China Merchants Bank Co Ltd Class H (HK:3968)
:3968
Earnings Data
Report Date
Apr 29, 2026TBA (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
―Last Year’s EPS
1.7Same Quarter Last Year
Moderate Buy
Based on 10 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a broadly constructive operational picture: modest top‑line and profit growth, strong retail and wealth momentum, robust deposit growth, substantial digital/AI investment with measurable productivity gains, and solid subsidiary and international performance. However, the bank faces meaningful headwinds—compressing NIM, downward pressure on ROE, a modest drop in capital ratios and allowance coverage, and elevated quarterly NPL formation (notably in corporate/property). Management communicated plans to moderate margin declines, prioritize risk management and continue digital/AI transformation. Overall the positives (diversified growth drivers, efficient funding, digital progress and strong retail AUM) outweigh the near‑term challenges, but the tone is cautiously optimistic and conditioned on successful margin management and capital upkeep.Company Guidance
Top-line and Profitability Growth
Net operating income RMB 337.2 billion, up 0.05% year‑on‑year; net profit attributable to shareholders RMB 150.2 billion, up 1.21% year‑on‑year. ROAA 1.19% and ROAE 13.44% (ROAE down 1.05 ppt y/y) but still maintained a leading industry position.
Net Interest Income and Funding Cost Advantage
Net interest income RMB 215.6 billion, up 2.04% year‑on‑year. Interest‑bearing liabilities average cost 1.26%, down 38 bps y/y, reflecting continued low funding cost advantage.
Deposit and Balance Sheet Growth
Total customer deposits RMB 9.84 trillion, up 8.13% y/y; total liabilities RMB 11.79 trillion, up 7.98% y/y; total assets exceeded RMB 13 trillion. Demand deposits and core deposit metrics remained high (demand deposits daily avg ~49.4%; core deposits daily avg ~87%).
Retail / Wealth Momentum
Retail customers 224 million, up 6.7%; Golden Sunflower+ clients 5.93 million, up 13.29%. Retail AUM exceeded RMB 17 trillion, up 14.44% (year increment RMB 2.16 trillion, record high). Retail wealth product balances up ~12%; corporate wealth product balance RMB 524.9 billion, up 31.28%.
Fee Income Recovery in Key Areas
Net fee and commission income increased 4.39% y/y (first positive growth since 2022); net fee and commission accounted for 61.85% of total non‑interest income; wealth management/agency distribution contributed materially to fee income growth.
Subsidiaries and International Progress
Subsidiaries total assets RMB 952.8 billion, up 11%; subsidiaries operating income 12.26% of group (up 1.96 ppt); subsidiary net profit RMB 16.38 billion, up 41%. Overseas assets up 12.88%, net operating income up 33.78%; Hong Kong institutions: NOI +36%, net profit +63%; CMB Wing Lung retail AUM +22.14%.
Balanced Business Mix and Segment Growth
Total loans and advances RMB 7.26 trillion, up 5.37%; general loans RMB 6.94 trillion, up 6.57%. Corporate loan balance RMB 3.22 trillion, up 12.29%; FPA balance RMB 6.73 trillion, up 11.08%. Investment banking, global markets and asset management showed notable growth (asset management RMB 4.71 trillion, +5.13%; custody scale RMB 26.09 trillion).
Cost Efficiency and Capital Base
Cost-to-income ratio at 32.01%, reflecting continued focus on efficiency. Capital remained adequate: advanced-approach Core Tier 1 CAR 14.16%, Tier 1 CAR 16.51%, CAR 18.27% (decreases explained by interim dividend and OCI reduction).
Digital / AI Investment and Productivity Gains
IT input RMB 12.9 billion (4.31% of net operating income). R&D personnel >11,000 (>9% of total staff). Average token throughput increased 10.1x vs prior year; bank-wise large model developers >10,000; domain‑specific models ~183; AI/large‑model applications implemented in ~800+ scenarios; reported savings ~15.56 million man‑hours and measurable uplifts in customer reach and process speed.
ESG and Green Finance Progress
Green loan and green leasing balances grew 21% and 23.89% respectively; assisted issuance of nearly 100 ESG bonds; MSCI ESG rating AAA for 2 consecutive years, showing continued ESG credentials.
HK:3968 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
HK:3968 Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 27, 2026 | HK$49.02 | HK$48.96 | -0.12% |
Oct 29, 2025 | HK$48.69 | HK$48.69 | 0.00% |
Aug 29, 2025 | HK$46.89 | HK$46.93 | +0.08% |
Apr 29, 2025 | HK$42.00 | HK$41.81 | -0.45% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does China Merchants Bank Co Ltd Class H (HK:3968) report earnings?
China Merchants Bank Co Ltd Class H (HK:3968) is schdueled to report earning on Apr 29, 2026, TBA (Confirmed).
What is China Merchants Bank Co Ltd Class H (HK:3968) earnings time?
China Merchants Bank Co Ltd Class H (HK:3968) earnings time is at Apr 29, 2026, TBA (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is the P/E ratio of China Merchants Bank Co Ltd Class H stock?
The P/E ratio of China Merchants Bank Co is N/A.
What is HK:3968 EPS forecast?
Currently, no data Available