China Merchants Bank Reports Annual Financial Results for 2023
China Merchants Bank recently released its annual report for 2023, showcasing its financial performance for the year. Despite facing challenges in the economic environment, the Group managed to achieve operating income of 339.123 billion yuan, marking a slight decrease of 1.64% compared to the previous year. However, the net profit attributable to shareholders saw a positive increase of 6.22%, reaching 146.602 billion yuan.
The report also highlighted that the net interest income for the bank was 214.669 billion yuan, while the non-interest net income stood at 124.454 billion yuan. The return on average total assets (ROAA) and return on average equity (ROAE) were reported at 1.39% and 16.22% respectively, both showing slight declines compared to the previous year.
By the end of 2023, China Merchants Bank’s total assets had grown to 11.03 trillion yuan, representing an increase of 8.77% from the previous year. Total loans and advances also saw a significant rise, reaching 6.51 trillion yuan. The total liabilities and customer deposits both showed positive increases, reflecting the bank’s strong financial standing.
In terms of asset quality, the non-performing loan balance increased to 61.579 billion yuan, with a non-performing loan rate of 0.95%. Despite this increase, the provision coverage rate decreased slightly to 437.70%, while the loan provision rate decreased to 4.14%.
These financial results indicate China Merchants Bank’s ability to navigate through challenging economic conditions and maintain a strong position in the market. Investors and stakeholders can look forward to the bank’s continued growth and success in the coming years.