2025年招商银行票据业务分析

市场资讯04-09

（来源：票风笔记）招商银行作为目前财报中披露票据业务信息最全面、最清晰的银行之一，加之其业务模式存在很多可以借鉴地方，因此，分析招商银行财报具有很高的业务参考价值。本文将对招商银行2025年各项票据业务数据进行全面的分析。一、总体经营情况2025年，招商银行实现营业收入3375亿元，和2024年基本持平；实现净利润1511亿元，同比增长1.05%。2024年以来，银行业普遍面临营业收入与净利润增速...

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2025","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600036":1.5,"03143":0.6,"03968":1.5},"content_text":"（来源：票风笔记）招商银行作为目前财报中披露票据业务信息最全面、最清晰的银行之一，加之其业务模式存在很多可以借鉴地方，因此，分析招商银行财报具有很高的业务参考价值。本文将对招商银行2025年各项票据业务数据进行全面的分析。一、总体经营情况2025年，招商银行实现营业收入3375亿元，和2024年基本持平；实现净利润1511亿元，同比增长1.05%。2024年以来，银行业普遍面临营业收入与净利润增速回落，招商银行也不例外。2025年末，招商银行资产总额13.07万亿元，同比增长7.56%。我们重点来看存贷款变化情况，2025年末，招商银行存款总额9.84万亿元，同比增长8.13%，定期存款的增速依然高于活期存款，公司活期存款略有下降，存款的平均成本率为1.17%，较2024年下降0.37个百分点，依然在股份制银行里面最低；贷款总额7.26万亿元，同比增长5.37%，其中公司贷款增长12.29%，票据贴现余额下降15.22%，零售贷款增长2.07%。二、银票承兑业务情况2025年末，招商银行银票承兑余额为6129亿元，同比增长4.84%；作为对比，信用证余额3885亿元，同比增长26.96%，增速显著高于银票承兑余额。2020年以来，招商银行银票承兑余额保持稳定增长势头，今年增速有所放缓。2025年末，招商银行银票承兑余额/总资产的比例为4.69%，较2024年末下降0.12个百分点，依然远低于监管比例上限15%。数据来源：招商银行财报银票承兑业务的风险在于当出票企业在票据到期日无力偿还票款，银行依然要对其承兑的银票进行兑付。招商银行将其承兑的银票所处的状态分为三个阶段，阶段一为正常状态，当出票企业信用风险显著增加时，资产进入阶段二，确认减值时进入阶段三。2024年末和2025年末招商银行承兑汇票数据如下：银行财报，单位：亿元从上表可以看出，2025年招商银行银票承兑风险有一定上升，阶段二承兑余额由2024年末的30.54亿元上升至2025年末的48.02亿元，不过阶段三承兑余额则由3.60亿元下降至0.21亿元，正常状态承兑余额占比99.21%，较2024年末下降0.21个百分点。三、票据贴现业务情况2025年，招商银行票据客户数22.43万户，同比增长13.99%，其中，中小微客户数18.81万户，占比83.86%。票据直贴业务量2.91万亿元，同比增长12.89%，市场排名第二，其中，商票贴现业务量3525亿元，同比增长7.4%，蝉联市场第一。2025年末，招商银行票据贴现余额为3221亿元，较上年末下降15.22%，延续2023年以来下降趋势；票据贴现在贷款中占比为4.43%，较上年末下降1.09个百分点。对于票据贴现余额下降的原因，主要受票据市场利率下行影响，招商银行主动调整和优化大类资产配置。银行财报从2025年年内票据贴现余额变化来看，招商银行票据贴现余额由年初的3800亿元小幅上升至一季末的4110亿元，二、三季度逐季下降至2831亿元，四季度再上升至3221亿元。招商银行依然在一季度票据利率处于高位时增配票据，随后在票据利率下行过程中减配票据，直至四季度再小幅增配票据。招商银行财报一大特色就是公布了银票和商票的贴现余额，2025年末，招商银行银票和商票的贴现余额分别为2110亿元和1112亿元，占比分别为65.5%和34.5%，银票贴现余额大幅下降28.7%，而商票贴现余额却大幅增长32.5%，商票贴现余额占比显著上升。数据来源：招商银行财报，单位：亿元四、票据业务收益情况2025年，招商银行票据贴现平均余额为2891亿元，其中利息收入35.44亿元，平均收益率为1.23%，较去年同期下降0.20个百分点，略高于存款的平均成本率1.17%。除此之外，招商银行还有票据转让价差收益7.11亿元。银行财报\n\n\n海量资讯、精准解读，尽在新浪财经APP","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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