Lates News

On September 1, Peng Jiawen, Vice President and Chief Financial Officer of China Merchants Bank, as well as Secretary of the Board of Directors, stated at the 2025 mid-term performance release conference that the biggest pressure on the bank's fee and commission income this year comes from credit card business income. "Credit card income is closely related to transactions. In the first half of the year, the transaction volume of CMB credit cards actually exceeded 2 trillion, a decrease of 8.3% from last year, but the market share of credit card transactions increased by 0.3 percentage points," Peng Jiawen explained. The decline 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 CMB's credit card income, as the number of credit card customers is increasing, which means that the average consumption per customer and the average consumption per transaction have decreased, which is the main reason for the negative growth in credit card income. CMB's credit card income accounts for a high proportion, therefore the impact is relatively large. In addition, Peng Jiawen introduced that China Merchants Bank's wealth management income has achieved positive growth for the first time in three years, with a growth rate of over 11%. Among them, the income growth of wealth management products such as sales of financial products, sales of trusts, and sales of funds has been relatively fast, becoming the highlight of fee and commission income in the first half of this year. (Shell Finance).