China Merchants Bank 2025 Annual Report Released: Achieved a net profit of 150.181 billion yuan, with net interest margin narrowing to 1.87%

On the evening of March 27, China Merchants Bank (SH600036, share price 39.44 yuan, market cap 994.7 billion yuan) with a total market capitalization of about ten trillion yuan released its 2025 performance report.

The above performance report shows that China Merchants Bank’s total asset size reached 14 trillion yuan. During the reporting period, the bank achieved operating income of 337.273 billion yuan and net profit of 150.181 billion yuan, up 0.05% and 1.21% year over year, respectively.

The 2025 annual report shows that China Merchants Bank’s total assets at the end of the period were 13.07 trillion yuan, up 7.56% from the end of the previous year; total customer deposits were 9.84 trillion yuan, up 8.13% year over year.

In terms of income structure, China Merchants Bank’s net interest income accounted for 63.87%, while non-interest net income accounted for 36.13%, maintaining an industry-leading level.

In addition, China Merchants Bank’s net interest margin fell 11 basis points year over year to 1.87%. Notably, on a quarter-over-quarter basis, China Merchants Bank’s net interest earning rate in the fourth quarter of 2025 showed a quarter-over-quarter upward trend, rising 3 basis points from the third quarter to 1.86%.

“Looking ahead to 2026, this Group’s net interest earning rate is expected to remain under pressure to a certain extent.” China Merchants Bank said it will strengthen asset-liability portfolio management in the future to drive the continued growth of net interest income and the stable operation of net interest earning rate.

In 2020, China Merchants Bank proposed building a large wealth management value circulation chain, aiming to connect client funding-side and financing-side needs more effectively through a new model, thereby expanding its asset-light business. In 2024, China Merchants Bank’s large wealth management income (including wealth management, asset management, and custody business fee and commission income) was 37.647 billion yuan, down 16.84% year over year. A reporter noted that in 2025, China Merchants Bank’s large wealth management business rebounded, with income of 44.013 billion yuan, up 16.91% year over year.

Wealth management fee and commission income was 26.711 billion yuan, up 21.39% year over year. Among them, after a significant decline in fund distribution earlier, in 2024 China Merchants Bank announced that its fund distribution fee rate would be fully reduced to 10% of the original (“from the start, one-tenth of the price”), and “quantity drives value” proved effective. A reporter from the Economic Daily News noted that China Merchants Bank’s fund distribution income in 2025 was 5.846 billion yuan, up 40.36% year over year.

In terms of asset management fee and commission income, China Merchants Bank’s 2025 revenue was 11.927 billion yuan, up 10.94% year over year, mainly due to the growth in the scale of its asset management business subsidiaries. Custody business commission income was 5.375 billion yuan, up 9.90% year over year, mainly due to an increase in custody scale and improvements in the quality and efficiency of custody services.

Over the past year, the credit card market has continued to contract, and industry adjustments have entered the “deep-water zone.”

The latest data from the People’s Bank of China shows that, as of the end of the fourth quarter of 2025, the stock of national credit cards and integrated cards for lending and credit had fallen to 696 million cards, down about 31 million from the end of 2024, and down 111 million from the historical peak at the end of the third quarter of 2022.

It is worth noting that, based on the data disclosed by China Merchants Bank, as of the end of 2025, China Merchants Bank’s credit card circulation cards were 97.451 million, and circulation accounts were 70.1065 million, up from 96.859 million and 69.4409 million at the end of 2024. However, the transaction amount of credit cards in 2025 continued to decline, reaching 4,082.047 billion yuan, down 7.62% year over year.

Regarding credit card asset quality, a reporter noted that in 2025 China Merchants Bank’s credit card delinquency ratio was 1.74%, down 0.01 percentage points from 2024.

But overall, retail loan asset quality is still on an upward trend. In personal housing loans, a reporter noted that China Merchants Bank’s personal housing loan delinquency ratio was 0.51%, up 0.03 percentage points from the end of the previous year; the watchlist loan ratio was 1.57%, up 0.29 percentage points from the end of the previous year; and the overdue loan ratio was 0.87%, up 0.06 percentage points from the end of the previous year.

China Merchants Bank said that it has always adhered to routine monitoring and revaluation of the value of collateral assets within its existing stock of collateral. It adjusts the value of collateral assets in a timely manner. As of the end of the reporting period, the weighted average collateral ratio for personal housing loans was 40.59%, up 3.44 percentage points from the end of the previous year. The collateral has remained sufficient and stable, and overall risk for personal housing loan business is controllable.

For small and micro loans, China Merchants Bank’s loan and advances balance was 873.559 billion yuan. The non-performing loan ratio rose significantly from 0.79% to 1.22%, and the overdue loan ratio also rose from 0.97% to 1.43%.

However, China Merchants Bank’s corporate loan non-performing ratio saw a significant decline, falling from 1.01% in 2024 to 0.84% in 2025, which drove China Merchants Bank’s overall non-performing loan ratio down from 0.95% to 0.94%.

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