招商银行股份有限公司(CHINA MERCHANTS BANK)2024年第一季度业绩报告(英文版)(29页).pdf

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招商银行股份有限公司(CHINA MERCHANTS BANK)2024年第一季度业绩报告(英文版)(29页).pdf

1、Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement,make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in relian

2、ce upon the whole or any part of the contents of this announcement.招 商 銀 行 股 份 有 限 公 司CHINA MERCHANTS BANK CO.,LTD.(H Share Stock Code:03968)FIRST QUARTERLY REPORT OF 2024The financial information set out in this quarterly report is unaudited and prepared in accordance with the International Financi

3、al Reporting Standards.This announcement is made by the Company pursuant to Rule 13.09 and Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance(Chapter 571

4、,Laws of Hong Kong).1 Important NoticeChina Merchants BankFirst Quarterly Report of 2024(H Share)2The Board of Directors,the Board of Supervisors,Directors,Supervisors and senior management of the Company confirm that the contents in this report are true,accurate,and complete and have no false repre

5、sentations,misleading statements or material omissions,and they will individually and collectively accept legal responsibility for such contents.Miao Jianmin,Chairman of the Board of Directors,Wang Liang,President and Chief Executive Officer,Peng Jiawen,Executive Vice President,Chief Financial Offic

6、er and Secretary of the Board of Directors and Zhang Dong,the person in charge of the Finance and Accounting Department,hereby make representations in respect of the truthfulness,accuracy and completeness of the financial information in this report.The Audit Committee under the Board of Directors of

7、 the Company has reviewed this report and agreed to submit the same to the Board of Directors for consideration.The 32nd meeting of the Twelfth Session of the Board of Directors and the 27th meeting of the Twelfth Session of the Board of Supervisors of the Company had reviewed and unanimously approv

8、ed the first quarterly report of 2024 of the Company,respectively.All financial statements set out in this report are prepared in accordance with the International Financial Reporting Standards and are unaudited.The unaudited quarterly report prepared by the Company in accordance with the PRC Accoun

9、ting Standards has been published on the website of Shanghai Stock Exchange.Unless otherwise stated,all monetary sums stated in this report are expressed in RMB.In the event of any discrepancies in interpretation between the English and Chinese versions,the Chinese version shall prevail.“China Merch

10、ants Bank”,“the Company”and“the Bank”mentioned in this report refer to China Merchants Bank Co.,Ltd.;“the Group”refers to China Merchants Bank Co.,Ltd.and its subsidiaries;“CMB Wing Lung Bank”refers to CMB Wing Lung Bank Limited;“CMB Financial Leasing”or“CMBFL”refers to CMB Financial Leasing Co.,Ltd

11、.;“CMB International Capital”or“CMBIC”refers to CMB International Capital Holdings Corporation Limited;“CMB Wealth Management”refers to CMB Wealth Management Company Limited;“China Merchants Fund”or“CMFM”refers to China Merchants Fund Management Co.,Ltd.;“CIGNA&CMAM”refers to CIGNA&CMB Asset Managem

12、ent Company Limited;and“CMB Europe S.A.”refers to China Merchants Bank(Europe)Co.,Ltd.We have included in this report certain forward-looking statements with respect to the financial position,operating results and business development of the Group.We use words such as“will”,“may”,“expect”,“try”,“str

13、ive”,“plan”,“anticipate”,“aim at”,and similar expressions in this report to indicate forward-looking statements.These statements are based on current plans,estimates and projections.Although the Group believes that the expectations reflected in these forward-looking statements are reasonable,the Gro

14、up gives no assurance that these expectations will turn into reality or prove to be correct.Therefore,they should not be deemed as the Groups commitments.Investors should not place undue reliance on such statements and should pay attention to investment risks.You are cautioned that such forward-look

15、ing statements are related to future events or future financial position,business,or other performances of the Group,and are subject to a number of uncertainties which may cause substantial differences from those in the actual results.2 Major Financial Data3China Merchants BankFirst Quarterly Report

16、 of 2024(H Share)2.1 Major accounting data and financial indicators of the Group(in millions of RMB,unless otherwise stated)At the end of the reporting period31 March 2024At the end of last year31 December 2023Increase/decreaseat the end ofthe reportingperiod as comparedto the end oflast year(%)Tota

17、l assets11,520,22611,028,4834.46Equity attributable to shareholders of the Bank1,118,9651,076,3703.96Net assets per share attributable to ordinary shareholders of the Bank(in RMB Yuan)(1)38.4036.714.60 (in millions of RMB,unless otherwise stated)January to March 2024January to March 2023Increase/dec

18、rease as compared to the corresponding period of last year(%)Net operating income86,42090,625-4.64Net profit attributable to shareholders of the Bank38,07738,839-1.96Basic earnings per share attributable to ordinary shareholders of the Bank(in RMB Yuan)(1)1.511.54-1.95Diluted earnings per share attr

19、ibutable to ordinary shareholders of the Bank(in RMB Yuan)(1)1.511.54-1.95Annualised weighted average return on net assets attributable to ordinary shareholders of the Bank(%)(1)16.0818.43Decrease of 2.35 percentage pointsNet cash generated from operating activities(2)(1,208)(12,618)90.43 Notes:(1)S

20、uch indicators are calculated in accordance with the Rules for the Compilation and Submission of Information Disclosure by Companies Offering Securities to the Public No.9Calculation and Disclosure of Return on Net Assets and Earnings per Share.The Company did not distribute dividends on preferred s

21、hares or interests on perpetual bonds in the first quarter of 2024.Therefore,when calculating basic and diluted earnings per share attributable to ordinary shareholders of the Bank,return on average equity,net assets per share and other indicators,no dividend on preference shares or interest on perp

22、etual bonds were involved to be deducted from“net profit attributable to shareholders of the Bank”,while preference shares and perpetual bonds were deducted from both the“average equity”and the“net assets”.(2)The increase in the net cash generated from operating activities was mainly due to the year

23、-on-year increase in cash inflow of deposits from banks and other financial institutions and cash inflow of deposits from customers.2.2 Explanation on the differences between the financial statements prepared in accordance with the PRC Accounting Standards and the International Financial Reporting S

24、tandardsIn the financial statements prepared by the Group in accordance with the PRC Accounting Standards and the International Financial Reporting Standards,there has been no difference in the net profit attributable to shareholders of the Bank for the reporting period ended 31 March 2024 and the e

25、quity attributable to shareholders of the Bank as at the end of the reporting period.3 Information on Shareholders4China Merchants BankFirst Quarterly Report of 2024(H Share)3.1 Information on the shareholders of ordinary sharesAs at the end of the reporting period,the holders of ordinary shares of

26、the Company are in a total of 597,008,including 568,738 holders of A Shares and 28,270 holders of H Shares.Neither the holders of A Shares nor the holders of H Shares are subject to restrictions on sales.As at the end of the reporting period,the top 10 ordinary shareholders and the top 10 ordinary s

27、hareholders whose shareholdings are not subject to restrictions on sales of the Company were as follows.No.Name of shareholderType of shareholderShares held at the end of the periodPercentage of the total share capitalType of sharesChanges as compared to the end of last yearSharessubject torestricti

28、onson salesSharespledged,marked orfrozen(share)(%)(share)(share)(share)1HKSCC Nominees Ltd.Offshore legal person4,554,142,79418.06H Shares not subject to restrictions on sales88,953Unknown2China Merchants Steam Navigation Co.,Ltd.State-owned legal person3,289,470,33713.04A Shares not subject to rest

29、rictions on sales3China Ocean Shipping Company LimitedState-owned legal person1,574,729,1116.24A Shares not subject to restrictions on sales4Shenzhen Yan Qing Investment and Development Company Ltd.State-owned legal person1,258,542,3494.99A Shares not subject to restrictions on sales5Hong Kong Secur

30、ities Clearing Company LimitedOffshore legal person1,170,375,3884.64A Shares not subject to restrictions on sales109,880,9976China Merchants Financial Holdings Co.,Ltd.State-owned legal person1,147,377,4154.55A Shares not subject to restrictions on sales7Hexie Health Insurance Co.,Ltd.Traditional-Or

31、dinary insurance productsDomestic legal person1,130,991,5374.48A Shares not subject to restrictions on sales8Shenzhen Chu Yuan Investment and Development Company Ltd.State-owned legal person944,013,1713.74A Shares not subject to restrictions on sales9Dajia Life Insurance Co.,Ltd.Universal productsDo

32、mestic legal person776,574,7353.08A Shares not subject to restrictions on sales10COSCO Shipping(Guangzhou)Co.,Ltd.State-owned legal person696,450,2142.76A Shares not subject to restrictions on sales Notes:(1)Shares held by HKSCC Nominees Ltd.are the total shares in the accounts of holders of H Share

33、s of the Company trading on the transaction platform of HKSCC Nominees Ltd.Hong Kong Securities Clearing Company Ltd.is an institution designated by others to hold shares on behalf of them as a nominal holder,and the shares held by it are the A shares of China Merchants Bank acquired by investors th

34、rough Northbound Trading.(2)As at the end of the reporting period,of the aforesaid top 10 shareholders,HKSCC Nominees Ltd.is a subsidiary of Hong Kong Securities Clearing Company Ltd.;China Merchants Steam Navigation Co.,Ltd.,Shenzhen Yan Qing Investment and Development Company Ltd.,China Merchants

35、Financial Holdings Co.,Ltd.and Shenzhen Chu Yuan Investment and Development Company Ltd.are all subsidiaries of China Merchants Group Ltd.;China Ocean Shipping Company Limited and COSCO Shipping(Guangzhou)Co.,Ltd.are both subsidiaries of China COSCO Shipping Corporation Limited.The Company is not aw

36、are of any affiliated relationships or action in concert among other shareholders.(3)The above shareholders of A shares had no proxy,trustee nor waiver of voting rights.(4)During the reporting period,the above holders of A Shares did not participate in the margin trading and short selling business.T

37、he number of outstanding A Shares of the Company lent out through securities lending by the above holders of A Shares at the beginning and the end of the reporting period was zero.5China Merchants BankFirst Quarterly Report of 2024(H Share)3.2 Information on the shareholders of preference sharesAs a

38、t the end of the reporting period,the Company had a total of 22 holders of preference shares,all of whom were holders of domestic preference shares.During the period from January to March 2024,the Company did not restore any voting right of the preference shares.As at the end of the reporting period

39、,the Company had no holder of preference shares with voting right restored.As at the end of the reporting period,the shareholdings of the top 10 holders of domestic preference shares of the Company were as follows:No.Name of shareholdersType of shareholdersType of sharesShares held at the end of the

40、 periodPercentage of shareholdingsChanges as compared to the end of last year Shares subject to restrictions on sales Sharespledged,marked orfrozen(share)(%)(share)(share)(share)1China Mobile Communications Group Co.,Ltd.State-owned legal personDomestic preference shares106,000,00038.552Suyin Wealth

41、 Management Co.,Ltd.-No.1 Hengyuan Rongda(恒源融達)of Suyin Wealth ManagementOthersDomestic preference shares23,000,0008.363China National Tobacco(Henan Province)CompanyState-owned legal personDomestic preference shares20,000,0007.27Ping An Property&Casualty Insurance Company of China,Ltd.Traditional Or

42、dinary insurance productsOthersDomestic preference shares20,000,0007.275China National Tobacco(Anhui Province)CompanyState-owned legal personDomestic preference shares15,000,0005.45China National Tobacco(Sichuan Province)CompanyState-owned legal personDomestic preference shares15,000,0005.457BOC Ass

43、et Bank of China Bank of China Limited,Shenzhen BranchOthersDomestic preference shares14,300,0005.20-1,600,0008Everbright Securities Asset Management China Everbright Bank-Xinyou(鑫優)No.2 Collective Asset Management Scheme of Everbright Securities Asset ManagementOthersDomestic preference shares9,000

44、,0003.279CCB Trust Co.,Ltd.-CCB Trust Jianyue Changhong(建粵長虹)No.1 single fund trustOthersDomestic preference shares8,570,0003.128,570,00010BOCI Securities Bank of China BOCI Securities China Hong Hui Zhong No.32 Collective Asset Management SchemeOthersDomestic preference shares8,500,0003.09-100,000

45、Notes:(1)The shareholdings of holders of domestic preference shares are presented under separate account according to the register of members of preference shares of the Company.(2)China National Tobacco(Henan Province)Company,China National Tobacco(Anhui Province)Company and China National Tobacco(

46、Sichuan Province)Company are all subsidiaries of China National Tobacco Corporation;“BOC Asset Bank of China Bank of China Limited,Shenzhen Branch”and“BOCI Securities Bank of China BOCI Securities China Hong Hui Zhong No.32 Collective Asset Management Scheme”are related parties.Save for the above,th

47、e Company is not aware of any affiliated relationship or action in concert among the above holders of preference shares or between the above holders of preference shares and the Companys top ten holders of ordinary shares.(3)“Percentage of shareholdings”represents the percentage of the number of dom

48、estic preference shares held by the holders of preference shares to the total number of domestic preference shares.4 Management Discussion and Analysis6China Merchants BankFirst Quarterly Report of 2024(H Share)4.1 Analysis of overall operationTaking“building a value creation bank”as its strategic o

49、bjective and adhering to the philosophy of achieving dynamically balanced development of“Quality,Profitability and Scale”,CMB carried out various businesses in a sound manner during the reporting period,whereby the scale of assets and liabilities has grown steadily,and the asset quality has been gen

50、erally stable.From January to March 2024,the Group realised a net operating income of RMB86.420 billion,representing a year-on-year decrease of 4.64%;a net profit attributable to shareholders of the Bank of RMB38.077 billion,representing a year-on-year decrease of 1.96%;a net interest income of RMB5

51、2.000 billion,representing a year-on-year decrease of 6.15%;and a net non-interest income of RMB34.420 billion,representing a year-on-year decrease of 2.26%.The annualised return on average asset(ROAA)attributable to shareholders of the Bank and annualised return on average equity(ROAE)attributable

52、to ordinary shareholders of the Bank was 1.35%and 16.08%,respectively,representing a year-on-year decrease of 0.15 percentage point and a year-on-year decrease of 2.35 percentage points,respectively.As at the end of the reporting period,the Groups total assets amounted to RMB11,520.226 billion,repre

53、senting an increase of 4.46%as compared with the end of the previous year.The total loans and advances to customers amounted to RMB6,815.827 billion1,representing an increase of 4.72%as compared with the end of the previous year.Total liabilities amounted to RMB10,394.735 billion,representing an inc

54、rease of 4.55%as compared with the end of the previous year.Total deposits from customers amounted to RMB8,440.100 billion,representing an increase of 3.49%as compared with the end of the previous year.As at the end of the reporting period,the Groups non-performing loans amounted to RMB62.630 billio

55、n,representing an increase of RMB1.051 billion as compared with the end of the previous year.The non-performing loan ratio was 0.92%,down by 0.03 percentage point as compared with the end of the previous year.The allowance coverage ratio was 436.82%,representing a decrease of 0.88 percentage point a

56、s compared with the end of the previous year.The allowance-to-loan ratio was 4.01%,representing a decrease of 0.13 percentage point as compared with the end of the previous year.1 The amounts of deposits,loans and financial investments in the section headed“Management Discussion and Analysis”of this

57、 report exclude accrued interest.7China Merchants BankFirst Quarterly Report of 2024(H Share)4.2 Analysis of statement of profit or lossNet interest incomeFrom January to March 2024,the Groups net interest income amounted to RMB52.000 billion,representing a year-on-year decrease of 6.15%and accounti

58、ng for 60.17%of net operating income.From January to March 2024,the net interest spread and the net interest margin of the Group were 1.90%and 2.02%respectively,representing a respective year-on-year decrease of 28 and 27 basis points,and down by 3 basis points and 2 basis points,respectively,as com

59、pared with the previous quarter.Affected by the reduction of Loan Prime Rates(LPR)and interest rates on existing residential mortgage loans,coupled with insufficient effective credit demand,the yield on new businesses declined year-on-year,leading to a decrease in the yield on interest-earning asset

60、s,which was the primary factor driving down the net interest margin.Meanwhile,the Group has been optimising the structure of interest-earning assets and interest-bearing liabilities,which has partially offset the impact arising from the narrowed interest spread to some extent.The GroupJanuary to Mar

61、ch 2024January to March 2023 (in millions of RMB,except for percentages)Average balanceInterest incomeAnnualised average yield(%)Average balanceInterest incomeAnnualised average yield(%)Interest-earning assetsLoans and advances to customers6,573,68966,5094.076,183,21567,2794.41Financial investments2

62、,650,85720,8943.172,421,33919,5293.27Balances with the central bank585,4442,4801.70579,9222,3571.65Balances and placements with banks and other financial institutions552,8934,2523.09616,0654,1792.75 Total10,362,88394,1353.659,800,54193,3443.86 (in millions of RMB,except for percentages)Average balan

63、ceInterest expense Annualised average cost ratio(%)Average balanceInterest expense Annualised average cost ratio(%)Interest-bearing liabilitiesDeposits from customers8,222,34833,3871.637,735,11030,2881.59Deposits and placements from banks and other financial institutions968,8265,4472.26975,1234,7311

64、.97Debt securities issued220,2621,7463.19244,7071,8533.07Borrowings from the central bank264,1521,4342.18178,5869322.12Lease liabilities12,7791213.8112,9311314.11 Total9,688,36742,1351.759,146,45737,9351.68 Net interest income52,00055,409Net interest spread1.902.18Net interest margin2.022.29 8China

65、Merchants BankFirst Quarterly Report of 2024(H Share)Net non-interest incomeFrom January to March 2024,the Group recorded a net non-interest income of RMB34.420 billion,representing a year-on-year decrease of 2.26%and accounting for 39.83%of net operating income.The year-on-year decrease in net non-

66、interest income was mainly due to fee reduction of certain products and weak investment willingness of customers,which resulted in a decrease in fee and commission income.Among the net non-interest income,net fee and commission income amounted to RMB20.204 billion,representing a year-on-year decreas

67、e of 19.44%;other net non-interest income amounted to RMB14.216 billion,representing a year-on-year increase of 40.24%,which was mainly due to the increase in income from bonds investments and funds investments.The major items under the Groups net fee and commission income are analysed as follows.Fe

68、e and commission income from wealth management amounted to RMB6.141 billion,representing a year-on-year decrease of 32.59%,of which,income from agency distribution of insurance policies amounted to RMB2.524 billion,representing a year-on-year decrease of 50.28%,mainly due to the downward adjustment

69、of fee rates of agency distribution of insurance policies;income from agency distribution of wealth management products amounted to RMB1.700 billion,representing a year-on-year increase of 25.83%,mainly due to the year-on-year increase in the sales volume of wealth management products;income from ag

70、ency distribution of funds amounted to RMB1.026 billion,representing a year-on-year decrease of 32.68%,mainly due to the reduction in fee rates of funds and the decrease in the holding scale and sales volume of equity funds;income from agency distribution of trust schemes amounted to RMB582 million,

71、representing a year-on-year decrease of 32.48%,mainly due to the decrease in the scale of agency distribution of trust schemes;income from securities brokerage amounted to RMB232 million,representing a year-on-year increase of 7.91%.Fee and commission income from asset management amounted to RMB3.12

72、6 billion2,representing a year-on-year decrease of 6.27%,mainly attributable to the decrease in management fee income from its subsidiaries CMB Wealth Management and China Merchants Fund.Commission income from custody business amounted to RMB1.216 billion,representing a year-on-year decrease of 15.7

73、9%,mainly due to the decrease in the custody scale and fee rates of equity funds.Income from bank card fees amounted to RMB4.420 billion,representing a year-on-year decrease of 15.79%,which was mainly due to the decrease in the fee income from offline transaction of credit cards.Income from settleme

74、nt and clearing fees amounted to RMB4.029 billion,representing a year-on-year increase of 5.22%,which was primarily attributable to the increase in the income of e-payment.2 Fee and commission income from asset management mainly include the income from the issuance and management of various asset ma

75、nagement products such as funds,wealth management and asset management plans of China Merchants Fund,CMB International Capital,CMB Wealth Management and CIGNA&CMAM,all being subsidiaries of the Company.9China Merchants BankFirst Quarterly Report of 2024(H Share)Operating expensesFrom January to Marc

76、h 2024,the Groups operating expenses amounted to RMB26.965 billion,representing a year-on-year decrease of 1.31%,among which staff costs amounted to RMB17.471 billion,representing a year-on-year decrease of 0.69%,and other operating expenses amounted to RMB9.494 billion3,representing a year-on-year

77、decrease of 2.43%.During the reporting period,the Groups cost-to-income ratio was 28.35%,representing a year-on-year increase of 0.76 percentage point.The Group continuously promoted cost reduction and profitability enhancement,refined the allocation of expense resources,and optimised expense struct

78、ure.At the same time,the Group maintained the scale of its input in the development of Fintech,actively promoted the application of AI technologies,and advocated for green and low-carbon operations.Expected credit lossesFrom January to March 2024,the Groups expected credit losses amounted to RMB14.2

79、67 billion,representing a year-on-year decrease of 13.12%,of which expected credit losses of loans and advances to customers amounted to RMB13.271 billion,representing a year-on-year decrease of RMB3.279 billion,which was mainly because the Group increased the placement of high-quality credit assets

80、,thereby maintaining stable asset quality.The total expected credit losses of other types of business other than loans and advances to customers amounted to RMB996 million,representing a year-on-year increase of RMB1.125 billion,mainly due to the increase in the scale such as financial assets held u

81、nder resale agreements,credit commitments,etc.3 Other operating expenses include depreciation,amortisation,leases,taxes and surcharges and other various administrative expenses.10China Merchants BankFirst Quarterly Report of 2024(H Share)4.3 Analysis of balance sheetAssetsAs at the end of the report

82、ing period,total assets of the Group amounted to RMB11,520.226 billion,representing an increase of 4.46%as compared with the end of the previous year,which was mainly attributable to the increase in loans and advances to customers and balances with the central bank of the Group,etc.As at the end of

83、the reporting period,the Groups total loans and advances to customers amounted to RMB6,815.827 billion,representing an increase of 4.72%as compared with the end of the previous year;total loans and advances to customers accounted for 59.16%of the total assets,representing an increase of 0.14 percent

84、age point as compared with the end of the previous year.In particular,the retail loans of the Group amounted to RMB3,500.248 billion,representing an increase of RMB62.365 billion or 1.81%as compared with the end of the previous year,mainly because the Group drove steady growth in retail loans by mai

85、ntaining its intensity in granting micro-finance loans and consumer loans as adjustment and transformation continued in the real estate market.The corporate loans of the Group amounted to RMB2,791.882 billion,representing an increase of RMB192.027 billion or 7.39%compared to the end of the previous

86、year,mainly because the Group continuously strengthened the organisation of high-quality corporate assets to effectively support the high-quality development of the real economy,and the financing demand of enterprises was relatively high in the first quarter,thereby driving the rapid growth in corpo

87、rate loans.As at the end of the reporting period,the balance of the Groups financial investments amounted to RMB3,169.874 billion,representing an increase of 0.18%as compared with the end of the previous year.11China Merchants BankFirst Quarterly Report of 2024(H Share)LiabilitiesAs at the end of th

88、e reporting period,total liabilities of the Group amounted to RMB10,394.735 billion,representing an increase of 4.55%as compared with the end of the previous year,which was mainly attributable to the increase in deposits from customers.As at the end of the reporting period,the Groups total deposits

89、from customers amounted to RMB8,440.100 billion,representing an increase of 3.49%as compared with the end of the previous year and accounting for 81.20%of total liabilities of the Group,and were the major funding source of the Group.Among the demand deposits,the corporate deposits accounted for 57.0

90、5%while the retail deposits accounted for 42.95%.Among the time deposits,the corporate deposits accounted for 55.50%while the retail deposits accounted for 44.50%.From January to March 2024,among the daily average balance of deposits from customers of the Group,demand deposits accounted for 52.13%,d

91、own by 4.95 percentage points as compared with the previous year,mainly due to the high demand from customers for investments in time deposit products as a result of the decline in the risk appetite of customers and insufficient allocation of the corporate fund to demand deposit,leading to a decreas

92、e in the proportion of demand deposits.Owners equityAs at the end of the reporting period,the Groups equity attributable to shareholders of the Bank was RMB1,118.965 billion,representing an increase of 3.96%as compared with the end of the previous year,among which retained earnings amounted to RMB60

93、6.361 billion,representing an increase of 6.68%as compared with the end of the previous year;investment revaluation reserve amounted to RMB17.370 billion,representing an increase of 27.20%as compared with the end of the previous year,mainly due to the increase in the valuation of bond investments me

94、asured at fair value through other comprehensive income;exchange reserve was RMB3.728 billion,representing an increase of 27.06%as compared with the end of the previous year,which was mainly due to fluctuations in RMB exchange rate.12China Merchants BankFirst Quarterly Report of 2024(H Share)4.4 Ris

95、k management and control for the real estate sectorDuring the reporting period,the Group followed the national policy guidance and regulatory requirements,and adhered to the overall strategy of“defining positioning,selecting promising regions,focusing on projects,and tightening management”.Under the

96、 premise of controllable risks,by seizing the structural opportunities,the Group managed to tap into high-quality regional markets and select high-quality businesses.It focused on the merits of projects,carrying out business with selected high-quality projects that can be covered by project cash flo

97、w,so as to support the stable and healthy development of the real estate market.As at the end of the reporting period,the Groups total balance of real estate related businesses which were subject to credit risks,such as the actual and contingent credit,proprietary bond investments,and proprietary in

98、vestment of non-standardised assets amounted to RMB417.271 billion,representing an increase of 4.59%as compared with the end of the previous year.The Groups total balance of businesses which were not subject to credit risks,such as wealth management fund financing,entrusted loans,agency distribution

99、 of trust schemes under the active management by cooperative institutions,and debt financing instruments with the Group as the lead underwriter amounted to RMB244.606 billion,representing a decrease of 1.94%as compared with the end of the previous year.As at the end of the reporting period,the Compa

100、nys balance of loans granted to the real estate industry was RMB310.942 billion,representing an increase of RMB20.200 billion as compared with the end of the previous year,accounting for 4.83%of the Companys total loans and advances to customers,representing an increase of 0.12 percentage point as c

101、ompared with the end of the previous year.As at the end of the reporting period,the customer structure and regional structure of the Company in respect of real estate related loans have remained stable in general,among which the balance of loans granted to customers featuring high credit-rating acco

102、unted for over 70%;in terms of regions where the projects were located,over 85%of the Companys balance of loans for real estate development was located in the urban areas of first-tier and second-tier cities.As at the end of the reporting period,the Companys non-performing loan ratio of real estate

103、loans was 4.82%,representing a decrease of 0.19 percentage point as compared with the end of the previous year.In the future,the Group will firmly implement the relevant national policies for the real estate sector,support the rigid and improving housing demands,fully cooperate in implementing the l

104、ong-term mechanism for the real estate market,and meet the reasonable financing needs of real estate enterprises of different ownerships with fair and equal treatment.At the same time,the Group will continue to reasonably identify risks of projects subsidiaries and the holding companies of the group

105、s,further strengthen centralised risk control and post-investment and post-loan management,and firmly implement the requirements of close-loop management for real estate loans to effectively manage and control project risks.Based on the principles of legal compliance,controllable risks,and commercia

106、l sustainability,the Group will promote the market-oriented resolution of risks of real estate enterprises to maintain the overall stability of the quality of the real estate assets.13China Merchants BankFirst Quarterly Report of 2024(H Share)4.5 Analysis of loan qualityDuring the reporting period,a

107、dhering to the requirements of the new regulations on the classification of financial asset risks,the Group identified classification of asset risks in a strict manner to truly reflect the quality of assets.Although the Chinese economy rebounded and gained momentum,it still faced challenges such as

108、insufficient effective demand and weak social expectations.Under this circumstance,the Groups special-mentioned and overdue loan indicators saw slight fluctuations,but remained within a controllable range overall.As at the end of the reporting period,the Groups non-performing loans amounted to RMB62

109、.630 billion,representing an increase of RMB1.051 billion as compared with the end of the previous year,and non-performing loan ratio was 0.92%,representing a decrease of 0.03 percentage point as compared with the end of the previous year;special-mentioned loans amounted to RMB78.017 billion,represe

110、nting an increase of RMB6.689 billion as compared with the end of the previous year,and the special-mentioned loan ratio was 1.14%,representing an increase of 0.04 percentage point as compared with the end of the previous year;overdue loans amounted to RMB89.300 billion,representing an increase of R

111、MB7.317 billion as compared with the end of the previous year,and the overdue loan ratio was 1.31%,representing an increase of 0.05 percentage point as compared with the end of the previous year.As at the end of the reporting period,the ratio of the Groups non-performing loans to the loans overdue f

112、or more than 90 days was 1.27,and the ratio of the Companys non-performing loans to the loans overdue for more than 60 days was 1.13.14China Merchants BankFirst Quarterly Report of 2024(H Share)Distribution of the Companys loans and non-performing loans by industryThe Company31 March 202431 December

113、 2023 (in millions of RMB,except for percentages)Balance of loans and advancesPercentage of the total(%)Balance of non-performing loansNon-performing loan ratio(%)(1)Balance of loans and advancesPercentage of the total(%)Balance of non-performing loansNon-performing loan ratio(%)(1)Corporate loans2,

114、500,59538.8727,1761.092,321,58537.6526,6941.15Transportation,storage and postal services450,9487.011,3080.29435,0717.061,3200.30Property development310,9424.8314,9984.82290,7424.7114,5695.01Manufacturing601,3739.352,8130.47555,1029.003,0080.54Production and supply of electric power,heat,gas and wate

115、r236,1293.674080.17220,7973.584250.19Leasing and commercial services173,9992.701,4750.85165,7932.691,4450.87Wholesale and retail211,4663.291,4030.66193,8013.141,3260.68Finance107,7001.67870.08101,5881.65870.09Construction134,7282.098020.60109,2271.773330.30Information transmission,software and IT se

116、rvice109,8171.715470.5093,6091.525450.58Water conservancy,environment and public utilities35,1210.55770.2234,6800.56770.22Mining46,9790.735651.2045,0520.735671.26Others(2)81,3931.272,6933.3176,1231.242,9923.93Discounted bills498,6617.75471,1277.64Retail loans3,434,22753.3831,1120.913,373,63354.7130,

117、5390.91 Total loans and advances to customers6,433,483100.0058,2880.916,166,345100.0057,2330.93 Notes:(1)Represents the percentage of the non-performing loans in a certain category to the total loans of that category.(2)Consists primarily of scientific research and technological service industries,s

118、anitation and social work industries,culture,sports and entertainment industries,agriculture,forestry,animal husbandry and fishery industries and other industries.15China Merchants BankFirst Quarterly Report of 2024(H Share)Asset quality of the Companys loans and advances by product typeThe Company3

119、1 March 2024(in millions of RMB,except for percentages)Balance of loans and advancesBalance of non-performing loansNon-performing loan ratio(%)Balance of special-mentioned loansSpecial-mentioned loan ratio(%)Balance of overdue loansOverdue loan ratio(%)Corporate loans2,500,59527,1761.0920,1410.8126,

120、2851.05Discounted bills498,661610.01Retail loans3,434,22731,1120.9151,4581.5051,8561.51Micro-finance loans792,5004,7720.602,8830.365,5890.71Residential mortgage loans1,361,9525,2120.3814,3811.068,1590.60Credit card loans916,62316,3451.7832,3133.5332,3843.53Consumer loans354,4483,6551.031,8340.524,59

121、81.30Others(Note)8,7041,12812.96470.541,12612.94 Total loans and advances to customers6,433,48358,2880.9171,6601.1178,1411.21 The Company31 December 2023(in millions of RMB,except for percentages)Balance of loans and advancesBalance of non-performing loansNon-performing loan ratio(%)Balance of speci

122、al-mentioned loansSpecial-mentioned loan ratio(%)Balance of overdue loansOverdue loan ratio(%)Corporate loans2,321,58526,6941.1518,0710.7825,8621.11Discounted bills471,12712Retail loans3,373,63330,5390.9148,7391.4447,7061.41Micro-finance loans749,7734,5920.612,6480.355,2110.70Residential mortgage lo

123、ans1,376,8145,1130.3713,1070.957,4660.54Credit card loans935,77716,3811.7531,3733.3529,9053.20Consumer loans301,5383,2851.091,5390.513,9461.31Others(Note)9,7311,16812.00720.741,17812.11 Total loans and advances to customers6,166,34557,2330.9366,8221.0873,5681.19 Note:Others consist primarily of comm

124、ercial housing loans,automobile loans,house decoration loans,education loans and other personal loans secured by monetary assets.16China Merchants BankFirst Quarterly Report of 2024(H Share)From January to March 2024,the asset quality of retail loans of the Company remained relatively stable.As at t

125、he end of the reporting period,the balance of non-performing retail loans amounted to RMB31.112 billion,representing an increase of RMB573 million as compared with the end of the previous year,and the non-performing loan ratio was 0.91%,flat with the end of the previous year;the balance of special-m

126、entioned loans amounted to RMB51.458 billion,representing an increase of RMB2.719 billion as compared with the end of the previous year,and the special-mentioned loan ratio was 1.50%,up by 0.06 percentage point as compared with the end of the previous year;and the balance of overdue loans amounted t

127、o RMB51.856 billion,representing an increase of RMB4.150 billion as compared with the end of the previous year,and the overdue loan ratio was 1.51%,up by 0.10 percentage point as compared with the end of the previous year.During the reporting period,the amount of residential mortgage loans newly gra

128、nted by the Company in the first-tier and second-tier cities accounted for 90.85%of the total amount of residential mortgage loans newly granted by the Company,representing an increase of 2.72 percentage points year-on-year.As at the end of the reporting period,the Companys balance of residential mo

129、rtgage loans in the first-tier and second-tier cities accounted for 87.14%of the balance of residential mortgage loans of the Company,representing an increase of 0.10 percentage point as compared with the end of the previous year.Meanwhile,the Company had always been insisted on regularly monitoring

130、 and revaluating the value of the existing collaterals and adjusting the value of mortgaged assets in a timely manner.As of the end of the reporting period,the weighted average loan-to-value ratio of residential mortgage loans was 32.80%,representing a decrease of 0.13 percentage point as compared w

131、ith the end of the previous year,and the collaterals were sufficient and stable.Therefore,the overall risk of residential mortgage loans was controllable.The formation and disposal of non-performing loans of the CompanyDuring the reporting period,the Company recorded newly formed non-performing loan

132、s of RMB16.265 billion,representing a year-on-year increase of RMB242 million,with a non-performing loans formation ratio(annualised)of 1.03%,down by 0.06 percentage point year-on-year.Among them,the amount of newly formed non-performing corporate loans was RMB3.084 billion,representing a slight inc

133、rease of RMB14 million year-on-year;the amount of newly formed non-performing retail loans(excluding credit cards)was RMB3.209 billion,representing an increase of RMB742 million year-on-year;and the amount of newly formed non-performing loans of credit cards was RMB9.972 billion,representing a decre

134、ase of RMB514 million year-on-year.The Company continued to dispose of non-performing assets actively.During the reporting period,the Company disposed of non-performing loans amounting to RMB15.288 billion,of which RMB7.072 billion was written off;RMB2.125 billion was recovered by collection;RMB4.87

135、0 billion was securitised;and RMB1.221 billion was disposed of by repossession,transfer,upward migration after restructuring,remission and other means.17China Merchants BankFirst Quarterly Report of 2024(H Share)The allowances for loan losses of the CompanyIn accordance with the Financial Instrument

136、s Standards,the Company made adequate allowances for impairment losses on loans by using the expected credit loss model and the risk quantification parameters such as the probability of customer defaults and the loss given defaults,after taking into consideration the adjustments in macro perceptiven

137、ess,and based on the changes in loan structure and actual risks,so as to ensure adequate credit risk compensation.As at the end of the reporting period,the balance of allowances for impairment losses on loans of the Company amounted to RMB264.762 billion,representing an increase of RMB3.360 billion

138、as compared with the end of the previous year;the allowance coverage ratio of the Company was 454.23%,representing a decrease of 2.50 percentage points as compared with the end of the previous year;the allowance-to-loan ratio of the Company was 4.12%,representing a decrease of 0.12 percentage point

139、as compared with the end of the previous year.Credit cost ratio(annualised)of the Company was 0.80%,up by 0.08 percentage point as compared with the previous year.Outlook of asset quality and countermeasuresSince the beginning of the year,the external environment has become increasingly complex and

140、challenging.Global economic growth remained sluggish,high inflation showed signs of falling back but still lingered,and interest rates in developed economies stayed elevated.Chinas economy continued its upward trend with solid progress in high-quality development,but still faced challenges such as i

141、nsufficient effective demand and weak social expectations.The Company will closely monitor changes in the macro-economic landscape,proactively make response,continuously enhance mechanism,and constantly fortify the“Six All”comprehensive risk management system.The Company will continue to focus on ke

142、y risk areas,strengthen closed-loop management of real estate business,and conduct risk screening targeting key industries and customer base.Focusing on the strategy of“dynamic rebalancing”of industries,regions and customer bases,the Company will enhance research on key industries through industry s

143、elf-organisation,improve professional capabilities,enhance policy adaptability,promote the implementation of the“one branch,one policy”principle of list-based customer management system in asset business,and optimise asset portfolio.The Company will enhance its efforts in disposal of non-performing

144、assets,focus on key risk items,implement different measures based on different categories,expand the channels for disposal of non-performing assets,and improve the quality and efficiency of collection and disposal.The Company will strengthen the management of special-mentioned loans and overdue loan

145、s,make adequate allowances,and effectively prevent and mitigate potential risks,so as to maintain the overall stability on asset quality.18China Merchants BankFirst Quarterly Report of 2024(H Share)4.6 Capital adequacy ratiosThe Group continued to optimise its business structure and enhance capital

146、management.In accordance with various capital requirements of the China banking regulatory authorities as well as the supplementary capital and leverage ratio requirements under the“Ancillary Regulatory Provision for Systematically Important Banks(Trial)”(系統重要性銀行附加監管規定(試行),the capital adequacy ratio

147、,Tier 1 capital adequacy ratio and core Tier 1 capital adequacy ratio of the Group and the Company shall not be less than 11.25%,9.25%and 8.25%,respectively,and the leverage ratio shall not be less than 4.375%.As of the end of the reporting period,the Group and the Company have been meeting the vari

148、ous capital and leverage ratio regulatory requirements.Capital adequacy ratios under the Advanced Measurement ApproachAs at the end of the reporting period,the core Tier 1 capital adequacy ratio,the Tier 1 capital adequacy ratio and the capital adequacy ratio of the Group under the Advanced Measurem

149、ent Approach were 14.07%,16.30%and 18.20%,respectively.The Group(in millions of RMB,except for percentages)31 March 202431 December 2023Increase/decrease at the end of the reporting period as compared to the end of last year(%)The capital adequacy ratios under the Advanced Measurement Approach(1)Net

150、 core Tier 1 capital948,069907,3084.49Net Tier 1 capital1,098,5151,057,7543.85Net capital1,226,6291,181,4873.82Core Tier 1 capital adequacy ratio14.07%13.73%Increase of 0.34 percentage pointTier 1 capital adequacy ratio16.30%16.01%Increase of 0.29 percentage pointCapital adequacy ratio18.20%17.88%In

151、crease of 0.32 percentage point Information on leverage ratio(2)Balance of on-and off-balance sheet assets after adjustment13,549,93912,806,2605.81Leverage ratio8.11%8.26%Decrease of 0.15 percentage point 19China Merchants BankFirst Quarterly Report of 2024(H Share)Notes:(1)The“Advanced Measurement

152、Approach”refers to the“Internal Ratings-Based(IRB)Approach for Credit Risk”,“the Standardised Approach for Market Risk”and“the Standardised Approach for Operational Risk”set out in the“Capital Rules for Commercial Banks”issued by the National Financial Regulatory Administration on 1 November 2023(sa

153、me as below).In accordance with the provisions of the“Capital Rules for Commercial Banks”,the scope of entities for calculating the capital adequacy ratios of the Group shall include China Merchants Bank and its subsidiaries.The scope of entities for calculating the capital adequacy ratios of the Co

154、mpany shall include all the domestic and overseas branches and sub-branches of China Merchants Bank.As at the end of the reporting period,the Groups subsidiaries for calculating its capital adequacy ratios included CMB Wing Lung Bank,CMB International Capital,CMB Financial Leasing,CMB Wealth Managem

155、ent,China Merchants Fund,CIGNA&CMAM and CMB Europe S.A.A commercial bank shall use both the advanced capital measurement approach and other approach to calculate capital adequacy ratios in parallel,and comply with the capital floor requirements.(2)Since 2024,the leverage ratio shall be calculated ba

156、sed on the“Capital Rules for Commercial Banks”issued by the National Financial Regulatory Administration on 1 November 2023.The leverage ratios of the Group were 8.26%,7.93%and 7.70%respectively as at the end of 2023,the end of the third quarter and the end of the second quarter of 2023.(3)As the“Ca

157、pital Rules for Commercial Banks”came into effect on 1 January 2024,the data as of 31 March 2024 in the above table was calculated in accordance with the provisions of the“Capital Rules for Commercial Banks”,while the data as of 31 December 2023 was still calculated in accordance with the provisions

158、 of the“Capital Rules for Commercial Banks(Provisional)”issued by the former CBRC on 7 June 2012(same as below).As at the end of the reporting period,the core Tier 1 capital adequacy ratio,the Tier 1 capital adequacy ratio and the capital adequacy ratio of the Company under the Advanced Measurement

159、Approach were 14.11%,16.47%and 18.47%,respectively.The Companys risk-adjusted return on capital(RAROC,before tax)under the Advanced Measurement Approach was 26.47%,continuing to maintain at a high level.The Company(in millions of RMB,except for percentages)31 March 202431 December 2023Increase/decre

160、ase at the end of the reporting period as compared to the end of last year(%)The capital adequacy ratios under the Advanced Measurement ApproachNet core Tier 1 capital845,146801,5655.44Net Tier 1 capital986,494944,3494.46Net capital1,106,3691,059,6974.40Core Tier 1 capital adequacy ratio14.11%13.32%

161、Increase of 0.79 percentage pointTier 1 capital adequacy ratio16.47%15.70%Increase of 0.77 percentage pointCapital adequacy ratio18.47%17.62%Increase of 0.85 percentage point 20China Merchants BankFirst Quarterly Report of 2024(H Share)Capital adequacy ratios under the Weighted ApproachAs at the end

162、 of the reporting period,the core Tier 1 capital adequacy ratio,the Tier 1 capital adequacy ratio and the capital adequacy ratio of the Group under the Weighted Approach were 12.01%,13.92%and 15.01%,respectively.The Group31 March 202431 December 2023Increase/decrease at the end of thereporting perio

163、das compared tothe end oflast year(%)The capital adequacy ratios under the Weighted Approach(Note)Core Tier 1 capital adequacy ratio12.01%11.86%Increase of 0.15 percentage pointTier 1 capital adequacy ratio13.92%13.82%Increase of 0.10 percentage pointCapital adequacy ratio15.01%14.96%Increase of 0.0

164、5 percentage point Note:The“Weighted Approach”refers to the Weighted Approach for credit risk,the Standardised Approach for market risk and the Standardised Approach for operational risk in accordance with the relevant provisions of the“Capital Rules for Commercial Banks”issued by the National Finan

165、cial Regulatory Administration on 1 November 2023(same as below).As at the end of the reporting period,the core Tier 1 capital adequacy ratio,the Tier 1 capital adequacy ratio and the capital adequacy ratio of the Company under the Weighted Approach were 11.82%,13.80%and 14.89%,respectively.The Comp

166、any31 March 202431 December 2023Increase/decrease at the end of thereporting periodas compared tothe end oflast year(%)The capital adequacy ratios under the Weighted ApproachCore Tier 1 capital adequacy ratio11.82%11.38%Increase of 0.44 percentage pointTier 1 capital adequacy ratio13.80%13.40%Increa

167、se of 0.40 percentage pointCapital adequacy ratio14.89%14.52%Increase of 0.37 percentage point 21China Merchants BankFirst Quarterly Report of 2024(H Share)4.7 Other significant business metricsAs at the end of the reporting period,the Company had 199 million retail customers(including debit and cre

168、dit card customers),representing an increase of 1.02%as compared with the end of the previous year.The balance of total assets under management(AUM)from retail customers amounted to RMB13,857.187 billion,representing an increase of RMB536.056 billion or 4.02%as compared with the end of the previous

169、year.As at the end of the reporting period,the number of customers in the level of Golden Sunflower and above of the Company(being retail customers of the Company with minimum daily average total assets of RMB500,000 for each month)reached 4,869,100,representing an increase of 4.92%as compared with

170、the end of the previous year.Among which,the number of private banking customers(being retail customers of the Company with minimum daily average total assets of RMB10 million for each month)was 153,167,representing an increase of 2.91%as compared with the end of the previous year.The Companys balan

171、ce of AUM from the customers in the level of Golden Sunflower and above amounted to RMB11,243.057 billion,representing an increase of 3.91%as compared with the end of the previous year.As at the end of the reporting period,the total scale of asset management business of CMB Wealth Management,China M

172、erchants Fund,CIGNA&CMAM and CMB International Capital,all being subsidiaries of the Company,amounted to RMB4.36 trillion4,representing a decrease of 2.68%as compared with the end of the previous year,among which the balance of wealth management products under management by CMB Wealth Management amo

173、unted to RMB2.40 trillion,representing a decrease of 5.88%as compared with the end of the previous year;the scale of asset management business of China Merchants Fund amounted to RMB1.54 trillion,representing a decrease of 0.65%as compared with the end of the previous year;the scale of asset managem

174、ent business of CIGNA&CMAM amounted to RMB308.071 billion,representing an increase of 15.13%as compared with the end of the previous year;the scale of asset management business of CMB International Capital amounted to RMB115.115 billion,representing an increase of 1.45%as compared with the end of th

175、e previous year.4 The scale of asset management business of China Merchants Fund and CMB International Capital both included the data of their respective subsidiaries.5 Financial Statements 22China Merchants BankFirst Quarterly Report of 2024(H Share)UNAUDITED CONSOLIDATED STATEMENT OF PROFIT OR LOS

176、S(Expressed in millions of RMB unless otherwise stated)January to March 2024January to March 2023 Interest income94,13593,344Interest expense(42,135)(37,935)Net interest income52,00055,409Fee and commission income22,29627,317Fee and commission expense(2,092)(2,238)Net fee and commission income20,204

177、25,079Other net income13,4709,344 Operating income85,67489,832Operating expenses(26,965)(27,323)Operating profit before impairment losses58,70962,509Expected credit losses(14,267)(16,421)Share of profits of joint ventures371529Share of profits of associates375264 Profit before taxation45,18846,881In

178、come tax(6,746)(7,655)Profit for the period38,44239,226 Attributable to:Equity holders of the Bank38,07738,839Non-controlling interests365387 Earnings per shareBasic and diluted(RMB Yuan)1.511.54 23China Merchants BankFirst Quarterly Report of 2024(H Share)UNAUDITED CONSOLIDATED STATEMENT OF PROFIT

179、OR LOSS(CONTINUED)(Expressed in millions of RMB unless otherwise stated)January to March 2024January to March 2023 Profit for the period38,44239,226Other comprehensive income after taxItems that may be reclassified subsequently to profit or loss:Net fair value gain/(loss)on financial assets measured

180、 at fair value through other comprehensive income2,867(1,473)Net changes in expected credit losses of financial assets measured at fair value through other comprehensive income(403)(1,626)Net movement in cash flow hedge reserve(12)(36)Share of other comprehensive income/(expense)from equity-accounte

181、d investees636466 Exchange difference on translation of financial statements of foreign operations822(935)Items that will not be reclassified subsequently to profit or loss:Net fair value gain on equity instruments designated at fair value through other comprehensive income650277 Other comprehensive

182、 income for the period,net of tax4,560(3,327)Attributable to:Equity holders of the Bank4,518(3,255)Non-controlling interests42(72)Total comprehensive income for the period43,00235,899Attributable to:Equity holders of the Bank42,59535,584 Non-controlling interests407315 This financial statement was a

183、pproved by the Board of Directors on 29 April 2024.24China Merchants BankFirst Quarterly Report of 2024(H Share)UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION(Expressed in millions of RMB unless otherwise stated)Item31 March 202431 December 2023 AssetsCash16,12914,931Precious metals2,2092,32

184、1Balances with central bank797,211667,871Balances with banks and other financial institutions92,427100,769Placements with banks and other financial institutions294,182287,694Amounts held under resale agreements224,494172,246Loans and advances to customers6,555,0726,252,755Financial investments at fa

185、ir value through profit or loss524,686526,145Derivative financial assets19,46318,733Debt investments at amortised cost1,739,5941,749,024Debt investments at fair value through other comprehensive income916,465899,102Equity investments designated at fair value through other comprehensive income20,1171

186、9,649Interests in joint ventures16,64915,707Interests in associates11,57410,883Investment properties1,1391,160Property and equipment119,210115,348Right-of-use assets17,21517,041Intangible assets2,5352,709Goodwill9,9549,954Deferred tax assets89,97890,557Other assets49,92353,884 Total assets11,520,226

187、11,028,483 25China Merchants BankFirst Quarterly Report of 2024(H Share)UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION(CONTINUED)(Expressed in millions of RMB unless otherwise stated)Item31 March 202431 December 2023 LiabilitiesBorrowing from central bank254,270378,621Deposits from banks and

188、 other financial institutions561,995508,378Placements from banks and other financial institutions277,693247,299Financial liabilities at fair value through profit or loss48,76543,958Derivative financial liabilities17,41317,443Amounts sold under repurchase agreements162,679135,078Deposits from custome

189、rs8,533,9028,240,498Salaries and welfare payable28,34628,679Tax payable16,30813,597Contract liabilities5,2515,486Lease liabilities12,90712,675Provisions21,14219,662Debt securities issued311,560176,578Deferred tax liabilities1,6381,607Other liabilities140,866113,195 Total liabilities10,394,7359,942,7

190、54EquityShare capital25,22025,220Other equity instruments150,446150,446Including:Preference shares27,46827,468Perpetual bonds122,978122,978Capital reserve65,43265,432Investment revaluation reserve17,37013,656Hedging reserve8092Surplus reserve108,737108,737General reserve141,591141,481Retained profit

191、s556,627518,638Proposed profit appropriation49,73449,734Exchange reserve3,7282,934 Total equity attributable to shareholders of the Bank1,118,9651,076,370Non-controlling interests6,5269,359Including:Non-controlling interest6,5266,521Perpetual debt capital2,838 Total equity1,125,4911,085,729Total lia

192、bilities and equity11,520,22611,028,483 This financial statement was approved by the Board of Directors on 29 April 2024.26China Merchants BankFirst Quarterly Report of 2024(H Share)UNAUDITED CONSOLIDATED CASH FLOW STATEMENT(Expressed in millions of RMB unless otherwise stated)January to March 2024J

193、anuary to March 2023 Operating activitiesProfit before taxation45,18846,881Adjustments for:Impairment losses on loans and advances13,27116,550 Impairment losses on investments and others996(129)Unwinding of discount on the allowances of loans and advances(58)(53)Depreciation of property and equipmen

194、t and investment properties2,6062,446 Depreciation of right-of-use assets1,0051,026 Amortisation of other assets241290 Net gain on investments in debt securities and equity instruments(4,239)(2,460)Interest income on investments(20,894)(19,529)Interest expense on issued debt securities1,7461,853 Sha

195、re of profits of associates(375)(264)Share of profits of joint ventures(371)(529)Net gains on disposal of property and equipment and other assets(62)(82)Interest expense on lease liabilities121131Changes in:Balances with central bank43,29511,021Loans and advances to customers(321,655)(267,788)Other

196、assets(7,890)(53,704)Deposits from customers284,662236,136Deposits and placements from banks and other financial institutions111,757(13,512)Balances and placements with banks and other financial institutions with original maturity over 3 months(55,048)(26,497)Borrowings from central bank(124,203)65,

197、216Other liabilities33,384(4,735)Net cash generated from operating activities before income tax payment3,477(7,732)Income tax paid(4,685)(4,886)Net cash generated from operating activities(1,208)(12,618)27China Merchants BankFirst Quarterly Report of 2024(H Share)UNAUDITED CONSOLIDATED CASH FLOW STA

198、TEMENT(CONTINUED)(Expressed in millions of RMB unless otherwise stated)January to March 2024January to March 2023 Investing activitiesPayment for the purchase of investments(533,044)(449,172)Proceeds from the disposal of investments512,737340,191Investment gains received from investments27,27425,584

199、Payment for the purchases of property and equipment and other assets(10,971)(9,313)Proceeds from the disposal of properties and equipment and other assets5,123835Net cash flows used in investing activities1,119(91,875)Financing activitiesProceeds from the issue of negotiable interbank certificates o

200、f deposits142,35349,322Proceeds from the issue of certificates of deposits and others12,4719,859Proceeds from the issue of debt securities18,21331,127Proceeds from other financing activities2,0955,350Repayment of negotiable interbank certificates of deposits(4,350)(22,210)Repayment of certificates o

201、f deposit and others(9,528)(8,124)Repayment of debt securities(25,431)(19,189)Payment on lease liabilities(1,117)(1,127)Payment on redemption of perpetual debt capital(2,863)Distribution paid on perpetual debt capital(93)(90)Interest paid on financing activities(1,796)(974)Net cash generated from fi

202、nancing activities129,95443,944 Increase/(decrease)in cash and cash equivalents129,865(60,549)Cash and cash equivalents as of 1 January599,019567,198Effects of foreign exchange rate changes on cash and cash equivalents195(1,709)Cash and cash equivalents as of 31 March729,079504,940 Cash flows from o

203、perating activities include:Interest received72,74573,496Interest paid31,94029,794 This financial statement was approved by the Board of Directors on 29 April 2024.6 Information on Liquidity Coverage Ratio28China Merchants BankFirst Quarterly Report of 2024(H Share)The Group prepared and disclosed i

204、nformation on liquidity coverage ratio in accordance with the“Measures for the Disclosure of Information on Liquidity Coverage Ratio by Commercial Banks”.The basis used herein may differ from those adopted in Hong Kong or other regions.The average liquidity coverage ratio of the Group was 160.96%in

205、the first quarter of 2024,representing an increase of 1.14 percentage points as compared with the previous quarter,mainly due to the increase in the scale of high-quality assets.The Groups liquidity coverage ratio at the end of the first quarter of 2024 was 160.15%,which was in compliance with the r

206、egulatory requirements.The breakdown of the Groups average value of each item of liquidity coverage ratio in the first quarter of 2024 is set out below.(Unit:in millions of RMB,except for percentages)No.Unweighted amountWeighted amount Stock of high-quality liquid assets1Total stock of high-quality

207、liquid assets/2,059,124 Cash outflows2Retail and small business customers deposits,of which:3,947,616349,4863 Stable deposits905,48445,2734 Less stable deposits3,042,132304,2135Unsecured wholesale funding,of which:4,300,3101,463,4366 Operational deposits(excluding correspondent banks)2,421,398597,77

208、47 Non-operational deposits(including all counterparties)1,864,404851,1548 Unsecured debt issuance14,50814,5089Secured funding/9,83410Additional requirements,of which:2,107,021458,91611 Cash outflows arising from derivative contracts and other transactions arising from related collateral requirement

209、s351,408351,40812 Cash outflows arising from secured debt instruments funding959513 Undrawn committed credit and liquidity facilities1,755,518107,41314Other contractual obligations to extend funds113,108113,10815Other contingent funding obligations3,769,541110,148 16Total cash outflows/2,504,928 Cas

210、h inflows17Secured lending(including reverse repo and securities borrowing)155,367154,22118Contractual inflows from fully performing loans1,094,133717,55319Other cash inflows349,210348,718 20Total cash inflows1,598,7101,220,492 Adjusted value 21Total stock of high-quality liquid assets2,052,11022Net

211、 cash outflows1,284,43523Liquidity coverage ratio160.96%29China Merchants BankFirst Quarterly Report of 2024(H Share)Notes:(1)Data in the above table is a simple arithmetic average of the 91-day value in the latest quarter.(2)The high-quality liquid assets in the above table comprise cash,central ba

212、nk reserve available under pressure conditions,as well as the bonds in line with the definition of Tier 1 and Tier 2 assets set out in the“Measures for the Liquidity Risk Management of Commercial Banks”.The Board of Directors of China Merchants Bank Co.,Ltd.29 April 2024As at the date of this announ

213、cement,the executive directors of the Company are Wang Liang and Zhu Jiangtao;the non-executive directors of the Company are Miao Jianmin,Sun Yunfei,Zhou Song,Zhang Jian and Chen Dong;and the independent non-executive directors of the Company are Wong See Hong,Li Menggang,Liu Qiao,Tian Hongqi,Li Chaoxian and Shi Yongdong.

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