China Merchants Bank Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-	148,391	146,602	138,012	119,922
Depreciation & Amortization	-	15,850	14,551	13,585	13,531
Other Amortization	-	636	1,832	2,038	974
Gain (Loss) on Sale of Assets	-	-249	-168	-282	-113
Gain (Loss) on Sale of Investments	-	-28,813	-5,166	12,409	29,335
Total Asset Writedown	-	-	-8,142	-7,184	-697
Provision for Credit Losses	-	43,385	46,378	44,771	36,773
Change in Other Net Operating Assets	-	-593,594	253,745	446,852	54,603
Other Operating Activities	-	-77,100	-91,796	-71,601	-72,280
Operating Cash Flow	-	-494,126	357,753	570,143	182,048
Operating Cash Flow Growth	-	-	-37.25%	213.18%	-56.79%
Capital Expenditures	-	-34,930	-30,161	-34,892	-24,160
Sale of Property, Plant and Equipment	-	10,757	4,950	6,750	2,399
Cash Acquisitions	-	-571	-39	-484	-5,342
Investment in Securities	-	-382,248	-327,820	-564,885	-64,646
Income (Loss) Equity Investments	-	-2,632	-	-	-
Divestitures	-	416	-	463	855
Other Investing Activities	-	113,717	97,963	79,122	71,197
Investing Cash Flow	-	-292,859	-255,107	-513,926	-19,697
Long-Term Debt Issued	-	24,995	25,201	21,481	63,872
Long-Term Debt Repaid	-	-64,782	-168,783	-334,663	-60,606
Net Debt Issued (Repaid)	-	-39,787	-143,582	-313,182	3,266
Issuance of Common Stock	-	29,997	29,997	-	42,989
Preferred Share Repurchases	-	-	-	-7,196	-
Common Dividends Paid	-	-54,319	-47,394	-41,947	-33,820
Preferred Dividends Paid	-	-996	-996	-1,675	-1,638
Total Dividends Paid	-	-55,315	-48,390	-43,622	-35,458
Net Increase (Decrease) in Deposit Accounts	-	1,018,833	86,845	82,449	87,024
Other Financing Activities	-	-10,430	2,141	-15,481	-8,462
Financing Cash Flow	-	943,298	-72,989	-297,032	89,359
Foreign Exchange Rate Adjustments	-	1,195	2,164	6,259	-2,746
Net Cash Flow	-	157,508	31,821	-234,556	248,964
Free Cash Flow	-	-529,056	327,592	535,251	157,888
Free Cash Flow Growth	-	-	-38.80%	239.01%	-60.74%
Free Cash Flow Margin	-	-179.64%	109.99%	185.83%	59.51%
Free Cash Flow Per Share	-	-20.98	12.99	21.22	6.26
Cash Interest Paid	-	147,975	137,386	129,993	130,446
Cash Income Tax Paid	-	30,550	56,240	61,004	56,868

Source: S&P Global Market Intelligence. Banks template. Financial Sources.