招商银行股份有限公司 监事会决议公告 2．本公司 2024 年第三季度报告的内容与格式符合中国证监会和 证券交易所的相关规定，真实、准确、完整反映本公司报告期内的经 营管理情况和财务状况； 3．截至本意见出具前，未发现参与 2024 年第三季度报告编制和 审议的人员有违反保密规定的行为。 同意：9 票 反对：0 票 弃权：0 票 A 股简称:招商银行 A 股代码:600036 公告编号:2024-044 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 招商银行股份有限公司（简称本公司）于 2024 年 9 月 27 日以电 子邮件方式发出第十二届监事会第三十三次会议通知，于 10 月 29 日 以书面传签方式召开会议。会议应参会监事 9 名，实际参会监事 9 名， 总有效表决票为 9 票。会议的召开符合《中华人民共和国公司法》和 《招商银行股份有限公司章程》等有关规定。 会议审议通过了以下议案： 一、审议通过了本公司 2024 年第三季度报告，并出具如下意见： 1．本公司 2024 年第三季度报告的编制和审议程序符合有关法律 ...

A 股简称：招商银行 A 股代码：600036 公告编号：2024-042 招商银行股份有限公司 关于召开2024年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 中文音频会议直播链接： https://webcasting.bizconf.cn/live/watch/o5ar042m 英文音频会议直播链接： https://webcasting.bizconf.cn/live/watch/lk35v47m 投资者可将相关问题通过电子邮件方式发送至招商银行股份有限公司（简称本公 司 ） 2024 年 第 三 季 度 业 绩 说 明 会 （ 简 称 业 绩 说 明 会 ） 问 题 收 集 邮箱： cmbir@cmbchina.com。邮件收取截止时间为北京时间2024年11月1日（星期五） 上午10:00。本公司将于业绩说明会上对投资者普遍关注的问题进行回答。 一、业绩说明会类型 为了便于广大投资者更全面深入地了解本公司2024年第三季度业绩和经营情况， 本公司拟通过网络音频会议方式召开 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 招商銀行股份有限公司 CHINA MERCHANTS BANK CO., LTD. （於中華人民共和國註冊成立的股份有限公司） （H股股票代碼：03968） 董事會會議召開日期 招商銀行股份有限公司（「本公司」）董事會（「董事會」）茲通告謹定於2024年10月 29日（星期二）舉行董事會會議，藉以審議及批准刊發本公司截至2024年9月30日 止之第三季度業績公告。 招商銀行股份有限公司董事會 2024年10月17日 於本公告日期，本公司的執行董事為王良及朱江濤；本公司的非執行董事為繆建 民、石岱、孫雲飛、張健及陳冬；及本公司的獨立非執行董事為王仕雄、李孟 剛、劉俏、田宏啟、李朝鮮及史永東。 ...

October 10, 2024 04:18 AM GMT M Update | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------|--------- ...

同意：13 票 反对：0 票 弃权：0 票 特此公告。 招商银行股份有限公司董事会 2024 年 9 月 29 日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 招商银行股份有限公司（简称本公司）于 2024 年 9 月 26 日以电 子邮件方式发出第十二届董事会第四十次会议通知，于 9 月 29 日以 书面传签方式召开会议。会议应参会董事 13名，实际参会董事13名。 会议的召开符合《中华人民共和国公司法》和《招商银行股份有限公 司章程》等有关规定。 会议审议通过了《关于不良资产处置的议案》。 A 股简称：招商银行 A 股代码：600036 公告编号：2024-041 招商银行股份有限公司 董事会决议公告 ...

日日金37号E｜招银理财 8977E 3.41% 赎回下个工作日到账 R1低风险 七日年化 十月 数据采源于招商银行App,截至9月25日 具体以详情负展示为准 错过少将 国庆节前理财攻略来啦 国庆假期将至，咱们休假让浅加班 别忘了抽空安排一下手里的资金 小招已为您梳理好一份节前理财攻略 节前买入，假期也能计算收益噢! 即日起至9月29日，每日可买 最晚9月29日24:00前买入，假期计收益 (因产品额度不断变化,可能会出现产品额度不足 而无法买入的情况，请以实际页面显示为准 ） 该类产品历史天天正收益,如果您的资金随时要用, 选活钱管理类产品就再合适不过。 丰和7天持有1号 | 代销招银理财 107507 2.71% 成立以来年化 持7天后每日可赎 R2中低风险 数据来源于招商银行App,截至9月18日 具体以详情页展示为准 即日起至9月30日，每日可买 最晚9月30日23:59前买入，假期计收益 (因产品额度不断变化,可能会出现产品额度不足 而无法买入的情况，请以实际页面显示为准） 策略稳健、产品波动小 可以根据您的资金使用计划,选择不同期限的产品。 国庆假期收益将在10月8日的净值中体现 包含8天的票息 ...

Financial Performance - The company reported a mid-year financial performance with significant metrics to be detailed in the financial summary section[4]. - The net profit attributable to shareholders for the first half of 2024 was RMB 60 billion, representing a growth of 12% compared to the same period last year[4]. - The company reported a net operating income of RMB 172.92 billion for the first half of 2024, a decrease of 3.11% compared to RMB 178.47 billion in the same period of 2023[20]. - The net profit attributable to shareholders was RMB 74.74 billion, down 1.33% from RMB 75.75 billion year-on-year[20]. - Future guidance indicates an expected revenue growth of 8-10% for the full year 2024[4]. Assets and Liabilities - The total assets of the company reached RMB 5.2 trillion, reflecting a year-on-year increase of 8%[4]. - Total assets reached RMB 11,574.78 billion, representing a growth of 4.95% from RMB 11,028.48 billion at the end of 2023[20]. - The total liabilities of the group amounted to RMB 10,457.758 billion, a 5.18% increase compared to the end of the previous year, driven by steady growth in customer deposits[69]. - Customer deposits rose by 6.22% to RMB 8,662.89 billion from RMB 8,155.44 billion at the end of 2023[20]. Loan Quality and Non-Performing Loans - The loan quality analysis indicated a non-performing loan ratio of 1.5%, which is stable compared to the previous year[4]. - The non-performing loan ratio improved slightly to 0.94%, down 0.01 percentage points from the previous year[21]. - The non-performing loan balance was RMB 63.427 billion, with a non-performing loan ratio of 0.94%, a slight decrease of 0.01 percentage points from the previous year[78]. - The overdue loans totaled RMB 95.58 billion, representing 1.42% of total loans, an increase of 0.16 percentage points from the end of the previous year[91]. Capital Adequacy and Risk Management - The capital adequacy ratio stands at 14.5%, exceeding the regulatory requirement of 10.5%[4]. - The core tier 1 capital adequacy ratio, tier 1 capital adequacy ratio, and total capital adequacy ratio are 13.86%, 16.09%, and 17.95%, respectively, increasing by 0.13, 0.08, and 0.07 percentage points compared to the end of last year[100]. - The loan provision rate stands at 4.08%, a slight decrease of 0.06 percentage points from the end of last year[95]. - The company has strengthened risk management capabilities, particularly in real estate and local debt sectors, to maintain asset quality[134]. Income and Expenses - Interest income for the period was RMB 187.99 billion, an increase of 0.35% year-on-year, driven by the growth in interest-earning assets[26]. - The group's net interest income was CNY 104.449 billion, a year-on-year decrease of 4.17%[37]. - Non-interest net income totaled 68,473 million RMB, a decrease of 1.43% year-on-year, with net commission and fee income dropping by 18.61% to 38,328 million RMB[42][44]. - Operating expenses for the first half of 2024 were 56,345 million RMB, a slight decrease of 0.05% year-on-year, with employee expenses declining by 0.55%[46][48]. Customer Engagement and Digital Transformation - New product offerings include a digital banking platform aimed at enhancing customer engagement and operational efficiency[4]. - Monthly active users of the bank's apps reached 117 million, with over 50% of retail loan acquisition being digital[126]. - The company invested 4.586 billion yuan in information technology, accounting for 2.91% of net operating income, with a total of 4,198 financial technology innovation projects initiated[125]. - The open operation service platform "Kaiyang Portal" has completed intelligent transformation for over 500 operational processes, improving key business processing efficiency by 56% compared to the end of the previous year[130]. Strategic Initiatives and Market Expansion - The company plans to expand its market presence by increasing the number of branches by 10% in the next fiscal year[4]. - The company aims to enhance its non-interest income through product innovation and deepening customer engagement in retail and corporate services[143]. - The company plans to continue supporting the real estate market while managing risks associated with different types of real estate enterprises[145]. - The company is focusing on optimizing its asset structure and maintaining a reasonable asset yield level while managing liabilities effectively[140].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Insights - The company's net profit growth rate has improved compared to Q1, with a focus on expanding credit in key areas, and overall asset quality remains stable [3]. - The company actively implements national strategic directives, increasing loan allocations to key sectors, resulting in significant growth in green credit and loans to small and micro enterprises [3]. - The overall asset quality is stable, with a slight increase in the non-performing loan ratio, while the non-performing loan ratio for corporate loans has decreased [3]. Financial Performance Summary - For the first half of 2024, the company's revenue is projected to decline by 3.09% year-on-year, while net profit is expected to decrease by 1.33%, showing improvement from Q1 [4]. - The core Tier 1 capital adequacy ratio for Q2 2024 is 13.86%, an increase of 0.77 percentage points year-on-year [3]. - The company forecasts earnings per share (EPS) for 2024-2026 to be 5.8, 6.16, and 6.47 yuan, with net profit growth rates of 2.03%, 6.17%, and 4.98% respectively [4]. Valuation Metrics - The reasonable value range for the company is estimated between 34.59 and 36.15 yuan, corresponding to a 2024 price-to-earnings (PE) ratio of 5.96-6.23 times [4]. - The company is assigned a price-to-book (PB) ratio of 0.90 times for 2024E, compared to a peer average of 0.41 times [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 39.76 CNY, representing a 27% upside from the current price of 31.2 CNY [5][3]. Core Views - The company's revenue and net profit decline have shown marginal improvement, with interest income stabilizing and investment income continuing to grow significantly [7][3]. - The asset quality remains stable with a low non-performing loan ratio of 0.94% and a high provision coverage ratio of 434.4% [18][2]. Revenue and Profitability - In the first half of 2024, the company achieved revenue of 1,729 billion CNY, a year-over-year decline of 3.09%, which is an improvement from the 4.65% decline in the first quarter [1][7]. - Net interest income was 1,044 billion CNY, down 4.17% year-over-year, while non-interest income was 685 billion CNY, down 1.39% [1][7]. - The net interest margin decreased to 2.00%, but the downward trend has slowed compared to the previous quarter [11][12]. Asset and Liability Management - Total interest-earning assets reached 116,597 billion CNY, up 4.9% from the beginning of the year, with corporate loans growing by 6.6% [2][15]. - The average cost of interest-bearing liabilities decreased slightly to 1.72%, with a deposit average cost rate of 1.60%, down 2 basis points from the beginning of the year [11][16]. Investment Income - Investment income has become a new growth point for the company, with other non-interest income increasing by 34.84% year-over-year, primarily driven by investment net income of 195 billion CNY, which grew by 57.21% year-over-year [1][13]. Asset Quality - The non-performing loan balance was 634 billion CNY, with a non-performing loan ratio of 0.94%, showing a slight decrease from the previous year [18][19]. - The company maintains a high provision coverage ratio, ensuring a strong safety margin against potential loan losses [18][19]. Shareholder Changes - The fifth largest shareholder, Hong Kong Central Clearing Limited, increased its stake by 0.29% to 4.93% of the total share capital, while China Securities Finance Corporation became the new tenth largest shareholder with a 2.08% stake [20].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 40.32 CNY based on a projected PB of 1x for 2024 [1][20]. Core Insights - The company's revenue growth rates for 2024-2026 are projected to be -0.14%, 5.37%, and 5.51%, respectively, which are lower than previous estimates [1]. - The net profit growth rates for the same period are forecasted at -0.4%, 5.5%, and 5.9%, also reflecting a downward revision from earlier projections [1]. - The report highlights a significant recovery in performance, with Q2 2024 showing a revenue decline of only -1.5%, an improvement of 3.2 percentage points from Q1 [10]. - The main driver for the marginal improvement in performance is the reduction in the drag from net interest income, which saw a decline of -2.1% in Q2 2024, narrowing the drop by 4 percentage points from Q1 [10][40]. Financial Projections - The company's operating revenue for 2024 is expected to be 338.7 billion CNY, with a slight decrease from 339.1 billion CNY in 2023 [21]. - The net profit attributable to shareholders is projected at 146 billion CNY for 2024, down from 146.6 billion CNY in 2023 [21]. - The report indicates that the net interest income is expected to stabilize, with a forecast of 2,146 billion CNY for 2024, consistent with the previous year [31]. Asset Quality and Growth - The report notes a slight increase in non-performing loan ratios, with retail loans showing particular pressure, as the overdue rate for consumer credit rose to 3.00% [19][33]. - The growth rate of interest-earning assets is projected at 7.6% as of Q2 2024, indicating a positive trend in asset expansion [10]. - The capital adequacy ratio is expected to remain strong at 18.2% for 2024, reflecting a solid capital position [33].