On November 2, a financial frontline report stated that CM Bank held its third-quarter 2026 results briefing today.
Speaking about the future trajectory of net interest margin, Li Li, general manager of the Asset-Liability Management Department, said that from a forward-looking perspective, the team views single-quarter stabilization in the fourth quarter as a positive signal, but at present it cannot be said that the net interest margin has fully stabilized, and subsequent trends still carry a certain degree of uncertainty.
On the whole, the decline in net interest margin is expected to be better than in the same period of previous years.
Li Li further stated that net interest margin pressure mainly comes from three aspects.
First, current monetary policy still cannot fully rule out the possibility of interest rate cuts and reserve requirement ratio reductions, while the central bank is also continuously advancing interest rate marketization reform. This policy rate anchor shift, as well as the implementation and advancement of the loan benchmark pricing mechanism, will also have a certain impact on market interest rates and loan pricing.
Second, the yield on interest-earning assets also faces some downward pressure, mainly reflected in the fact that insufficient effective demand will place certain constraints on both the volume and price of retail loan growth. In addition, RMB bond market interest rates are generally running at a low level, and the yields on new bonds are still lower than those on old bonds, so there is certain pressure in the use of funds.
Third, the benefits released by the repricing of time deposits will gradually weaken, and the volume reaching repricing maturity next year will be smaller than this year.
"Of course, despite the above challenges, we still have determination. The more complex and severe the environment, the more it tests a bank's asset-liability management capability. We will use proactive and forward-looking asset-liability management measures to mitigate the impact of these unfavorable factors as much as possible," Li Li said. On the liability side, while promoting deposit scale growth, the bank will continue to consolidate its advantage in low-cost liabilities. On the asset side, it will fully tap market opportunities and industrial transformation opportunities, promote both the quantity and quality of loans, strive to maintain relatively stable net interest margin, and continue to preserve a relative advantage over peers.
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