Xiao Fei Ri Bao Wang·2025-04-29 07:28Core Viewpoint - The recent trend of banks lowering medium to long-term deposit rates reflects market expectations for future interest rates and is part of banks' efforts to manage liability costs effectively [2][4]. Group 1: Interest Rate Trends - Banks, including China Merchants Bank, have reduced deposit rates, with some experiencing "inversion" in fixed deposit rates [2]. - As of 2024, China Merchants Bank offers 1-year and 2-year deposit rates of 1.60% and 1.70%, respectively, with a minimum deposit of 1,000 yuan, while 3-year and 5-year rates are 1.50% and 1.55% with a lower minimum deposit of 50 yuan [1]. Group 2: Net Interest Margin (NIM) Performance - In 2024, the net interest margin for nine listed banks decreased, with China Merchants Bank maintaining a leading position at 1.98%, despite a decline of 0.17 percentage points from the previous year [3][8]. - The bank's management indicated that the trend of narrowing interest margins may continue, but they aim to improve the extent of the decline compared to the previous year [3][9]. Group 3: Deposit Growth and Cost Management - As of the end of 2024, China Merchants Bank's total customer deposits reached 9.09 trillion yuan, an increase of 11.54% year-on-year, with retail deposits growing by 15.43% [4][5]. - The average cost of customer deposits decreased from 1.62% to 1.54%, although retail deposit costs increased to 1.44% [5][6]. Group 4: Loan Performance and Asset Structure - China Merchants Bank's retail loan balance grew by 6.06% to 3.58 trillion yuan, while corporate loans increased by 11.58% to 2.59 trillion yuan [10][13]. - The average yield on retail loans fell to 4.58%, down from 5.02% the previous year, reflecting a broader trend of declining asset yields [10][11]. Group 5: Future Outlook and Strategy - The bank plans to increase customer deposits by 7%-8% in 2025, focusing on managing high-cost deposits and promoting low-cost deposits [9]. - Management emphasized the importance of retail banking as a competitive advantage and aims to adapt to changing economic conditions through innovative product offerings [15].