2025-03-27 04:06Financial Data and Key Indicators Changes - The company's net operating income was RMB 337.12 billion, a year-on-year decrease of 0.58% [7] - Net profit attributable to shareholders was RMB 139 billion, a year-on-year increase of 1.22% [7] - Return on Average Assets (ROAA) was 1.28%, and Return on Average Equity (ROAE) was 14.49%, with year-on-year decreases of 0.11% and 1.73 percentage points respectively [7] - Net Interest Income (NII) was RMB 211.27 billion, a year-on-year decrease of 1.58% [7] - Net Non-Interest Income was RMB 125.84 billion, showing positive growth with a year-on-year increase of 1.15% [8] - Cost-to-Income ratio improved to 31.92%, a year-on-year decrease of 1.05 percentage points [8] Business Line Data and Key Indicators Changes - Retail finance contributed significantly, with net operating income and profit before tax from retail finance accounting for 58.37% and 50.74% respectively [12] - Total loans and advances to customers reached RMB 6.89 trillion, up by 5.83% [9] - The balance of retail loans was RMB 3.64 trillion, an increase of 6% [29] - The number of retail customers exceeded 200 million, a 6.6% increase [27] Market Data and Key Indicators Changes - Total assets exceeded RMB 12 trillion, an increase of 10.19% [9] - Total liabilities exceeded RMB 10 trillion, up by 9.81% [9] - Total customer deposits exceeded RMB 9 trillion, up by 11.54% [9] - The average cost ratio of interest-bearing liabilities was 1.64%, a year-on-year decrease of 9 basis points [10] Company Strategy and Development Direction - The company aims to build a value creation bank and enhance its digital and intelligent capabilities [5][14] - Focus on technology investment, with RMB 13.35 billion allocated in 2024, representing 4.38% of net operating income [14] - Emphasis on ESG (Environmental, Social, and Governance) principles, with an upgraded MSCI ESG rating to AAA [17] Management's Comments on Operating Environment and Future Outlook - The management acknowledged challenges such as declining interest rates and insufficient effective credit demand but also highlighted opportunities from proactive macro policies [50][51] - The company plans to maintain a high level of ROE and competitive advantages in NIM and wealth management [66] - The outlook for 2025 includes a focus on innovation-driven development and enhancing core capabilities in wealth management, fintech, and risk management [55][56] Other Important Information - The company has established an AI lab since 2017 and is focusing on AI-driven transformation across various operational areas [15][102] - The NPL (Non-Performing Loan) ratio was 0.95%, remaining stable, while the allowance coverage ratio was 411.98% [11] Q&A Session Summary Question: How can CMB maintain its strength and advantage in the current macro situation? - The Chairman acknowledged challenges but emphasized that CMB's advantages in NIM and wealth management can help maintain a competitive edge [66] Question: Can you elaborate on the internationalization strategy? - The President highlighted the need for banks to provide international services as Chinese companies expand globally and emphasized the importance of technology and AI in enhancing service capabilities [71][75] Question: What is the expectation for NIM trend this year? - The CFO indicated that while NIM is expected to continue declining, the magnitude of the decline may be less than peers, and the company aims to maintain a stable loan growth rate [80][87] Question: How is AI applied in bank operations? - The CIO discussed the bank's early investment in AI and its application across various business scenarios, resulting in significant productivity gains [102][107] Question: What is the outlook for retail loan asset quality? - The President acknowledged increasing pressure on retail loan asset quality but emphasized the bank's proactive risk management strategies [112][116] Question: How does the company plan to increase return to shareholders given the high CAR? - The President explained the need to balance maintaining a high CAR while also focusing on delivering a good ROE [120][123]