, through strengthening asset-liability portfolio management, the net interest margin in Q4 rebounded quarter-on-quarter by 3 basis points to 1.86%.

Non-interest net income was 121.939 billion yuan, down 3.38% year-on-year. Due to capital market volatility, other net income dropped 13.74%, but net fee and commission income grew 4.39% year-on-year to 75.258 billion yuan, becoming a highlight.

Retail foundation stable, corporate loans gain momentum

Retail finance business remains CMB’s main focus. During the reporting period, this business contributed 61.89% of revenue.

By the end of 2025, the number of retail customers reached 224 million, retail AUM reached 17.08 trillion yuan. Wealth management fee and commission income was 26.711 billion yuan, up 21.39% year-on-year, mainly driven by growth in agency fund, wealth management, trust income, etc.

In wholesale finance, corporate loans became the engine of growth. By the end of the reporting period, corporate loan balance was 2.93 trillion yuan, up 13.10% from the end of the previous year, with growth notably higher than retail loans (2.15%).

The bank’s loan growth in fields such as technology, green, inclusive, and manufacturing all exceeded the average loan growth rate. The total corporate customer financing (FPA) balance reached 6.73 trillion yuan.

Overall asset quality remains solid

CMB’s core indicators of asset quality continue to maintain industry leadership. The non-performing loan ratio was 0.94%, down 0.01 percentage points from the end of last year; provision coverage ratio was 391.79%, with ample risk mitigation capacity.

Additionally, the bank’s corporate loan asset quality improved significantly, with NPL ratio dropping 0.17 percentage points to 0.84%.

Due to external environment influences, CMB’s retail loan NPL ratio rose by 0.10 percentage points year-on-year to 1.08%. SME loan NPL ratio rose by 0.43 percentage points to 1.22%; credit card loan NPL ratio remained unchanged at 1.74%, overall still healthy. The annual report noted that further refinement of risk control strategies in key areas will continue.

Over 10 billion invested in IT

Looking forward, CMB clarified its transformation path in the financial report—“internationalization, integrated, differentiated, intelligent and digital”.

During the reporting period, information technology investment reached 12.901 billion yuan, accounting for 4.31% of operating income; the "AIFirst" strategy was deeply implemented, with 856 AI applications launched during the year.

Chairman Miao Jianmin stated in his address that in 2026, the bank will focus on forging "four core drivers", including maintaining net interest margin advantage, enhancing wealth management capability, consolidating asset quality bottom line, and seizing the high ground in intelligent transformation.

Internationalization achieved significant results. Overseas institutions (before consolidated eliminations) saw total assets grow 12.88% from the end of last year, operating income up 33.80% year-on-year. In terms of integrated operations, main subsidiaries’ total assets reached 952.839 billion yuan, with their share of group revenue rising to 12.26%.

Full-year dividend ratio exceeds 35%

On dividends, China Merchants Bank plans to use the total A-share and H-share share capital as of the profit distribution record date to distribute cash dividends to all registered shareholders. The full-year per share cash dividend is 2.016 yuan (before tax); after deducting the interim cash dividend already paid for 2025, the current per share cash dividend is 1.003 yuan (before tax), declared and paid in RMB to A-share shareholders, and in HKD or RMB to H-share shareholders.

This profit distribution plan requires approval at the 2025 shareholders' meeting before implementation.

According to calculations, the total cash dividend for 2025 will be about 50.843 billion yuan. The full-year dividend ratio is about 35.34%, continuing a stable return strategy.

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