CMB dividend: payout, cash coverage and yield
CMB paid RMB2.02 per share in 2025. CMB's 2025 operating cash flow reached RMB451,457 million, but the cash surplus mainly reflects funding movements, so it does not by itself show dividend coverage.
How much does CMB pay per share over time?
Assets grew about 9.0% a year from 2021 to 2025, while revenue grew about 0.3% a year. NIM fell from 2.5% in 2021 to 1.9% in 2025, though lower credit charges supported profit. Diluted EPS rose from RMB4.61 in 2021 to RMB5.70 in 2025. The 2025 dividend was RMB2.02 per share. Market value applies the H-share price to all ordinary shares although A shares are 81.80% of the company.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| EPS, diluted | 5.70 | 5.66 | 5.63 | 5.26 | 4.61 |
| − Dividends, per share | 2.02 | 2.00 | 1.97 | 1.74 | 1.52 |
| − Share buybacks, per share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| = Kept, per share | 3.69 | 3.66 | 3.66 | 3.53 | 3.09 |
Is CMB's dividend covered by its cash?
A deposit brings cash into the bank but also creates an obligation to repay the customer. A loan sends cash out but creates a financial asset. That is why CMB’s 2025 operating cash flow reached RMB451,457 million, well above profit after tax of RMB151,126 million. The cash surplus mainly reflects funding movements, not money freely available for dividends.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Profit after tax | 151,126 | 149,559 | 148,006 | 139,294 | 120,834 |
| = Earnings for common shareholders | 143,874 | 142,810 | 142,044 | 132,775 | 116,309 |
| − Dividends declared on common shares | 50,843 | 50,440 | 49,734 | 43,832 | 38,385 |
| − Share buybacks | 0 | 0 | 0 | 0 | 0 |
| = Kept to grow and build capital | 93,031 | 92,370 | 92,310 | 88,943 | 77,924 |
| Paid out, % of earnings for common | 35.3% | 35.3% | 35.0% | 33.0% | 33.0% |
What could change CMB's dividend?
Management therefore links asset growth, asset returns, capital and payouts. The 2026 interim dividend is set at 35% of first-half profit attributable to ordinary shareholders. That rule offers meaningful income while leaving part of the earnings inside the bank.
What is CMB's dividend yield against its price?
China Merchants Bank is a Chinese bank whose share price asks investors to trust both its profits and its balance sheet. At HK$53.80, the question is not simply whether the stock looks cheap, but what must remain true for that price to work.
The calculated market value is based on the H-share price applied to every ordinary share, although A shares make up 81.80% of the company and H shares 18.20%. Cash flow and net debt also mislead here: deposits fund loans but remain money owed to customers. Capital, loan losses and distributable profit matter more; the dividend yield is 4.4%.
| Today (Oct 12, 2026) | |
|---|---|
| Share price | 53.80 |
| Market value (calculated) | 1,356,827.69 |
| P/E, last 12 months (calculated) | 7.9x |
| Price to book (calculated) | 1.0x |
| Dividend yield (calculated) | 4.4% |