Business Performance Shows Improving Momentum with ROAA and ROAE Remaining at High Levels
From January to September 2025, the Group realised a net operating income of RMB251.282 billion, representing a year-on-year decrease of 0.52%; net profit attributable to shareholders of the Bank was RMB113.772 billion, representing a year-on-year increase of 0.52%.
ROAA and ROAE were 1.22% and 13.96%, respectively, representing a year-on-year decrease of 0.11 and 1.42 percentage points, but an increase of 0.01 and
0.11 percentage points, respectively, compared to the first half of 2025, maintaining leading position in the industry.
Net interest income was RMB160.042 billion, representing a year-on-year increase of 1.74%. The net interest margin was 1.87%, representing a year-on-year decrease of 12 basis points, maintaining relatively superior level in the industry.
Net non-interest income was RMB91.240 billion, representing a year-on-year decrease of 4.27%. Among the net non-interest income, net fee and commission income amounted to RMB56.202 billion, representing a year-on-year increase of 0.90%, marking its first return to growth since the end of 2022. Other net non-interest income amounted to RMB35.038 billion, representing a year-on-year decrease of 11.53%.
Fee and commission income from wealth management amounted to RMB20.670 billion, representing a year-on-year increase of 18.76%, of which, income from agency distribution of wealth management products amounted to RMB7.014 billion, representing a year-on-year increase of 18.14%; income from agency distribution of insurance policies amounted to RMB5.326 billion, representing a year-on-year decrease of 7.05%; income from agency distribution of funds amounted to RMB4.167 billion, representing a year-on-year increase of 38.76%; income from agency distribution of trust schemes amounted to RMB2.519 billion, representing a year-on-year increase of 46.79%; income from securities brokerage amounted to RMB1.378 billion, representing a year-on-year increase of 78.50%.
Cost-to-income ratio was 29.86%, representing a year-on-year increase of 0.27 percentage point.
Steady Growth in Deposits and Loans with Continuous Improvement in Liability Costs
As of September 30, 2025, the Group's total assets amounted to RMB12,644.075 billion, representing an increase of 4.05% as compared with the end of the previous year; total loans and advances to customers amounted to RMB7,136.285
billion, representing an increase of 3.60% as compared with the end of the previous year; the balance of financial investments amounted to RMB4,025.373 billion, representing an increase of 10.52% as compared with the end of the previous year.
Retail loans amounted to RMB3,696.619 billion, representing an increase of 1.43% as compared with the end of the previous year and accounting for 51.80% of total loans and advances to customers; corporate loans amounted to RMB3,150.344 billion, representing an increase of 10.01% as compared with the end of the previous year.
Total liabilities amounted to RMB11,368.939 billion, representing an increase of 4.12% as compared with the end of the previous year; total deposits from customers amounted to RMB9,518.697 billion, representing an increase of 4.64% as compared with the end of the previous year; among the daily average balance of deposits from customers, demand deposits accounted for 49.45%, down by
0.89 percentage point as compared with the previous year, maintaining superior level relative to the industry.
The average cost ratio of the interest-bearing liabilities was 1.31%, representing a year-on-year decrease of 38 basis points, of which, the average cost ratio of deposit from customers was 1.22%, representing a year-on-year decrease of 36 basis points, both maintaining superior levels within the industry.
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Robust Revenue Mix and Capital Strength at the Forefront
Net non-interest income accounted for 36.31% of net operating income and maintained a favorable level.
Under the Advanced Measurement Approach, the core Tier 1 capital adequacy ratio, the Tier 1 capital adequacy ratio and the capital adequacy ratio were 13.93%, 16.25% and 17.59% respectively, representing a decrease of 0.93, 1.23 and 1.46 percentage point(s) respectively, as compared with the end of the previous year; under the Weighted Approach, the core Tier 1 capital adequacy ratio, the Tier 1 capital adequacy ratio and the capital adequacy ratio were 11.99%, 13.99% and 15.07% respectively, representing a decrease of 0.44, 0.64 and 0.66 percentage point respectively, as compared with the end of the previous year.
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Stability in Asset Quality and Strength in Risk Coverage Capability
As of September 30, 2025, the Group's non-performing loans amounted to RMB67.425 billion, representing an increase of RMB1.815 billion as compared with the end of the previous year, with a non-performing loan ratio of 0.94%, down by 0.01 percentage point as compared with the end of the previous year.
Closely monitoring changes in the macroeconomic landscape, the Company has continuously strengthened risk prevention and resolution in key sectors. As of September 30, 2025, the Company's non-performing loan ratio of the property development industry and manufacturing industry were 4.24% and 0.45%, representing a decrease 0.50 and 0.05 percentage point as compared with the end of the previous year. Affected by the macro environment, the non-performing loan ratio for the retail segment was 1.05%, representing an increase 0.07 percentage points from the end of the previous year, though risks remain
manageable overall.
The allowance coverage ratio was 405.93%, representing a decrease of 6.05 percentage points as compared with the end of the previous year; the allowance-to-loan ratio was 3.84%, representing a decrease of 0.08 percentage point as compared with the end of the previous year.
The Company had new non-performing loans of RMB48.003 billion, representing a year-on-year decrease of RMB202 million; the formation ratio of non-performing loans (annualized) was 0.96%, representing a year-on-year decrease of 0.06 percentage point. From January to September 2025, the Group's credit cost ratio was 0.67% (annualised), representing an increase of 0.02 percentage point as compared with the previous year.
Sustained Growth in Retail Customers and AUM with a Fortified Foundation for the Mass Wealth Management Business
As of September 30, 2025, the Company had 220 million retail customers, representing an increase of 4.76% as compared with the end of the previous year. Among these, the number of customers in the level of Golden Sunflower and above reached 5,781,200, representing an increase of 10.42% as compared with the end of the previous year.
The Company's balance of total assets under management (AUM) from retail customers amounted to RMB16,597.523 billion, representing an increase of RMB1,670.809 billion or 11.19% as compared with the end of the previous year.
The total scale of asset management business of the Company's subsidiaries -CMB Wealth Management, China Merchants Fund, CIGNA & CMAM and CMB International Capital, amounted to RMB4.59 trillion, representing an increase of 2.59% as compared with the end of the previous year, among which the balance of wealth management products under management by CMB Wealth Management amounted to RMB2.54 trillion, representing an increase of 2.83% as compared with the end of the previous year; the scale of asset management business of China Merchants Fund amounted to RMB1.59 trillion, representing an increase of 1.27% as compared with the end of the previous year; the scale of asset management business of CIGNA & CMAM amounted to RMB305.669 billion, remaining basically at the same level as compared with the end of the previous year; the scale of asset management business of CMB International Capital amounted to RMB156.290 billion, representing an increase of 19.92% as compared with the end of the previous year.
Note1: Unless stated otherwise, all financial data above are presented on a consolidated Group basis, while business data as well as retail and corporate loans are reported on a Company basis, and are denominated in RMB.
Note2: All financial information set out in this Q3 results highlights is prepared in accordance with the International Financial Reporting Standards.