China Merchants Bank Co., Ltd. Q2 2025 Earnings Recap

China Merchants Bank (CMB) delivered balanced performance in its 2025 interim results, achieving a slight increase in net profit amid challenging market conditions, with strong management of funding costs and asset quality.

Key Takeaways

• Net profit attributable to shareholders rose 0.25% YoY to RMB 74.9 billion, while net operating income decreased by 1.73% to RMB 169.9 billion.
• Total assets grew 4.16% to RMB 12.66 trillion, with loans and advances increasing by 3.31% to RMB 7.12 trillion.
• CMB maintained an industry-leading ROAA of 1.21% and a stable cost-to-income ratio at 30.11%.
• Noninterest income showed resilience, particularly in wealth management, which rose 11.89% YoY.
• Asset quality remained robust with an NPL ratio of 0.93% and an allowance coverage ratio of 410.93%.