直击2024年业绩会丨息差仍有下行压力，招行如何保住“零售之王”

Core Viewpoint - After releasing its 2024 performance report, China Merchants Bank's stock price fell over 5%, and the average employee salary dropped below 600,000 yuan, drawing significant public attention [1][9]. Financial Performance - In 2024, China Merchants Bank reported operating income of 337.49 billion yuan, a year-on-year decrease of 0.48%, while net profit attributable to shareholders was 148.39 billion yuan, a year-on-year increase of 1.22%, indicating a situation of "profit growth without revenue growth" [3]. - The bank's net interest income was 211.28 billion yuan, down 1.58% year-on-year, and non-interest income was 126.21 billion yuan, up 1.41% year-on-year. The net interest margin was 1.98%, a decrease of 17 basis points year-on-year [3][4]. - The average return on total assets (ROAA) and return on equity (ROAE) were 1.28% and 14.49%, respectively, both showing declines compared to the previous year [3]. Business Segments - Retail banking, known as the "king of retail," accounted for 58.32% of total revenue, but faced profit pressure with pre-tax profit from retail financial services down 9.28% year-on-year [4]. - In contrast, wholesale financial services performed well, with pre-tax profit reaching 83.91 billion yuan, a year-on-year increase of 20.48% [4]. - Retail customer deposits grew significantly, reaching 3.83 trillion yuan, up 15.43% year-on-year, while corporate customer deposits increased to 4.95 trillion yuan, up 8.67% year-on-year [4]. Digital Transformation - China Merchants Bank is transitioning from "online banking" to "intelligent banking," leveraging AI technology to enhance operational efficiency and customer service [6][7]. - The bank aims to build a "cloud + AI + middle platform" infrastructure, with over 120 applications of AI models, creating productivity equivalent to over 5,000 full-time employees [8] [6]. - The bank's mobile applications have reached 123 million monthly active users, indicating strong engagement in digital services [8]. Salary and Market Reaction - Following the performance report, the average salary of employees fell to 581,000 yuan, a decrease of 2,280 yuan from the previous year, reflecting cost-cutting measures amid declining profitability [10]. - The stock price drop was attributed to weak growth in traditional business areas and a dividend policy that did not meet market expectations, with a proposed cash dividend of 50.44 billion yuan, representing 35.32% of net profit [9][10].