China Minsheng Banking

Minsheng's npls (as % of loans) fell 21.5% yoy to 2.08% in 2Q2019

By Helgi Analytics - November 05, 2019

China Minsheng Banking's non-performing loans reached 2.08% of total loans at the end of 2019-06-30, down from 2.66% compared to ...

Minsheng's net profit rose 7.87% yoy to CNY 15,831 mil in 2Q2019

By Helgi Analytics - November 05, 2019

China Minsheng Banking made a net profit of CNY 15,831 mil under revenues of CNY 44,846 mil in the second quarter of 2019, up 7.87% a...

Minsheng's capital adequacy ratio rose 8.01% yoy to 12.8% in 2Q2019

By Helgi Analytics - November 05, 2019

China Minsheng Banking's capital adequacy ratio reached 12.8% at the end of second quarter of 2019, up from 12.3% when compared t...

Profit Statement 2016 2017 2018
Net Interest Income CNY mil 94,684 86,552 76,680
Fee Income (As % Of Revenues) % 33.1 32.4 30.9
Other Income CNY mil 11,174 12,877 31,050
Total Revenues CNY mil 158,119 147,171 155,861
Operating Profit CNY mil 105,658 99,164 106,742
Provisions CNY mil 41,214 32,180 43,611
Net Profit CNY mil 47,843 49,813 50,327
Balance Sheet 2016 2017 2018
Interbank Loans CNY mil 461,837 271,274 337,869
Customer Loans CNY mil 2,397,200 2,729,800 3,008,300
Debt Securities CNY mil 2,236,300 2,163,700 1,981,800
Total Assets CNY mil 5,895,900 5,902,100 5,994,800
Shareholders' Equity CNY mil 352,027 389,812 431,001
Interbank Borrowing CNY mil 1,959,200 1,905,700 1,610,900
Customer Deposits CNY mil 3,082,200 2,966,300 3,194,400
Issued Debt Securities CNY mil 398,376 501,927 674,523
Ratios 2016 2017 2018
ROE % 14.5 13.4 12.3
ROA % 0.919 0.844 0.846
Costs (As % Of Assets) % 1.01 0.814 0.826
Costs (As % Of Income) % 33.2 32.6 31.5
Capital Adequacy Ratio % 11.7 11.9 11.8
Net Interest Margin % 1.82 1.47 1.29
Loans (As % Of Deposits) % 77.8 92.0 94.2
NPLs (As % Of Loans) % 2.52 2.63 2.71
Provisions (As % Of NPLs) % 104 101 85.4
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 41,240 39,170 32,040
Share Price (End Of Period) HKD 7.30 6.99 5.73
Price/Earnings (P/E) 7.46 7.38 5.67
Price/Book Value (P/BV) 1.01 0.942 0.662
Earnings Per Share (EPS) CNY 1.09 1.14 1.15
Book Value Per Share CNY 8.04 8.90 9.84

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summary Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                            
Net Interest Income CNY mil               77,153 83,033 92,136 94,268 94,684    
Total Revenues CNY mil               103,532 118,515 137,830 156,148 158,119    
Operating Profit CNY mil               60,659 72,564 83,732 97,999 105,658    
Net Profit CNY mil               37,563 42,278 44,546 46,111 47,843    
balance sheet                            
Interbank Loans CNY mil               812,744 678,450 852,294 799,874 461,837    
Customer Loans CNY mil               1,351,500 1,539,400 1,774,200 1,997,600 2,397,200    
Debt Securities CNY mil               248,990 311,212 628,680 938,160 2,236,300    
Total Assets CNY mil               3,212,000 3,226,200 4,015,100 4,520,700 5,895,900    
Shareholders' Equity CNY mil               168,544 204,287 247,756 309,783 352,027    
Interbank Borrowing CNY mil               910,597 638,244 975,010 1,039,900 1,959,200    
Customer Deposits CNY mil               1,926,200 2,146,700 2,433,800 2,732,300 3,082,200    
Issued Debt Securities CNY mil               147,104 173,803 278,871 352,248 398,376    
ratios                            
ROE %               24.8 22.7 19.7 16.5 14.5    
ROA %               1.38 1.31 1.23 1.08 0.919    
Costs (As % Of Assets) %               1.58 1.43 1.49 1.36 1.01    
Costs (As % Of Income) %               41.4 38.8 39.2 37.2 33.2    
Capital Adequacy Ratio %               10.8 10.7 10.7 11.5 11.7    
Net Interest Margin %               2.84 2.58 2.54 2.21 1.82    
Interest Income (As % Of Revenues) %               74.5 70.1 66.8 60.4 59.9    
Fee Income (As % Of Revenues) %               19.8 25.3 27.7 32.8 33.1    
Equity (As % Of Assets) %               5.25 6.33 6.17 6.85 5.97    
Loans (As % Of Deposits) %               70.2 71.7 72.9 73.1 77.8    
Loans (As % Assets) %               42.1 47.7 44.2 44.2 40.7    
NPLs (As % Of Loans) %               1.03 1.03 1.85 2.52 2.52    
Provisions (As % Of NPLs) %               233 216 115 97.9 104    
valuation                            
Market Capitalisation (End Of Period) USD mil               28,279 28,243 45,495 42,507 41,240    
Number Of Shares (Average) mil               40,846 40,847 40,984 43,782 43,782    
Share Price (End Of Period) HKD               5.37 5.36 8.61 7.52 7.30    
Earnings Per Share (EPS) CNY               0.920 1.04 1.09 1.05 1.09    
Book Value Per Share CNY               4.13 5.00 6.05 7.08 8.04    
Price/Earnings (P/E)               7.26 6.63 9.90 8.53 7.46    
Price/Book Value (P/BV)               1.62 1.37 1.78 1.27 1.01    
Earnings Per Share Growth % ...             26.7 12.5 5.01 -3.10 3.76    
Book Value Per Share Growth % ...             18.4 21.2 20.9 17.0 13.6    
income statement Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                            
Interest Income CNY mil               151,887 182,154 199,052 203,382 203,918    
Interest Cost CNY mil               74,734 99,121 106,916 109,114 109,234    
Net Interest Income CNY mil               77,153 83,033 92,136 94,268 94,684    
Net Fee Income CNY mil               20,523 29,956 38,239 51,205 52,261    
Other Income CNY mil               5,856 5,526 7,455 10,675 11,174    
Total Revenues CNY mil               103,532 118,515 137,830 156,148 158,119    
Operating Cost CNY mil               42,873 45,951 54,098 58,149 52,461    
Operating Profit CNY mil               60,659 72,564 83,732 97,999 105,658    
Provisions CNY mil               8,331 12,947 19,928 33,029 41,214    
Extra and Other Cost CNY mil               1,676 2,466 4,011 4,196 4,195    
Pre-Tax Profit CNY mil               50,652 57,151 59,793 60,774 60,249    
Tax CNY mil               12,344 13,869 14,226 13,752 11,471    
Minorities CNY mil               745 1,004 1,021 911 935    
Net Profit CNY mil               37,563 42,278 44,546 46,111 47,843    
growth rates                            
Net Interest Income Growth % ...             19.0 7.62 11.0 2.31 0.441    
Net Fee Income Growth % ...             35.9 46.0 27.7 33.9 2.06    
Total Revenue Growth % ...             25.2 14.5 16.3 13.3 1.26    
Operating Cost Growth % ...             17.0 7.18 17.7 7.49 -9.78    
Operating Profit Growth % ...             31.8 19.6 15.4 17.0 7.82    
Pre-Tax Profit Growth % ...             36.3 12.8 4.62 1.64 -0.864    
Net Profit Growth % ...             34.5 12.6 5.36 3.51 3.76    
market share                            
Market Share in Revenues % ... ... ... ... ...     3.27 3.31 3.28 3.36 3.37   ...
Market Share in Net Profit % ... ...           2.49 ... ... ... ... ... ...
Market Share in Employees % ... ... ... ... ...   ... ... ... ... ... ... ... ...
balance sheet Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                            
Cash CNY mil               656,579 522,687 547,094 534,259 524,239    
Interbank Loans CNY mil               812,744 678,450 852,294 799,874 461,837    
Customer Loans CNY mil               1,351,500 1,539,400 1,774,200 1,997,600 2,397,200    
Retail Loans CNY mil               465,576 605,529 654,681 728,028 900,922    
Mortgage Loans CNY mil ... ... ... ... ... ... ... ... ... ... ... 295,875    
Consumer Loans CNY mil ... ... ... ... ... ... ... ... ... ... ... 605,047    
Corporate Loans CNY mil               919,034 968,734 1,158,000 1,320,000 1,560,700    
Debt Securities CNY mil               248,990 311,212 628,680 938,160 2,236,300    
Fixed Assets CNY mil               13,631 24,102 36,936 41,151 50,354    
Total Assets CNY mil               3,212,000 3,226,200 4,015,100 4,520,700 5,895,900    
Shareholders' Equity CNY mil               168,544 204,287 247,756 309,783 352,027    
Of Which Minority Interest CNY mil ...             5,467 6,575 7,614 8,565 9,437    
Liabilities CNY mil               3,043,460 3,021,910 3,767,340 4,210,920 5,543,870    
Interbank Borrowing CNY mil               910,597 638,244 975,010 1,039,900 1,959,200    
Customer Deposits CNY mil               1,926,200 2,146,700 2,433,800 2,732,300 3,082,200    
Sight Deposits CNY mil               729,453 810,428 844,716 963,034 1,308,800    
Term Deposits CNY mil               1,196,750 1,336,270 1,589,080 1,769,270 1,773,400    
Issued Debt Securities CNY mil               147,104 173,803 278,871 352,248 398,376    
Other Liabilities CNY mil               59,555 63,166 79,663 86,469 104,097    
asset quality                            
Non-Performing Loans CNY mil               14,206 16,142 33,595 51,529 61,929    
Gross Loans CNY mil               1,384,600 1,574,300 1,812,700 2,048,000 2,461,600    
Total Provisions CNY mil               33,098 34,816 38,507 50,423 64,394    
growth rates                            
Customer Loan Growth % ...             14.7 13.9 15.3 12.6 20.0    
Retail Loan Growth % ...             27.9 30.1 8.12 11.2 23.7    
Mortgage Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ...    
Consumer Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ...    
Corporate Loan Growth % ...             9.26 5.41 19.5 14.0 18.2    
Total Asset Growth % ...             44.1 0.442 24.5 12.6 30.4    
Shareholders' Equity Growth % ...             25.7 21.2 21.3 25.0 13.6    
Customer Deposit Growth % ...             17.1 11.4 13.4 12.3 12.8    
market share                            
Market Share in Customer Loans %               2.01 1.93 1.97 1.90 2.06    
Market Share in Total Assets %               2.40 2.12 2.33 2.27 2.56    
Market Share in Customer Deposits %               2.04 5.15 5.38 4.80 4.34    
ratios Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                            
ROE %               24.8 22.7 19.7 16.5 14.5    
ROA %               1.38 1.31 1.23 1.08 0.919    
Costs (As % Of Assets) %               1.58 1.43 1.49 1.36 1.01    
Costs (As % Of Income) %               41.4 38.8 39.2 37.2 33.2    
Capital Adequacy Ratio %               10.8 10.7 10.7 11.5 11.7    
Tier 1 Ratio %               8.13 8.72 8.59 9.19 9.22    
Net Interest Margin %               2.84 2.58 2.54 2.21 1.82    
Interest Spread % ...             2.67 2.39 2.35 2.03 1.68    
Asset Yield %               5.58 5.66 5.50 4.77 3.92    
Cost Of Liabilities % ...             2.91 3.27 3.15 2.74 2.24    
Interest Income (As % Of Revenues) %               74.5 70.1 66.8 60.4 59.9    
Fee Income (As % Of Revenues) %               19.8 25.3 27.7 32.8 33.1    
Other Income (As % Of Revenues) %               5.66 4.66 5.41 6.84 7.07    
Equity (As % Of Assets) %               5.25 6.33 6.17 6.85 5.97    
Loans (As % Of Deposits) %               70.2 71.7 72.9 73.1 77.8    
Loans (As % Assets) %               42.1 47.7 44.2 44.2 40.7    
NPLs (As % Of Loans) %               1.03 1.03 1.85 2.52 2.52    
Provisions (As % Of NPLs) %               233 216 115 97.9 104    
Provisions (As % Of Loans) %               2.45 2.26 2.17 2.52 2.69    
Cost of Provisions (As % Of Loans) %               0.659 0.896 1.20 1.75 1.88    
other data Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                            
Employees ...             49,227 54,927 57,406 59,510 58,720    
Sight (As % Of Customer Deposits) %               37.9 37.8 34.7 35.2 42.5    
On-balance Sheet Loans RMB mil ... ... ... ... ... ... ... ... 1,539,400 1,774,200 1,997,600 2,397,200    

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Minsheng's net interest margin rose 25.0% yoy to 1.50% in 2Q2019

By Helgi Analytics - November 05, 2019

China Minsheng Banking's net interest margin amounted to 1.50% in the second quarter of 2019, up from 1.45% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 3.33% in 4Q2011 and an all time low of...

Minsheng's corporate loans rose 0.611% yoy to CNY 1,892,400 mil in 2Q2019

By Helgi Analytics - November 05, 2019

China Minsheng Banking's loans reached CNY 3,184,000 mil in the second quarter of 2019, up from CNY 3,120,350 mil when compared to the previous quarter and up from CNY 3,052,700 mil when compared to the same period of last year. Historically, the bank...

Minsheng's price/earnings (P/E) fell 3.89% yoy to 5.67 in 2Q2019

By Helgi Analytics - November 05, 2019

China Minsheng Banking stock traded at HKD 6.35 per share at the end second quarter of 2019 implying a market capitalization of USD 35,599 mil. Since the end of 2Q2014, the stock has appreciated by 50.8 % implying an annual average growth of 8.57 %. In absolute terms,...

Minsheng's market capitalisation (end of period) rose 5.30% to USD 35,599 mil in 2Q2019

By Helgi Analytics - November 05, 2019

China Minsheng Banking stock traded at JPY 1,645 per share at the end of second quarter of 2019 implying a market capitalization of USD 3,477 mil. Over the last five years, the stock has depreciated by 36.4 implying an annual average growth of -8.65% In a...

Minsheng's customer loan growth fell 56.5% yoy to 5.47% in 2Q2019

By Helgi Analytics - November 05, 2019

China Minsheng Banking's customer loan growth reached 5.47% in 2019-06-30, down from 12.6% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 23.7% in 2016-09-30 and an all time low of 5.47% in 2019-06-30. In ...

Minsheng's share price (end of period) fell 9.18% yoy to HKD 6.35 in 2Q2019

By Helgi Analytics - November 05, 2019

China Minsheng Banking stock traded at HKD 6.35 per share at the end of second quarter of 2019 implying a market capitalization of USD 35,599 mil. Over the last five years, the stock has appreciated by 50.8 % implying an annual average growth of 8.57 %. In absolute te...

Minsheng's equity (as % of assets) rose 14.5% yoy to 7.71% in 2Q2019

By Helgi Analytics - November 05, 2019

China Minsheng Banking's Equity reached 8.57% of total assets in the 2Q2019, up from 7.94% for the previous year. As a share of net customer loans, the ratio amounted to 15.6% at the end of the second quarter of 2019. ...

Minsheng's net interest income rose 29.6% yoy to CNY 23,501 mil in 2Q2019

By Helgi Analytics - November 05, 2019

China Minsheng Banking generated total banking revenues of CNY 44,846 mil in the second quarter of 2019, up 20.5% when compared to the same period of last year and 17.2% when compared to the previous quarter. Historically, the bank’s revenues containing of in...

Minsheng's retail loan growth fell 31.3% yoy to 10.2% in 2Q2019

By Helgi Analytics - November 05, 2019

China Minsheng Banking's retail loans reached CNY 1,291,600 mil at the end of 2019-06-30, up 2.42% compared to the previous year. In the last decade, the average annual loan growth amounted to 0%. Overall, retail loans accounted for 41.3% of the bank's loan...

Minsheng's net interest margin fell 12.1% to 1.29% in 2018

By Helgi Analytics - November 05, 2019

China Minsheng Banking's net interest margin amounted to 1.29% in 2018, down from 1.47% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 3.20% in 2011 and an all time low of 1.29% in 2018. The avera...

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Finance

China Minsheng Banking has been growing its revenues and asset by 16.2% and 19.0% a year on average in the last 10 years. Its loans and deposits have grown by 16.6% and 15.1% a year during that time and loans to deposits ratio reached 94.2% at the end of 2018. The company achieved an average return on equity of 18.2% in the last decade with net profit growing 20.4% a year on average. In terms of operating efficiency, its cost to income ratio reached 31.5% in 2018, compared to 39.6% average in the last decade.

Equity represented 7.19% of total assets or 14.3% of loans at the end of 2018. China Minsheng Banking's non-performing loans were 2.71% of total loans while provisions covered some 85.4% of NPLs at the end of 2018.

Valuation

China Minsheng Banking stock traded at HKD 5.73 per share at the end of 2018 resulting in a market capitalization of USD 32,040 mil. Over the previous five years, stock price rose by 6.88% or 1.34% a year on average. That’s compared to an average ROE of 15.3% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 5.67x and price to book value (PBV) of 0.662x in 2018.