China Merchants Bank Co., Ltd. (600036) Earnings Call Transcripts

China Merchants Bank Co., Ltd.'s Latest Earnings Call - March 30, 2026

In the 2025 fiscal year, China Merchants Bank (CMB) reported a slight increase in net operating income to RMB 337.2 billion, up 0.05% year-over-year, and a net profit attributable to shareholders of RMB 150.2 billion, reflecting a 1.21% increase. The bank's return on average assets (ROAA) was 1.19% and return on average equity (ROAE) was 13.44%, both down from the previous year. Management signaled a cautious outlook for 2026, highlighting challenges such as low interest rates and competition, while maintaining a focus on quality growth and digital transformation.

Reported metrics

Guidance from management

Management indicated that while challenges persist, they are focused on quality growth and digital transformation, with expectations for stable growth in operating income and profit in 2026, although NIM is expected to continue declining but at a smaller magnitude.

What management said

Thank you, Chairman and President. Now we will enter into the Q&A session. We will have the questions from the investors and analysts first and then from the media. As we have many participants today, please follow the instruction given by the operator to raise your question, and please limit your question to 1 only. please raise your name and the agency you represent before having the question.

Thank you. President, Wang. . Let us wait a second, and we have also got some questions from online. And I think the next question will be given to an online participant from Guotai Haitong Security.

What analysts pressed on

Analysts expressed concerns regarding the sustainability of NIM in a low interest rate environment and the potential impact on profitability. There were also questions about asset quality, particularly in retail loans, and the adequacy of provisions given the rising NPLs in certain segments.

Main topics on the call

• Revenue and Profit Stability — CMB achieved a net operating income of RMB 337.2 billion, up 0.05% YoY, and a net profit of RMB 150.2 billion, up 1.21%. Management noted, 'we seek to refine management and continue to promote reduction in cost.'
• Asset Quality and NPL Management — The NPL ratio improved slightly to 0.94%, down 0.01 percentage points. Management stated, 'NPL balance...up by RMB 2.6 billion,' indicating ongoing vigilance in risk management.
• Digital Transformation Initiatives — CMB is focusing on digital and intelligent banking, with IT investments reaching RMB 12.9 billion. The bank aims to 'build a world-class value creation bank' through technology integration.
• Wealth Management Growth — Wealth management products saw a 21% increase in balance, contributing significantly to fee income. Management highlighted, 'retail AUM balance exceeded RMB 17 trillion, up by 14.44%.

Read the full China Merchants Bank Co., Ltd. transcript (March 30, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 22 China Merchants Bank Co., Ltd. earnings call transcripts on record, spanning March 23, 2020 to August 31, 2026. Based on this history, China Merchants Bank Co., Ltd. reports quarterly. The most recent call on file is dated August 31, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

600036

Exchange

SHSE

Country

CN

Sector

Financials

Industry

Banks

Calls on record

22

First call

March 23, 2020

Most recent

August 31, 2026

Reporting cadence

quarterly