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 ...

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].

Financial Data and Key Indicator Changes - Net operating income amounted to RMB172.92 billion, a decrease of 3.11% year-on-year [4] - Net profits attributable to shareholders were RMB74.74 billion, down by 1.33% year-on-year [4] - Return on average assets (ROAA) and return on average equity (ROAE) were 1.32% and 15.44%, decreasing by 0.13 and 2.11 percentage points year-on-year, respectively [4] - Net interest income (NII) was RMB104.45 billion, representing a year-on-year decrease of 4.17% [5] - Net non-interest income was RMB68.47 billion, a year-on-year decrease of 1.43% [5] - Cost-to-income ratio increased to 29.75%, up by 0.68 percentage points year-on-year [6] Business Line Data and Key Indicator Changes - Retail loans balance was RMB3.54 trillion, an increase of 3% from the end of the previous year, accounting for 52.48% of total loans [10] - Corporate finance loans totaled RMB5.99 trillion, representing an increase of 7.61% over the beginning of the year [16] - Credit card business operating income was RMB44.708 billion, with a year-on-year decrease of 1.17% [15] - Wealth management products (WMP) balance amounted to RMB3.76 trillion, an increase of 7.3% [19] Market Data and Key Indicator Changes - Total assets were RMB11.57 trillion, an increase of 4.95% from the end of the previous year [8] - Total liabilities were RMB10.46 trillion, representing an increase of 5.18% [9] - Average daily balance of core deposits increased by 4.42%, accounting for 86.2% of total deposits [9] Company Strategy and Development Direction - The company aims to build a value-creating bank, focusing on high-quality development and balanced growth in quality, profitability, and scale [3] - Emphasis on maintaining asset quality and efficiency while expanding the customer base [37] - Plans to enhance digital transformation and technological innovation, particularly in AI applications [25][33] Management's Comments on Operating Environment and Future Outlook - The macro environment is complex, with challenges such as insufficient effective credit demand and competitive pressures on loan pricing [27][28] - The company is confident in maintaining stable asset quality despite external uncertainties [49] - Future strategies will focus on risk management, operational efficiency, and enhancing customer service capabilities [31][32] Other Important Information - The company has seen a steady increase in retail customers, with a total of 202 million, up by 2.54% [12] - The number of corporate customers increased by 5.46%, totaling 2.974 million [13] - The company is actively promoting green and low-carbon operations [7] Q&A Session Summary Question: What is the strategy for expansion of the asset book given the slower loan growth? - The company aims to balance asset growth with capital adequacy and profitability, prioritizing asset quality over size [35][39] Question: What impact will potential mortgage refinancing have on CMB? - The company has not received official confirmation regarding refinancing but acknowledges potential negative impacts if implemented [41] Question: How does CMB view its asset quality compared to peers? - CMB maintains stable asset quality with a corporate NPL ratio of 1.13%, down by 0.06 percentage points [45][46] Question: What measures are being taken to stabilize NIM? - Continuous pressure on NIM is expected, with management focusing on asset-liability management and optimizing the loan structure [67]

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company is expected to achieve BVPS of 40.84, 44.99, and 49.38 for the years 2024, 2025, and 2026 respectively, indicating a narrowing decline and strong investment income performance [2][10]. - The company's non-interest income for H1 2024 was 68.496 billion yuan, a year-on-year decrease of 1.39%, accounting for 39.61% of total revenue, which is an increase of 0.69 percentage points year-on-year [3][10]. - The asset quality remains stable, with a non-performing loan ratio of 0.94%, a slight decrease of 0.01 percentage points from the beginning of the year [3][10]. Financial Performance Summary - For H1 2024, the company reported operating income and net profit attributable to shareholders of 172.945 billion yuan and 74.743 billion yuan, respectively, representing year-on-year declines of 3.09% and 1.33% [10]. - The annualized weighted average ROE was 15.44%, down 2.11 percentage points year-on-year [10]. - Interest income for H1 2024 was 104.449 billion yuan, a year-on-year decrease of 4.17%, with a net interest margin of 2%, down 23 basis points year-on-year [11]. - The company’s total loans grew by 3.67% from the beginning of the year, with corporate loans increasing by 6.61% and retail loans by 3% [11]. Strategic Outlook - The company is focused on its "Value Bank" strategic goal, emphasizing a balanced approach to quality, efficiency, and scale, with steady expansion of its balance sheet [3][10]. - The competitive edge in wealth management and asset management is continuously improving, with digital finance initiatives paving the way for long-term business development [3][10].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [9] Core Views - The company has shown balanced business development with stable performance, as evidenced by its H1 2024 revenue of 1729.45 billion yuan, a year-on-year decrease of 3.09% [14][29] - The net profit attributable to shareholders for H1 2024 was 747.43 billion yuan, reflecting a year-on-year decline of 1.33% [14][29] - The company’s interest income and commission income have shown marginal improvements, with interest income at 1044.49 billion yuan and commission income at 383.28 billion yuan for H1 2024, despite year-on-year declines of 4.17% and 18.61% respectively [29] - Retail business remains a significant strength, with a loan balance of 6.75 trillion yuan, up 6.17% year-on-year, driven primarily by retail lending [29] - The company’s wealth management business has seen strong growth, particularly in the distribution of financial products, with a notable increase in revenue from this segment [29] Financial Data and Valuation - The company’s total assets are projected to reach 11,900.21 billion yuan by 2024, with a compound annual growth rate (CAGR) of 4.30% from 2024 to 2026 [33] - The forecasted net profit for 2024 is 1498 billion yuan, with a year-on-year growth of 2.22% [29][33] - The company’s earnings per share (EPS) for 2024 is estimated at 5.71 yuan, with a price-to-earnings (PE) ratio of 6.01 [29][33]