China Merchants Bank Co., Ltd. Q3 2025 Earnings Recap

China Merchants Bank reported stable third-quarter results with a modest year-on-year net profit growth of 0.52%, indicating resilience amid a challenging economic landscape.

Key Takeaways

• Net operating income reached RMB 251.28 billion, with a slight year-on-year decline of 0.52%, though the decrease rate improved compared to earlier in the year.
• Net profit attributable to shareholders was RMB 113.7 billion, up 0.52%, demonstrating consistent profitability.
• Wealth management business saw positive momentum, with net fee and commission income growing 18% year-on-year, marking the first positive growth in three years.
• Asset quality remained stable with an NPL ratio of 0.94%, indicating effective risk management and control over loan performance.
• Continued focus on cost management with a cost-to-income ratio of 29.86% and a significant reduction in interest-bearing liabilities cost ratio to 1.31%.