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<Results>China Merchants Bank (03968.HK) Full-Year Net Profit RMB150.181 Billion, Up 1.2%; Final Dividend RMB1.003
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China Merchants Bank (03968.HK) announced its 2025 annual results, recording a net profit of RMB150.181 billion, representing a year-on-year increase of 1.2%, with earnings per share of RMB5.7. The final dividend is RMB1.003 per share. The total dividend for the year is RMB2.016 per share.

During the year, the bank achieved a net operating income of RMB337.273 billion, a slight increase of 0.05%. This includes a net interest income of RMB215.593 billion, up 2%, with a net interest margin of 1.87%, down 0.11 percentage points. Non-interest net income was RMB121.680 billion, down 3.31%. The return on average equity (ROAE) decreased by 1.05 percentage points to 13.44%.

The impairment loss for the year was RMB39.775 billion, a decrease of 2.6%. The pre-tax profit was RMB178.993 billion, a slight increase of 0.2%, with an effective tax rate of 15.57%, down 0.71 percentage points. Interest expenses were RMB135.758 billion, down 16.7%, mainly due to a decrease in the cost rate of interest-bearing liabilities.

As of the end of 2025, the balance of non-performing loans was RMB68.206 billion, an increase of RMB2.596 billion from the beginning of the year, with a non-performing loan ratio of 0.94, down 0.01 percentage points. The provision coverage ratio was 391.79%, down 20.19 percentage points, and the loan provision ratio was 3.68%, down 0.24 percentage points. (de/d)
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