On October 31, China Merchants Bank (CMB) held its Q3 2025 earnings conference. A senior executive stated that the bank's fee-based income showed strong growth, with a 7.1% year-on-year increase in Q3—marking the first positive growth since 2022.

The growth was primarily driven by robust wealth management fees, with retail segments such as fund management and trust securities trading achieving double-digit growth. Although asset management-related income remained negative, the decline narrowed, reflecting improving trends. This recovery was attributed to both capital market conditions and the steady expansion of asset management scale, alongside growth in custody assets.

Regarding payment services, the executive noted that CMB's credit card transaction volume decline outperformed the industry average, maintaining its leading market share. However, challenges persist. Looking ahead, the bank remains confident in the recovery of consumer spending, supported by national stimulus measures, and is optimistic about future credit card payment-related revenue.