Vice President of China Merchants Bank Chen's credit card income drags down the fee income.

On September 1st, at the mid-term performance presentation for 2025, Peng Jiawen, the Deputy President and Chief Financial Officer of China Merchants Bank, as well as the Secretary of the Board of Directors, stated that the overall fee and commission income of the bank is under pressure this year, with the biggest pressure coming from credit card business income. "Peng Jiawen explained that credit card income is related to transaction volume. In the first half of the year, the transaction volume of China Merchants Bank's credit cards actually exceeded 2 trillion, a decrease of 8.3% compared to last year, but the market share of credit card transactions increased by 0.3 percentage points." The decrease in credit card transaction volume is closely related to the fact that the overall consumption market growth has not yet recovered. This has led to a negative growth of 16% in credit card income for China Merchants Bank, despite an increase in the number of credit card customers. This means that the average consumption per customer and the average amount spent per transaction have decreased, which is the main reason for the negative growth in credit card income. As credit card income accounts for a relatively high proportion, the impact is relatively significant. In addition, Peng Jiawen also mentioned that China Merchants Bank's wealth management income has achieved positive growth for the first time in three years, with growth exceeding 11%. Sales of financial products such as wealth management products, trusts, and funds have all experienced rapid growth, becoming the highlight of fee and commission income in the first half of this year.