Financial Performance - Net profit attributable to shareholders for the first nine months of 2024 was RMB 113,184 million, a decrease of 0.62% year-on-year[4]. - Basic earnings per share attributable to ordinary shareholders for the third quarter of 2024 was RMB 0.66, down 0.68% compared to the same period last year[4]. - The bank's net profit attributable to shareholders for the third quarter of 2024 showed a slight increase of 0.79% compared to the same period last year[4]. - For the period from January to September 2024, the company achieved operating revenue of CNY 252.709 billion, a year-on-year decrease of 2.91%[14]. - The total operating income for the first nine months of 2024 was RMB 229,162 million, compared to RMB 236,184 million in the first nine months of 2023, reflecting a decrease of approximately 3%[63]. - The bank's total comprehensive income for the first nine months of 2024 was RMB 118,199 million, an increase from RMB 101,891 million in the same period of 2023[64]. - Net profit for the nine months ended September 30, 2024, was RMB 114,039 million, slightly down from RMB 114,970 million for the same period in 2023, a decrease of 0.81%[60]. Assets and Liabilities - Total assets as of September 30, 2024, reached RMB 11,654,763 million, an increase of 5.68% compared to the end of 2023[4]. - The bank's total liabilities as of September 30, 2024, were RMB 10,502,236 million, indicating a growth trend in overall financial stability[4]. - The total amount of loans and advances was CNY 6,758.751 billion, up 3.84% year-on-year, with retail loans at CNY 3,573.833 billion, increasing by 3.95%[25]. - Customer deposits totaled CNY 8,732.681 billion, marking a 7.08% increase compared to the end of the previous year[16]. - Total liabilities reached CNY 10,495.13 billion, an increase of 5.56% compared to the end of last year, primarily driven by customer deposit growth[26]. - The company's total liabilities reached RMB 10,495,128 million, compared to RMB 9,942,754 million at the end of 2023[56]. Income and Expenses - The net interest income for the first nine months of 2024 was CNY 157.298 billion, a year-on-year decrease of 3.07%, accounting for 62.24% of total operating income[17]. - Non-interest net income for the first nine months of 2024 was CNY 95.411 billion, a year-on-year decrease of 2.63%, representing 37.76% of total operating income[20]. - Business and management expenses for the first nine months of 2024 were CNY 74.747 billion, a decrease of 4.56% year-on-year, with a cost-to-income ratio of 29.58%[23]. - The bank's interest expenses for the first nine months of 2024 were RMB 108,282 million, compared to RMB 106,587 million in the same period of 2023[63]. Asset Quality and Risk Management - The non-performing loan balance was CNY 63.557 billion, an increase of CNY 1.978 billion from the end of the previous year, with a non-performing loan ratio of 0.94%[16]. - The average return on total assets (ROAA) for the period was 1.33%, down 0.13 percentage points year-on-year[16]. - The provision coverage ratio stood at 432.15%, down 5.55 percentage points from the end of the previous year[16]. - The company is focused on monitoring industry risks and maintaining overall asset quality stability[34]. - The company plans to enhance risk management capabilities and optimize asset structure in response to external economic uncertainties[41]. Capital and Equity - Shareholders' equity attributable to the bank's shareholders increased to RMB 1,152,527 million, up 7.08% from the end of 2023[4]. - The company's core Tier 1 capital adequacy ratio was 14.73%, an increase of 1.00 percentage points from the end of the previous year[43]. - The company's capital adequacy ratio was 18.67%, reflecting a rise of 0.79 percentage points compared to the previous year[44]. - The company's total equity increased to RMB 1,159,635 million, up from RMB 1,085,729 million at the end of 2023[56]. Cash Flow - The net cash flow from operating activities for the first nine months of 2024 was RMB 287,233 million, representing a significant increase of 435.40% year-on-year[5]. - Operating cash inflow for the first nine months of 2024 totaled RMB 1,063,177 million, compared to RMB 917,713 million in 2023, indicating an increase of 15.9%[66]. - Cash flow from investment activities showed a net outflow of RMB 121,505 million in the first nine months of 2024, an improvement from a net outflow of RMB 191,954 million in 2023[67]. - The total cash and cash equivalents at the end of September 2024 reached RMB 770,465 million, up from RMB 398,640 million at the end of September 2023, marking an increase of 93.5%[67]. Customer and Market Growth - The number of retail customers reached 206 million, representing a growth of 4.57% from the end of the previous year[52]. - The total assets under management (AUM) for retail customers increased to RMB 143,449.47 billion, a rise of 7.69% compared to the previous year[52]. - The number of high-net-worth clients (with total assets of RMB 500,000 or more) grew to 5.0657 million, an increase of 9.16% year-over-year[53].

A 股简称：招商银行 A 股代码：600036 公告编号：2024-043 招商银行股份有限公司 董事会决议公告 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。 招商银行股份有限公司（简称本公司或招商银行）于 2024 年 9 月 27 日以电 子邮件方式发出第十二届董事会第四十一次会议通知，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。 会议审议通过了以下议案： 一、审议通过了本公司 2024 年第三季度报告。 同意：13 票 反对：0 票 弃权：0 票 本公司董事会审计委员会已审议通过上述议案，并同意将其提交本公司董事 会审议。 附件：1.马向辉先生简历及相关信息 二、审议通过了《2024 年第三季度第三支柱报告》。 同意：13 票 反对：0 票 弃权：0 票 本公司 2024 年第三季度报告和 2024 年第三季度第三支柱报告详见上海证 券 交 易 所 网 站 （ www.sse.com. ...

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 ...

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].