• China Merchants Bank average operating margin for 2023 was 36.69%, a 2.49% decline from 2022.
• China Merchants Bank average operating margin for 2022 was 35.8%, a 4.53% increase from 2021.
• China Merchants Bank average operating margin for 2021 was 34.25%, a 2.21% increase from 2020.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.