China Merchants Bank Reports H1 2026 Net Profit of 76.4 Billion Yuan, Up 2% YoY
Nashnova编辑部
China Merchants Bank (03968) reported H1 net profit of RMB 76.445 billion, up 2.02% year-on-year, while revenue grew faster at 4.83% — the gap was filled by a 26.5% surge in wealth-management fees, even as wholesale banking dragged. The earnings mix is shifting.
What do the headline numbers look like?
H1 net operating income reached RMB 178.135 billion, up 4.83% Y/Y; net profit attributable to shareholders hit RMB 76.445 billion, up 2.02%; basic EPS was RMB 2.98.
Revenue grew more than twice as fast as profit. This means → the top line is improving, but costs or provisions absorbed part of the gain.
Non-interest income totalled RMB 66.113 billion, up 3.56%, serving as the main pillar of the result.
Why is wealth management the standout?
Wealth-management fee and commission income hit RMB 16.192 billion, up 26.53% — the fastest growth among all fee segments.
Custody fees reached RMB 3.142 billion, up 20.52%, another strong performer.
This reflects an accelerating shift of household savings into funds and wealth products — and CMB's distribution channel advantage lets it capture the largest share.
Which fee lines are shrinking?
Bank-card fees fell to RMB 6.374 billion, down 11.73% — mobile payments keep eroding traditional card-swipe revenue.
Asset-management fees slipped to RMB 5.370 billion, down 1.52%; credit-commitment and loan fees dropped to RMB 2.145 billion, down 6.29%.
In plain terms = the revenue engine is being swapped out: wealth management is accelerating hard while card and loan commissions lose speed.
Investment income halved — where did the money go?
Net investment income fell to RMB 9.438 billion, down 53.33%, mainly due to a high base from bond and financial-instrument gains a year ago.
Yet fair-value gains surged to RMB 4.581 billion, an increase of RMB 9.4 billion Y/Y — driven by rising valuations on bond and non-money-market fund holdings.
This means → realised gains shrank, but unrealised gains expanded. The money didn't vanish; it moved from "cash in pocket" to "paper profit."
Retail, wholesale, other — which line is leading?
Retail banking non-interest income reached RMB 28.360 billion, up 11.47%, accounting for 42.90% of the group total — firmly in first place.
Wholesale banking non-interest income fell to RMB 27.290 billion, down 11.04% — the only line in decline.
Other businesses posted RMB 10.463 billion, up 35.57%, boosted by investment-business income at subsidiaries such as CMB Financial Leasing.
What should investors watch in H2?
First checkpoint: whether the 26.5% growth in wealth-management fees can hold — if household reallocation slows, this engine decelerates.
Second checkpoint: whether wholesale banking's decline has bottomed — the H1 drop exceeded 11%, and further deterioration would weigh on the group.
In plain terms = CMB is pivoting from "earning on the interest spread" to "earning on management fees." H2 data will tell the market whether that path is sustainable.
市场有风险，内容仅供研究参考，不构成投资建议。