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China Minsheng Banking

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

By Helgi Library - October 11, 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...

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

By Helgi Library - October 11, 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 Library - October 11, 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...

Annual Quarterly LTM
Profit Statement Dec 2018 Mar 2019 Jun 2019
Net Interest Income CNY mil 22,858 22,022 23,501
Net Fee Income CNY mil 11,964 13,875 13,407
Other Income CNY mil 7,941 2,354 7,938
Total Revenues CNY mil 42,763 38,251 44,846
Operating Profit CNY mil 22,133 13,605 34,358
Provisions CNY mil 13,702 14,355 14,361
Net Profit CNY mil 7,642 19,213 15,831
Balance Sheet Dec 2018 Mar 2019 Jun 2019
Interbank Loans CNY mil 337,869 338,490 339,112
Customer Loans CNY mil 3,008,300 3,069,150 3,130,000
Total Assets CNY mil 5,994,800 6,167,750 6,340,700
Shareholders' Equity CNY mil 431,001 459,836 488,672
Interbank Borrowing CNY mil 1,921,800 1,908,300 1,894,800
Customer Deposits CNY mil 3,191,500 3,323,100 3,454,700
Issued Debt Securities CNY mil 363,604 380,244 396,885
Ratios Dec 2018 Mar 2019 Jun 2019
ROE % 7.16 17.3 13.4
ROA % 0.511 1.26 1.01
Costs (As % Of Assets) % 1.38 1.62 0.671
Costs (As % Of Income) % 48.2 64.4 23.4
Capital Adequacy Ratio % 11.8 12.3 12.8
Net Interest Margin % 1.53 1.45 1.50
Loans (As % Of Deposits) % 94.3 92.4 90.6
NPLs (As % Of Loans) % 2.11 2.10 2.08
Provisions (As % Of NPLs) % 75.3 78.3 81.3
Valuation Dec 2018 Mar 2019 Jun 2019
Price/Earnings (P/E) 5.67 5.69 5.67
Price/Book Value (P/BV) 0.662 0.675 0.647
Dividend Yield % 0 0 0
Earnings Per Share (EPS) CNY 1.15 1.25 1.27
Book Value Per Share CNY 9.84 10.5 11.2
Dividend Per Share CNY 0 0 0

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summary Unit Sep 2009 Dec 2009 Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 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 ... ...                                                               23,579 15,741 18,133 19,948 22,858    
Total Revenues CNY mil ... ...                                                               39,011 38,227 37,230 41,341 42,763    
Operating Profit CNY mil ... ...                                                               22,017 28,323 28,283 27,646 22,133    
Net Profit CNY mil ... ...                                                               9,570 14,942 14,676 13,067 7,642    
balance sheet                                                                                
Interbank Loans CNY mil                                                                   271,274 337,012 269,755 351,979 337,869    
Customer Loans CNY mil                                                                   2,729,800 2,821,500 2,967,800 2,984,400 3,008,300    
Debt Securities CNY mil                                                                   2,156,700 2,089,400 2,070,600 1,924,400 1,977,200    
Total Assets CNY mil                                                                   5,902,100 6,002,500 6,061,100 5,965,800 5,994,800    
Shareholders' Equity CNY mil                                                                   389,812 395,836 407,844 422,444 431,001    
Interbank Borrowing CNY mil                                                                   2,093,800 1,725,000 1,806,800 1,586,100 1,921,800    
Customer Deposits CNY mil                                                                   2,959,300 3,050,700 3,157,900 3,161,700 3,191,500    
Issued Debt Securities CNY mil                                                                   313,795 694,840 549,420 663,258 363,604    
ratios                                                                                
ROE % ... ...                                                               9.93 15.2 14.6 12.6 7.16    
ROA % ... ...                                                               0.659 1.00 0.973 0.869 0.511    
Costs (As % Of Assets) % ... ...                                                               1.17 0.666 0.593 0.911 1.38    
Costs (As % Of Income) % ... ...                                                               43.6 25.9 24.0 33.1 48.2    
Capital Adequacy Ratio % ... ... ...   ...   ...   ...   ...   ...                                         11.9 12.0 11.9 11.9 11.8    
Net Interest Margin % ... ...                                                               1.62 1.06 1.20 1.33 1.53    
Interest Income (As % Of Revenues) % ... ...                                                               60.4 41.2 48.7 48.3 53.5    
Fee Income (As % Of Revenues) % ... ...                                                               29.6 31.2 33.3 28.6 28.0    
Equity (As % Of Assets) %                                                                   6.60 6.59 6.73 7.08 7.19    
Loans (As % Of Deposits) %                                                                   92.2 92.5 94.0 94.4 94.3    
Loans (As % Assets) %                                                                   46.3 47.0 49.0 50.0 50.2    
NPLs (As % Of Loans) %         ...       ...                                                 2.10 1.71 2.66 1.75 2.11    
Provisions (As % Of NPLs) %         ...       ...                                                 127 172 105 160 75.3    
valuation                                                                                
Market Capitalisation (End Of Period) USD mil ... ...                                                               39,195 37,136 32,534 35,451 32,040    
Number Of Shares (Average) mil ... ...                                                               43,782 43,782 36,526 47,382 43,782    
Share Price (End Of Period) HKD ... ...                                                               6.99 6.66 6.99 5.86 5.73    
Earnings Per Share (EPS) CNY ... ...                                                               1.14 1.15 1.41 1.10 1.15    
Book Value Per Share CNY ... ...                                                               8.90 9.04 11.2 8.92 9.84    
Dividend Per Share CNY ... ...                                                               0 0 0 0 0    
Price/Earnings (P/E) ... ...                                                               7.37 7.20 5.90 6.05 5.67    
Price/Book Value (P/BV) ... ...                                                               0.942 0.919 0.743 0.749 0.662    
Dividend Yield % ... ...                                                               0 0 0 0 0    
Earnings Per Share Growth % ... ... ... ... ... ...                                                       4.12 4.59 26.3 -1.30 1.03    
Book Value Per Share Growth % ... ... ... ... ... ...                                                       10.7 7.93 30.5 2.38 10.6    
income statement Unit Sep 2009 Dec 2009 Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 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 ... ...                                                               60,774 55,421 58,705 60,364 60,857    
Interest Cost CNY mil ... ...                                                               37,195 39,680 40,572 40,416 37,999    
Net Interest Income CNY mil ... ...                                                               23,579 15,741 18,133 19,948 22,858    
Net Fee Income CNY mil ... ...                                                               11,564 11,928 12,399 11,840 11,964    
Other Income CNY mil ... ...                                                               3,868 10,558 6,698 9,553 7,941    
Total Revenues CNY mil ... ...                                                               39,011 38,227 37,230 41,341 42,763    
Operating Cost CNY mil ... ...                                                               16,994 9,904 8,947 13,695 20,630    
Operating Profit CNY mil ... ...                                                               22,017 28,323 28,283 27,646 22,133    
Provisions CNY mil ... ...                                                               8,343 8,571 10,606 10,732 13,702    
Extra and Other Cost CNY mil ... ...                                                               2,275 1,670 -127 1,267 1,179    
Pre-Tax Profit CNY mil ... ...                                                               11,399 18,082 17,804 15,647 7,252    
Tax CNY mil ... ...                                                               1,584 2,957 3,076 2,342 80.0    
Minorities CNY mil ... ...                                                               245 183 52.0 238 -470    
Net Profit CNY mil ... ...                                                               9,570 14,942 14,676 13,067 7,642    
growth rates                                                                                
Net Interest Income Growth % ... ... ... ... ... ...                                                       -0.908 -23.9 -11.3 -8.74 -3.06    
Net Fee Income Growth % ... ... ... ... ... ...                                                       -6.12 -5.94 5.11 1.19 3.46    
Total Revenue Growth % ... ... ... ... ... ...                                                       -2.51 2.60 4.62 11.1 9.62    
Operating Cost Growth % ... ... ... ... ... ...                                                       -5.26 2.47 -6.06 3.93 21.4    
Operating Profit Growth % ... ... ... ... ... ...                                                       -0.276 2.64 8.52 15.1 0.527    
Pre-Tax Profit Growth % ... ... ... ... ... ...                                                       10.7 2.84 5.54 6.36 -36.4    
Net Profit Growth % ... ... ... ... ... ...                                                       10.3 5.23 5.67 7.50 -20.1    
balance sheet Unit Sep 2009 Dec 2009 Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 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                                                                   442,938 408,521 417,747 377,177 389,281    
Interbank Loans CNY mil                                                                   271,274 337,012 269,755 351,979 337,869    
Customer Loans CNY mil                                                                   2,729,800 2,821,500 2,967,800 2,984,400 3,008,300    
Retail Loans CNY mil ...                                                                 1,105,800 1,138,750 1,171,700 1,218,900 1,230,500    
Mortgage Loans CNY mil ...                                                                 350,986 345,256 339,527 337,514 335,502    
Consumer Loans CNY mil ...                                                                 754,814 793,494 832,173 881,386 894,998    
Corporate Loans CNY mil ...                                                                 1,698,500 1,789,700 1,880,900 1,851,600 1,826,200    
Debt Securities CNY mil                                                                   2,156,700 2,089,400 2,070,600 1,924,400 1,977,200    
Fixed Assets CNY mil                                                                   51,094 49,898 51,772 48,847 51,969    
Total Assets CNY mil                                                                   5,902,100 6,002,500 6,061,100 5,965,800 5,994,800    
Shareholders' Equity CNY mil                                                                   389,812 395,836 407,844 422,444 431,001    
Of Which Minority Interest CNY mil                                                                   10,842 10,838 10,802 11,134 10,927    
Liabilities CNY mil                                                                   5,512,290 5,606,660 5,653,260 5,543,360 5,563,800    
Interbank Borrowing CNY mil                                                                   2,093,800 1,725,000 1,806,800 1,586,100 1,921,800    
Customer Deposits CNY mil                                                                   2,959,300 3,050,700 3,157,900 3,161,700 3,191,500    
Sight Deposits CNY mil ...                                                                 1,370,000 1,343,300 1,316,600 1,309,600 1,302,600    
Term Deposits CNY mil ...                                                                 1,589,300 1,707,400 1,841,300 1,852,100 1,888,900    
Issued Debt Securities CNY mil                                                                   313,795 694,840 549,420 663,258 363,604    
Other Liabilities CNY mil                                                                   145,393 136,124 139,136 132,298 86,895    
asset quality                                                                                
Non-Performing Loans CNY mil                                                                   58,903 49,647 81,087 53,712 64,417    
Gross Loans CNY mil         ...       ...                                                 2,804,300 2,907,000 3,052,700 3,070,600 3,056,700    
Total Provisions CNY mil         ...       ...                                                 74,519 85,475 84,874 86,139 48,474    
growth rates                                                                                
Customer Loan Growth % ... ... ... ...                                                           13.9 10.9 12.6 10.2 10.2    
Retail Loan Growth % ... ... ... ... ...                                                         22.7 18.6 14.9 13.1 11.3    
Mortgage Loan Growth % ... ... ... ... ...                                                         18.6 6.86 -3.08 -3.75 -4.41    
Consumer Loan Growth % ... ... ... ... ...                                                         24.8 24.5 24.3 21.3 18.6    
Corporate Loan Growth % ... ... ... ... ...                                                         8.83 10.2 11.5 8.70 7.52    
Total Asset Growth % ... ... ... ...                                                           0.105 0.771 5.10 4.43 1.57    
Shareholders' Equity Growth % ... ... ... ...                                                           10.7 7.93 8.90 10.8 10.6    
Customer Deposit Growth % ... ... ... ...                                                           -3.78 0.007 4.69 7.75 7.85    
market share                                                                                
Market Share in Customer Loans %                                                                   2.12 2.11 2.16 2.10 2.07   ...
Market Share in Total Assets % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                 ... ... ... ... ... ... ... ... ... ...
Market Share in Customer Deposits % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                 ... ... ... ... ... ... ... ... ... ...
ratios Unit Sep 2009 Dec 2009 Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 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 % ... ...                                                               9.93 15.2 14.6 12.6 7.16    
ROA % ... ...                                                               0.659 1.00 0.973 0.869 0.511    
Costs (As % Of Assets) % ... ...                                                               1.17 0.666 0.593 0.911 1.38    
Costs (As % Of Income) % ... ...                                                               43.6 25.9 24.0 33.1 48.2    
Capital Adequacy Ratio % ... ... ...   ...   ...   ...   ...   ...                                         11.9 12.0 11.9 11.9 11.8    
Tier 1 Ratio % ... ... ...   ...   ...   ...   ...   ...                                         8.88 8.86 8.87 9.01 9.16    
Net Interest Margin % ... ...                                                               1.62 1.06 1.20 1.33 1.53    
Interest Spread % ... ...                                                               1.44 0.869 1.01 1.13 1.33    
Asset Yield % ... ...                                                               4.19 3.72 3.89 4.02 4.07    
Cost Of Liabilities % ... ...                                                               2.74 2.85 2.88 2.89 2.74    
Payout Ratio % ... ...                                                               0 0 0 0 0    
Interest Income (As % Of Revenues) % ... ...                                                               60.4 41.2 48.7 48.3 53.5    
Fee Income (As % Of Revenues) % ... ...                                                               29.6 31.2 33.3 28.6 28.0    
Other Income (As % Of Revenues) % ... ...                                                               9.92 27.6 18.0 23.1 18.6    
Equity (As % Of Assets) %                                                                   6.60 6.59 6.73 7.08 7.19    
Loans (As % Of Deposits) %                                                                   92.2 92.5 94.0 94.4 94.3    
Loans (As % Assets) %                                                                   46.3 47.0 49.0 50.0 50.2    
NPLs (As % Of Loans) %         ...       ...                                                 2.10 1.71 2.66 1.75 2.11    
Provisions (As % Of NPLs) %         ...       ...                                                 127 172 105 160 75.3    
Provisions (As % Of Loans) %         ...       ...                                                 2.73 3.03 2.86 2.89 1.61    
Cost of Provisions (As % Of Loans) % ... ...                                                               1.23 1.24 1.47 1.44 1.83    
other data Unit Sep 2009 Dec 2009 Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 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 ...                                                                 57,882 57,508 57,134 57,736 58,338    
Sight (As % Of Customer Deposits) % ...                                                                 46.3 44.0 41.7 41.4 40.8    
On-balance Sheet Loans RMB mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                                 2,729,800 2,821,500 2,967,800 2,984,400 3,008,300    

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Minsheng's customer deposits rose 12.8% yoy to CNY 3,075,600 mil in 4Q2016

By Helgi Library - October 11, 2019

China Minsheng Banking's customer deposits reached CNY 3,075,600 mil in 2016-12-31, up 2.56% compared to the previous year. Chinese banking sector accepted customer deposits of CNY 71,030 bil in 2016-12-31, up 6.68% when compared to the last year. China M...

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

By Helgi Library - October 11, 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 Library - October 11, 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 Library - October 11, 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 Library - October 23, 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 share price (end of period) fell 9.18% yoy to HKD 6.35 in 2Q2019

By Helgi Library - October 11, 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 Library - October 11, 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 customer loan growth fell 56.5% yoy to 5.47% in 2Q2019

By Helgi Library - October 11, 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 net interest income rose 29.6% yoy to CNY 23,501 mil in 2Q2019

By Helgi Library - October 11, 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 Library - October 11, 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...

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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.

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