Register

Institutional Sign In

Go
Home » Companies » Banking in China » China Merchants Bank

China Merchants Bank

Merchants Bank's customer deposits rose 6.01% yoy to CNY 3,802,000 mil in 4Q2016

By Helgi Library - October 8, 2019

China Merchants Bank's customer deposits reached CNY 3,802,000 mil in 2016-12-31, up 5.14% compared to the previous year. Chine...

Merchants Bank's market capitalisation (end of period) rose 7.37% to USD 116,186 mil in 2Q2019

By Helgi Library - October 23, 2019

China Merchants Bank stock traded at JPY 1,645 per share at the end of second quarter of 2019 implying a market capitalization of US...

Merchants Bank's net profit rose 14.9% yoy to CNY 25,372 mil in 2Q2019

By Helgi Library - October 8, 2019

China Merchants Bank made a net profit of CNY 25,372 mil under revenues of CNY 70,329 mil in the second quarter of 2019, up 14.9% and...

Annual Quarterly LTM
Profit Statement Dec 2018 Mar 2019 Jun 2019
Net Interest Income CNY mil 42,412 43,369 44,038
Net Fee Income CNY mil 13,499 19,158 19,813
Other Income CNY mil -9,647 7,498 6,478
Total Revenues CNY mil 46,264 70,025 70,329
Operating Profit CNY mil 19,913 51,148 47,262
Provisions CNY mil 16,027 16,810 12,702
Net Profit CNY mil 13,180 25,240 25,372
Balance Sheet Dec 2018 Mar 2019 Jun 2019
Interbank Loans CNY mil 512,797 371,738 556,853
Customer Loans CNY mil 3,749,900 3,933,000 4,123,100
Total Assets CNY mil 6,745,700 6,794,300 7,193,200
Shareholders' Equity CNY mil 543,605 573,036 573,995
Interbank Borrowing CNY mil 752,917 781,661 1,479,200
Customer Deposits CNY mil 4,454,300 4,454,900 4,753,500
Issued Debt Securities CNY mil 803,516 772,286 162,202
Ratios Dec 2018 Mar 2019 Jun 2019
ROE % 9.83 18.1 17.7
ROA % 0.796 1.49 1.45
Costs (As % Of Assets) % 1.59 1.12 1.32
Costs (As % Of Income) % 57.0 27.0 32.8
Capital Adequacy Ratio % 15.7 15.9 15.1
Net Interest Margin % 2.56 2.56 2.52
Loans (As % Of Deposits) % 84.2 88.3 86.7
NPLs (As % Of Loans) % 1.95 1.35 1.23
Provisions (As % Of NPLs) % 249 347 377
Valuation Dec 2018 Mar 2019 Jun 2019
Price/Earnings (P/E) 8.98 12.0 11.9
Price/Book Value (P/BV) 1.33 1.73 1.80
Dividend Yield % 0 0 0
Earnings Per Share (EPS) CNY 3.19 3.30 3.43
Book Value Per Share CNY 21.6 22.7 22.8
Dividend Per Share CNY 0 0 0

Get all company financials in excel:

Download Sample   $19.99

summary Unit Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
income statement                                        
Net Interest Income CNY mil ... ...                       37,467 37,939 39,073 40,960 42,412    
Total Revenues CNY mil ... ...                       55,956 62,428 65,762 63,785 46,264    
Operating Profit CNY mil ... ...                       33,351 45,163 47,143 44,622 19,913    
Net Profit CNY mil ... ...                       11,345 22,674 22,082 22,624 13,180    
balance sheet                                        
Interbank Loans CNY mil                           407,178 354,396 1,047,400 508,109 512,797    
Customer Loans CNY mil                           3,414,600 3,553,700 3,702,900 3,770,400 3,749,900    
Debt Securities CNY mil                           1,589,300 1,550,900 1,459,400 1,461,800 1,680,100    
Total Assets CNY mil                           6,297,600 6,252,200 6,537,300 6,508,700 6,745,700    
Shareholders' Equity CNY mil                           483,392 499,483 504,051 528,889 543,605    
Interbank Borrowing CNY mil                           837,472 811,717 810,673 1,083,900 752,917    
Customer Deposits CNY mil                           4,085,300 4,066,900 4,281,800 4,300,100 4,454,300    
Issued Debt Securities CNY mil                           690,380 646,933 676,521 358,573 803,516    
ratios                                        
ROE % ... ...                       9.82 18.5 17.6 17.5 9.83    
ROA % ... ...                       0.728 1.45 1.38 1.39 0.796    
Costs (As % Of Assets) % ... ...                       1.45 1.10 1.16 1.18 1.59    
Costs (As % Of Income) % ... ...                       40.4 27.7 28.3 30.0 57.0    
Capital Adequacy Ratio %                           15.5 15.3 15.1 15.5 15.7    
Net Interest Margin % ... ...                       2.40 2.42 2.44 2.51 2.56    
Interest Income (As % Of Revenues) % ... ...                       67.0 60.8 59.4 64.2 91.7    
Fee Income (As % Of Revenues) % ... ...                       26.2 30.3 28.2 24.3 29.2    
Equity (As % Of Assets) %                           7.68 7.99 7.71 8.13 8.06    
Loans (As % Of Deposits) %                           83.6 87.4 86.5 87.7 84.2    
Loans (As % Assets) %                           54.2 56.8 56.6 57.9 55.6    
NPLs (As % Of Loans) % ...                         2.14 1.48 2.06 1.44 1.95    
Provisions (As % Of NPLs) % ...                         197 296 219 326 249    
valuation                                        
Market Capitalisation (End Of Period) USD mil                           93,711 93,459 84,945 98,851 81,168    
Number Of Shares (Average) mil                           25,220 25,220 25,220 25,220 25,220    
Share Price (End Of Period) HKD                           29.0 29.1 26.4 30.7 25.2    
Earnings Per Share (EPS) CNY                           2.78 2.89 3.00 3.12 3.19    
Book Value Per Share CNY                           19.2 19.8 20.0 21.0 21.6    
Dividend Per Share CNY                           0 0 0 0 0    
Price/Earnings (P/E) ... ...                       12.5 12.6 10.5 11.2 8.98    
Price/Book Value (P/BV)                           1.82 1.83 1.57 1.67 1.33    
Dividend Yield %                           0 0 0 0 0    
Earnings Per Share Growth % ... ... ... ... ... ...               13.0 14.3 14.4 14.5 14.8    
Book Value Per Share Growth % ... ... ... ...                   19.8 18.4 19.5 20.0 12.5    
income statement Unit Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
income statement                                        
Interest Income CNY mil ... ...                       63,997 64,589 66,586 69,169 70,567    
Interest Cost CNY mil ... ...                       26,530 26,650 27,513 28,209 28,155    
Net Interest Income CNY mil ... ...                       37,467 37,939 39,073 40,960 42,412    
Net Fee Income CNY mil ... ...                       14,684 18,921 18,548 15,512 13,499    
Other Income CNY mil ... ...                       3,805 5,568 8,141 7,313 -9,647    
Total Revenues CNY mil ... ...                       55,956 62,428 65,762 63,785 46,264    
Operating Cost CNY mil ... ...                       22,605 17,265 18,619 19,163 26,351    
Operating Profit CNY mil ... ...                       33,351 45,163 47,143 44,622 19,913    
Provisions CNY mil ... ...                       16,088 14,759 16,670 13,381 16,027    
Extra and Other Cost CNY mil ... ...                       1,160 1,118 814 1,607 -14,032    
Pre-Tax Profit CNY mil ... ...                       16,103 29,286 29,659 29,634 17,918    
Tax CNY mil ... ...                       4,629 6,578 7,498 6,939 4,663    
Minorities CNY mil ... ...                       129 34.0 79.0 71.0 75.0    
Net Profit CNY mil ... ...                       11,345 22,674 22,082 22,624 13,180    
growth rates                                        
Net Interest Income Growth % ... ... ... ... ... ...               10.6 8.66 8.59 12.3 13.2    
Net Fee Income Growth % ... ... ... ... ... ...               26.3 1.51 15.1 6.36 -8.07    
Total Revenue Growth % ... ... ... ... ... ...               9.22 6.92 15.3 16.9 -17.3    
Operating Cost Growth % ... ... ... ... ... ...               18.9 19.6 16.3 9.48 16.6    
Operating Profit Growth % ... ... ... ... ... ...               3.51 2.76 15.0 20.4 -40.3    
Pre-Tax Profit Growth % ... ... ... ... ... ...               39.7 14.8 21.4 20.3 11.3    
Net Profit Growth % ... ... ... ... ... ...               14.1 13.5 14.5 15.7 16.2    
balance sheet Unit Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
balance sheet                                        
Cash CNY mil                           693,337 577,610 110,302 534,237 593,542    
Interbank Loans CNY mil                           407,178 354,396 1,047,400 508,109 512,797    
Customer Loans CNY mil                           3,414,600 3,553,700 3,702,900 3,770,400 3,749,900    
Retail Loans CNY mil ...                         1,785,300 1,828,050 1,870,800 1,940,050 2,009,300    
Mortgage Loans CNY mil ...                         833,410 853,350 873,291 901,026 928,760    
Consumer Loans CNY mil ...                         951,890 974,700 997,509 1,039,020 1,080,540    
Corporate Loans CNY mil ...                         1,663,900 1,722,800 1,781,700 1,852,700 1,923,700    
Debt Securities CNY mil                           1,589,300 1,550,900 1,459,400 1,461,800 1,680,100    
Fixed Assets CNY mil                           67,021 69,042 70,418 73,702 75,310    
Total Assets CNY mil                           6,297,600 6,252,200 6,537,300 6,508,700 6,745,700    
Shareholders' Equity CNY mil                           483,392 499,483 504,051 528,889 543,605    
Of Which Minority Interest CNY mil                           3,182 3,337 3,336 3,253 3,487    
Liabilities CNY mil                           5,814,210 5,752,720 6,033,250 5,979,810 6,202,100    
Interbank Borrowing CNY mil                           837,472 811,717 810,673 1,083,900 752,917    
Customer Deposits CNY mil                           4,085,300 4,066,900 4,281,800 4,300,100 4,454,300    
Retail Deposits CNY mil ... ... ... ... ...   ... ... ...   ... ... ... 1,338,520 ... ... ... 1,562,950 ... ...
Corporate Deposits CNY mil ... ... ... ... ...   ... ... ...   ... ... ... 2,725,820 ... ... ... 2,837,720 ... ...
Sight Deposits CNY mil ...                         2,554,100 2,585,900 2,617,700 2,746,550 2,875,400    
Term Deposits CNY mil ...                         1,531,200 1,481,000 1,664,100 1,553,550 1,578,900    
Issued Debt Securities CNY mil                           690,380 646,933 676,521 358,573 803,516    
Other Liabilities CNY mil                           201,056 227,167 264,255 237,238 191,362    
asset quality                                        
Non-Performing Loans CNY mil                           76,270 54,958 80,014 56,247 76,968    
Gross Loans CNY mil ...                         3,565,000 3,716,200 3,877,900 3,909,850 3,941,800    
Total Provisions CNY mil ...                         150,432 162,481 174,955 183,425 191,895    
growth rates                                        
Customer Loan Growth % ... ... ... ...                   8.34 7.42 8.78 7.97 9.82    
Retail Loan Growth % ... ... ... ... ...                 15.9 12.8 9.92 11.3 12.5    
Mortgage Loan Growth % ... ... ... ... ...                 14.4 11.1 8.13 9.81 11.4    
Consumer Loan Growth % ... ... ... ... ...                 17.2 14.2 11.5 12.6 13.5    
Corporate Loan Growth % ... ... ... ... ...                 -3.32 1.19 5.80 10.7 15.6    
Total Asset Growth % ... ... ... ...                   5.98 4.19 5.45 5.50 7.12    
Shareholders' Equity Growth % ... ... ... ...                   19.8 18.4 19.5 20.0 12.5    
Customer Deposit Growth % ... ... ... ...                   7.45 3.50 2.66 8.20 9.03    
Retail Deposit Growth % ... ... ... ... ... ... ... ... ...   ... ... ... 4.20 ... ... ... 16.8 ... ...
Corporate Deposit Growth % ... ... ... ... ... ... ... ... ...   ... ... ... 8.28 ... ... ... 4.11 ... ...
market share                                        
Market Share in Customer Loans % ... ...                 ... ... ... ... ... ... ... ... ... ...
Market Share in Total Assets % ... ...                 ... ... ... ... ... ... ... ... ... ...
Market Share in Customer Deposits % ... ...                 ... ... ... ... ... ... ... ... ... ...
ratios Unit Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
ratios                                        
ROE % ... ...                       9.82 18.5 17.6 17.5 9.83    
ROA % ... ...                       0.728 1.45 1.38 1.39 0.796    
Costs (As % Of Assets) % ... ...                       1.45 1.10 1.16 1.18 1.59    
Costs (As % Of Income) % ... ...                       40.4 27.7 28.3 30.0 57.0    
Capital Adequacy Ratio %                           15.5 15.3 15.1 15.5 15.7    
Tier 1 Ratio %                           13.0 12.8 12.5 12.8 12.6    
Net Interest Margin % ... ...                       2.40 2.42 2.44 2.51 2.56    
Interest Spread % ... ...                       2.27 2.27 2.30 2.36 2.41    
Asset Yield % ... ...                       4.11 4.12 4.17 4.24 4.26    
Cost Of Liabilities % ... ...                       1.84 1.84 1.87 1.88 1.85    
Payout Ratio % ... ...                       0 0 0 0 0    
Interest Income (As % Of Revenues) % ... ...                       67.0 60.8 59.4 64.2 91.7    
Fee Income (As % Of Revenues) % ... ...                       26.2 30.3 28.2 24.3 29.2    
Other Income (As % Of Revenues) % ... ...                       6.80 8.92 12.4 11.5 -20.9    
Equity (As % Of Assets) %                           7.68 7.99 7.71 8.13 8.06    
Loans (As % Of Deposits) %                           83.6 87.4 86.5 87.7 84.2    
Loans (As % Assets) %                           54.2 56.8 56.6 57.9 55.6    
NPLs (As % Of Loans) % ...                         2.14 1.48 2.06 1.44 1.95    
Provisions (As % Of NPLs) % ...                         197 296 219 326 249    
Provisions (As % Of Loans) % ...                         4.41 4.57 4.72 4.86 5.12    
Cost of Provisions (As % Of Loans) % ... ...                       1.86 1.69 1.84 1.43 1.70    
other data Unit Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
other data                                        
Employees ...                         72,530 72,148 71,765 73,178 74,590    
Sight (As % Of Customer Deposits) % ...                         62.5 63.6 61.1 63.9 64.6    
On-balance Sheet Loans RMB mil                           3,414,600 3,553,700 3,702,900 3,770,400 3,749,900    

Get all company financials in excel:

Download Sample   $19.99

Merchants Bank's npls (as % of loans) fell 40.3% yoy to 1.23% in 2Q2019

By Helgi Library - October 8, 2019

China Merchants Bank's non-performing loans reached 1.23% of total loans at the end of 2019-06-30, down from 2.06% compared to the previous year. Historically, the NPL ratio hit an all time high of 2.25% in 2017-06-30 and an all time low of 1.23% in 2019-06-30. ...

Merchants Bank's share price (end of period) rose 36.1% yoy to HKD 36.0 in 2Q2019

By Helgi Library - October 8, 2019

China Merchants Bank stock traded at HKD 36.0 per share at the end of second quarter of 2019 implying a market capitalization of USD 116,186 mil. Over the last five years, the stock has appreciated by % implying an annual average growth of 0 %. In absolute terms, the...

Merchants Bank's corporate loans rose 17.0% yoy to CNY 2,084,500 mil in 2Q2019

By Helgi Library - October 8, 2019

China Merchants Bank's loans reached CNY 4,323,500 mil in the second quarter of 2019, up from CNY 4,125,800 mil when compared to the previous quarter and up from CNY 3,877,900 mil when compared to the same period of last year. Historically, the bankâ€...

Merchants Bank's net interest income rose 12.7% yoy to CNY 44,038 mil in 2Q2019

By Helgi Library - October 8, 2019

China Merchants Bank generated total banking revenues of CNY 70,329 mil in the second quarter of 2019, up 6.94% when compared to the same period of last year and 0.434% when compared to the previous quarter. Historically, the bank’s revenues containing of int...

Merchants Bank's price/earnings (P/E) rose 14.2% yoy to 11.9 in 2Q2019

By Helgi Library - October 8, 2019

China Merchants Bank stock traded at HKD 36.0 per share at the end second quarter of 2019 implying a market capitalization of USD 116,186 mil. Since the end of 2Q2014, the stock has appreciated by % implying an annual average growth of 0 %. In absolute terms, the val...

Merchants Bank's net interest margin rose 3.05% yoy to 2.52% in 2Q2019

By Helgi Library - October 8, 2019

China Merchants Bank's net interest margin amounted to 2.52% in the second quarter of 2019, down from 2.56% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 2.79% in 1Q2015 and an all time low of...

Merchants Bank's capital adequacy ratio rose 0.066% yoy to 15.1% in 2Q2019

By Helgi Library - October 8, 2019

China Merchants Bank's capital adequacy ratio reached 15.1% at the end of second quarter of 2019, down from 15.9% when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 15.9% in 1Q2019 and an all time low of 12.3% in 3...

Merchants Bank's equity (as % of assets) rose 3.49% yoy to 7.98% in 2Q2019

By Helgi Library - October 8, 2019

China Merchants Bank's Equity reached 7.25% of total assets in the 2Q2019, up from 7.16% for the previous year. As a share of net customer loans, the ratio amounted to 13.9% at the end of the second quarter of 2019. ...

Merchants Bank's retail loan growth rose 98.4% yoy to 19.7% in 2Q2019

By Helgi Library - October 8, 2019

China Merchants Bank's retail loans reached CNY 2,239,100 mil at the end of 2019-06-30, up 5.41% compared to the previous year. In the last decade, the average annual loan growth amounted to 0%. Overall, retail loans accounted for 54.3% of the bank's loan b...

Merchants Bank's customer loan growth rose 29.3% yoy to 11.3% in 2Q2019

By Helgi Library - October 8, 2019

China Merchants Bank's customer loan growth reached 11.3% in 2019-06-30, up from 8.78% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 16.7% in 2017-03-31 and an all time low of 7.42% in 2018-03-31. In the ...

More News

China Merchants Bank (CMB) is a China-based commercial bank. It was founded in 1987 and headquartered in Shenzhen, CMB has a leading retail franchise and offers diversified wholesale and retail finance services. The Bank was listed on the SSE in April 2002 and the HKEX in September 2006. At end of 2018, CMB’s total assets amounted to CNY 6.75 bil while loans and total deposits reached CNY 3.94 bil and CNY 4.43 bil respectively.

China Merchants Bank Logo

Finance

China Merchants Bank has been growing its revenues and asset by 16.1% and 15.7% a year on average in the last 10 years. Its loans and deposits have grown by 16.0% and 13.5% a year during that time and loans to deposits ratio reached 84.2% at the end of 2018. The company achieved an average return on equity of 19.9% in the last decade with net profit growing 14.3% a year on average. In terms of operating efficiency, its cost to income ratio reached 32.8% in 2018, compared to 38.8% average in the last decade.

Equity represented 8.06% of total assets or 14.5% of loans at the end of 2018. China Merchants Bank's non-performing loans were 1.95% of total loans while provisions covered some 249% of NPLs at the end of 2018.

Valuation

China Merchants Bank stock traded at HKD 25.2 per share at the end of 2018 resulting in a market capitalization of USD 81,168 mil. Over the previous five years, stock price rose by 140% or 19.1% a year on average. That’s compared to an average ROE of 16.8% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 8.98x and price to book value (PBV) of 1.33x in 2018.

Risks

Macroeconomic slowdown, potential regulatory tightening and worsening asset quality as a result seem to be the main risks related to the Bank’s business and valuation a few quarters ahead. So far, the Bank seems to be doing fine with all the main ratios (NPL ration, cost of risk, or provision coverage showing the best results for a few years now).

More Companies in Chinese Banking Sector

Helgi Library
Eliášova 38, Prague 6, 160 00, Czech Republic
Copyright © 2024 Helgi Library. All rights reserved.