CMBC Capital Holdings reported interim results for the six months to 30 June 2026 showing solid top-line expansion and a sharp rebound in profitability, driven chiefly by bond investments, securities margin financing and improved credit quality.
Revenue and Earnings • Total revenue advanced 10.5% year on year to HK$0.30 billion, supported by higher coupon and interest income, stronger trading gains and a recovery in brokerage commissions. • Profit attributable to shareholders climbed 18.4% to HK$0.14 billion, with net profit margin widening to 46.3%. • Earnings per share rose to 12.73 HK cents from 10.73 HK cents. • Impairment charges dropped to HK$4.68 million (2025: HK$36.13 million), offsetting a HK$18.68 million rise in finance costs to HK$67.05 million.
Segment Performance • Asset Management remained the largest contributor, generating HK$97.36 million revenue (+4%) and HK$81.78 million profit (-1%). • Fixed-Income Direct Investment revenue increased 20% to HK$63.74 million, with the segment swinging to a HK$2.22 million profit from a HK$15.76 million loss, reflecting lower impairments. • Other Investment & Financing revenue nearly doubled to HK$43.79 million; segment profit more than doubled to HK$35.02 million on stronger bond trading gains. • Securities revenue slipped 10% to HK$52.99 million as bond underwriting slowed; segment profit fell to HK$10.63 million. • Corporate Finance & Advisory revenue inched up 3% to HK$44.14 million; profit was broadly stable at HK$25.23 million.
Balance Sheet and Liquidity • Total assets stood at HK$5.79 billion; net assets reached HK$1.77 billion, up 8% from December 2025. • Cash and cash equivalents totaled HK$0.77 billion, while proprietary investment assets expanded to HK$3.19 billion, of which HK$2.36 billion were bond holdings. • Current ratio remained at 1.4; gearing ratio was 64.7%. • Interest-bearing liabilities comprised HK$1.77 billion of loans from intermediate holding company CMBC International and HK$1.54 billion of repurchase agreements. Both borrowings are short-term; the CMBCI loans carry a 4.5% coupon.
Capital Management • No interim dividend was declared. • No share repurchases or new share issues occurred during the period.
Outlook Management signalled continued focus on “capital-light investment banking”, expansion of bond underwriting into RMB-denominated sovereign issuance, and disciplined growth in investment and financing backed by strengthened risk control.
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