招行经营稳中有进，多项收入指标逐季向好

Core Viewpoint - China Merchants Bank (CMB) reported a steady improvement in operational efficiency in Q3 2023, with net profit for the first nine months reaching 113.77 billion yuan, a year-on-year increase of 0.52% [2] Financial Performance - For the first three quarters, CMB achieved operating income of 251.42 billion yuan, a slight decline of 0.51% year-on-year, but the decline narrowed by approximately 1.2 percentage points compared to the first half of the year [2] - Net interest income for the first nine months was 160.04 billion yuan, up 1.74% year-on-year, while non-interest income was 91.38 billion yuan, down 4.23% year-on-year, with the decline narrowing compared to the first half [2] Wealth Management - CMB's wealth management segment showed strong growth, contributing to the overall positive performance [3] Competitive Advantages - CMB maintained a significant net interest margin advantage, reported at 1.87%, which is 46 basis points higher than the industry average [4] - The bank's cost of interest-bearing liabilities decreased by 38 basis points to 1.31%, positively impacting net interest income [4] Retail Banking - Retail loans reached 3.70 trillion yuan, a year-on-year increase of 1.43%, despite industry-wide pressures on retail loan growth [5] - The number of retail customers increased to 220 million, a growth of 4.76% year-on-year, with total assets under management (AUM) rising to 16.60 trillion yuan, an increase of 11.19% [5] Asset Quality - CMB's total assets reached 12.64 trillion yuan, a growth of 4.05% year-on-year, with a non-performing loan (NPL) ratio of 0.94%, slightly down from the previous year [6] - The bank's provision coverage ratio stood at 405.93%, maintaining a strong position in the industry [6] Income Structure - Non-interest income accounted for 36.34% of total revenue, reflecting a stable income structure [7] - Wealth management fees and commissions grew by 18.76% year-on-year, marking the best performance since 2022 [7]