Chinese banks saw net interest margins compress to 1.52% in 2024, marking five consecutive years of decline. While competitors are bleeding money, China Merchants Bank (CMB) bucked the trend and expanded assets under management by 12% to Rmb15 trillion ($2.1 trillion).
Its retail customer base grew 6.6% to 210 million. Net profit rose 1.22%. Total deposits jumped 11.54% to Rmb9.1 trillion. Known as the “retail king”, CMB’s retail division continues to generate over half of the bank’s operating income and profit.
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