China Merchants Bank earns over 400 million yuan daily, plans to distribute more than 50 billion yuan in dividends

Editor｜Mo Ran

On the evening of March 27, China Merchants Bank officially released its 2025 annual report. Amid a complex and ever-changing external environment, the bank—lauded as the “king of retail” and a leading shareholding commercial bank—delivered a performance report of “steady progress.”

According to the report, in 2025 China Merchants Bank achieved operating income of 337.532 billion yuan, up slightly by 0.01% year over year. Although the growth rate is small, it is significant: it indicates that the bank’s revenue turned positive for the first time after two consecutive years of decline.

Net profit attributable to shareholders of the bank reached 150.181 billion yuan, up 1.21% year over year. By quarter, its operating resilience stands out: the year-over-year change in operating income improved quarter by quarter, from a 3.1% year-over-year decline in the first quarter to positive growth for the full year.

In terms of revenue composition, net interest income has become the main driver of growth, reaching 215.593 billion yuan, up 2.04% year over year. This was mainly driven by the narrowing year-over-year decline in the net interest margin and a moderate increase in the scale of interest-earning assets.

Despite a 3.38% year-over-year decrease in non-interest net income, the proportion of non-interest income remains as high as 36.13%, significantly above the industry average of 22.53%, demonstrating its diversified revenue advantage. Among them, net fee and commission income rose 4.39% year over year to 75.258 billion yuan. Wealth management income, in particular, achieved rapid growth of 16.91%, reaching 44.013 billion yuan.

Asset quality remains strong. At year-end, the non-performing loan ratio was 0.94%, down 1 basis point from the previous year, remaining below 1% for multiple consecutive years. The provision coverage ratio was 391.79%, far above the industry average, indicating sufficient risk coverage capability. For capital adequacy ratios, the core tier-one capital adequacy ratio was 14.16%, the tier-one capital adequacy ratio was 16.51%, and the capital adequacy ratio was 18.24%, all meeting regulatory requirements.

China Merchants Bank rolled out a generous dividend plan. The board proposed a cash dividend of 2.016 yuan per share for 2025 (including tax). The total cash dividend for the full year will be 50.843 billion yuan, with a cash dividend payout ratio of 35.34%. This will be the bank’s first time implementing an interim dividend within the year. After deducting the interim dividends already distributed, the cash dividend for this round will be 1.003 yuan per share (including tax), with a proposed cash payout of 25.296 billion yuan.

Market participants believe that China Merchants Bank’s 2025 performance stabilized and rebounded, driven by strong growth in wealth management, supported by solid asset quality. The high dividend payout highlights the bank’s sincerity in returning value to shareholders. Wang Liang, the president, said that in 2026 China Merchants Bank will continue to deepen its retail and wealth management focus, optimize its asset-liability structure, and promote steady growth in operating income and profit.

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