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Original Title: China Merchants Bank Semi-annual Report: The ability to make money is still very strong, but the NPL ratio of real estate enterprises soared in the first half of the year
Take the lead in seizing the market opportunity, but for more than half a year, wealth management has becomeChina Merchants BankNew profit growth engine.
The semi-annual report disclosed by China Merchants Bank on the evening of August 13 shows that in the first half of this year, the bank achieved a net profit of 61.15 billion yuan, a year-on-year increase of 22.82%. Driven by the rapid growth of the business scale of funds and wealth management agency sales, the bank’s wealth management fees and commission income increased by more than 33% year-on-year in the same period.
While the wealth management business has entered the fast lane, the asset quality of China Merchants Bank has continued to improve, but the non-performing loans of real estate companies and the mining industry have seen substantial growth. As of the end of June, the bank’s real estate corporate loan non-performing rate reached 1.15%, a year-on-year increase of 0.93 percentage points.
Wealth management income increased by 34%
In the first half of this year, China Merchants Bank’s rapid growth in net profit has a lot to do with the expansion of the bank’s wealth management business. In the first half of the year, China Merchants Bank’s wealth management fee and commission income increased by more than 30% year-on-year, far exceeding the increase in net profit and interest income during the same period.
China Merchants Bank proposed in March this year to create a “big wealth management value cycle chain” to seize the commanding heights of future operations through big wealth management. Subsequently, the bank launched an open wealth management platform to screen high-quality funds, trusts, bank wealth management subsidiaries and other asset management institutions to settle in, and jointly build a wealth management ecosystem.
According to data from the semi-annual report, as of the end of June this year, the bank’s total number of retail customers has reached 165 million, and the total assets (AUM) of retail customers under management exceeded 10 trillion yuan. In the first half of the year, China Merchants Bank’s App wealth management investment customers were 15.6393 million, a year-on-year increase of 29.17%; the sales of wealth management products were 6.12 trillion yuan, a year-on-year increase of 26.85%; the ending balance of retail wealth management products was 2.58 trillion yuan, an increase of 16.61% over the end of the previous year.
In terms of product agency sales, as of the end of June, 55 cooperative asset management institutions had settled on its wealth management open platform, and non-monetary public funds were sold on an agency basis of 341.3 billion yuan, a year-on-year increase of 32.96%.
The growth of wealth management business has led to a rapid increase in China Merchants Bank’s non-interest income. In the first half of this year, the bank’s non-interest net income was 69.4 billion yuan, a year-on-year increase of 20.75%, of which net fee and commission income was 52.254 billion yuan, a year-on-year increase of 23.62%.
From the perspective of key projects, wealth management fee and commission income was 20.612 billion yuan, a year-on-year increase of 33.6%; agency fund income was 6.719 billion yuan, a year-on-year increase of 39.75%; agency wealth management income was 22.874 billion yuan, a year-on-year increase of 32.56%. In addition, due to the increase in fund management fees of subsidiaries such as China Merchants Fund and CMB International, China Merchants Bank’s asset management fee and commission income in the first half of the year was 34.8 billion yuan, a year-on-year increase of 37.6%.
Non-performing loans of real estate companies soar
While the wealth management business has entered the fast lane, the asset quality of China Merchants Bank has also continued to improve.
The semi-annual report shows that as of the end of June, CMB’s non-performing loan balance was 54.542 billion yuan, an increase of 930 million yuan from the end of the previous year, and the non-performing rate was 1.01%, which was a decrease of 0.06 percentage points from the end of the previous year; 100 million yuan.
During the reporting period, the bank generated 23.2 billion yuan of non-performing loans, a year-on-year decrease of 4.69 billion yuan. The amount of non-performing loans generated by corporate, retail, and credit cards decreased by 1.38 billion yuan, 1.55 billion yuan, and 1.74 billion yuan year-on-year.
The semi-annual report also showed that in the first half of this year, China Merchants Bank disposed of 22.17 billion yuan of non-performing loans and accrued credit impairment losses of 41.895 billion yuan, a year-on-year increase of 3.59%.
While the overall non-performing loan rate continued to decline, the non-performing balances and non-performing rates of China Merchants Bank’s real estate companies and mining industries have doubled.
According to the semi-annual report, as of the end of June, the non-performing rate of China Merchants Bank’s real estate industry was 1.07%, a significant increase of 0.77 percentage points from 0.3% in the same period of the previous year, and a year-on-year increase of more than 250%.
China Merchants Bank stated that the bank’s domestic corporate real estate generalized risk business balance at the end of June was 643.768 billion yuan, of which the domestic balance was 332.3 billion yuan. Affected by policy control and credit risk exposure of some real estate companies, the non-performing loan rate of domestic companies’ real estate was 1.15%, an increase of 0.93 percentage points from the end of the previous year.
Data shows that as of the end of June, the bank’s real estate loans were 404.4 billion yuan, accounting for 7.51%; the balance of personal housing mortgage loans was 1.33 trillion yuan, accounting for 24.71%.
China Merchants Bank stated that in the second half of this year, it will continue to adjust the structure of real estate customers and regional assets, focus on central cities and strategic customers, strengthen business risk monitoring and process management, steadily promote industry limit and customer limit management, and promote the gradual optimization of concentration supervision indicators. Up to standard.
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