China Merchants Bank, the "leading player" in the joint-stock system, released its semi-annual report, with a profit of over 74.7 billion yuan in the first half of the year, and the sovereign wealth fund re-entered the top ten shareholder list
China Merchants Bank released its 2024 interim report, with revenue of 172.945 billion RMB, a year-on-year decrease of 3.09%; net profit of 74.743 billion RMB, a year-on-year decrease of 1.33%. The China Investment Corporation re-entered the top ten shareholders list, holding over 520 million shares, indicating continued attention from domestic and foreign investors. As of the end of the reporting period, total assets exceeded 11.57 trillion RMB, with total loans approaching 6.75 trillion RMB. Non-performing loan balance was 63.427 billion RMB, with a non-performing loan ratio of 0.94%. Wealth management business continued to deepen, with a 6.52% increase in the number of retail wealth product customers
On the evening of August 29th, China Merchants Bank disclosed its 2024 interim report.
The report shows that during the reporting period, China Merchants Bank achieved operating income of 172.945 billion yuan, a year-on-year decrease of 3.09%; achieved a net profit attributable to shareholders of 74.743 billion yuan, a year-on-year decrease of 1.33%. Both the revenue and profit declines narrowed compared to the first quarter report.
The annualized Return on Average Assets (ROAA) was 1.32%, and the annualized Return on Average Equity (ROAE) attributable to common shareholders was 15.44%, still at a first-class level within the industry.
In addition, in the latest semi-annual report, China Investment Corporation reappeared in the company's top ten shareholders list, holding over 520 million shares. At the same time, the Hong Kong Central Clearing Company account representing the direction of northbound funds also showed a significant increase, indicating that both domestic and foreign funds are interested in China Merchants Bank's A shares.
The interim report also shows that as of the end of the reporting period, China Merchants Bank's total assets exceeded 11.57 trillion yuan, an increase of 4.95% from the end of the previous year; total loans and advances approached 6.75 trillion yuan, an increase of 3.67% from the end of the previous year; total liabilities approached 10.46 trillion yuan, an increase of 5.18% from the end of the previous year; total customer deposits exceeded 8.66 trillion yuan, an increase of 6.22% from the end of the previous year.
As of the end of the reporting period, China Merchants Bank's non-performing loan balance was 63.427 billion yuan, an increase of 1.848 billion yuan from the end of the previous year; the non-performing loan ratio was 0.94%, a decrease of 0.01 percentage points from the end of the previous year; the provision coverage ratio was 434.42%, a decrease of 3.28 percentage points from the end of the previous year; the loan loss reserve ratio was 4.08%, a decrease of 0.06 percentage points from the end of the previous year.
Furthermore, China Merchants Bank's highly anticipated "Wealth Management Business" continued to deepen reforms during the reporting period. At the end of the reporting period, the number of retail wealth product holding clients reached 54.7288 million, an increase of 6.52% from the end of the previous year; the wealth open platform "Wealth Number" introduced 157 industry-representative asset management institutions. The daily average balance of corporate wealth management products was 3515.01 billion yuan, a 14.59% increase from the previous year. As of the end of the reporting period, the bank's asset management business total scale reached 4.46 trillion yuan (including its subsidiaries), and the custodial asset scale reached 22.06 trillion yuan, ranking at the forefront of the industry.
Attached image: Overview of major changes in China Merchants Bank's profit statement
