China Merchants Bank Co., Ltd. Q3 2026 Earnings Recap

China Merchants Bank’s shares rose 0.6% after earnings, a roughly flat reaction. Revenue and net profit growth improved from the first half, while retail loans contracted and retail NPLs rose.

Key Takeaways

• First-nine-month net operating income was CNY 264.76 billion, up 5.37% year over year; net profit attributable to shareholders was CNY 116.476 billion, up 2.38%.
• Net interest income rose 5.83% to CNY 169.379 billion. NIM was 1.82%, down 5 basis points year over year but flat from the first half and quarter on quarter.
• Total loans grew 2.69% to CNY 7.45 trillion, but retail loans fell 1.28% to CNY 3.67 trillion; corporate loans rose 10.59%.
• The NPL ratio was 0.94%, unchanged from year-end 2025. Retail NPLs increased 0.11 percentage points to 1.19%, and annualized NPL formation rose to 1.07%.
• Retail AUM reached CNY 18.71 trillion, up 9.52% from year-end; income from extensive wealth management grew 11.12% year over year.