Cash flow China Merchants Bank Co., Ltd.

Equities

600036

CNE000001B33

Banks

End-of-day quote Shanghai S.E. Other stock markets 06/09/2024			5-day change	1st Jan Change
31.25 ^CNY	+0.16%		-2.80%	+12.33%

06/09	BTG Hotels (Group) Issues 300 Million Yuan Ultra-Short-Term bonds	MT
06/09	China Greatwall Technology Group, Units Seek Credit Line Adjustments	MT

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Published financial data: CHINA MERCHANTS BANK CO., LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Interest Income On Loans	29TCr	31TCr	33TCr	35TCr	38TCr
Interest Income, Total	29TCr	31TCr	33TCr	35TCr	38TCr
Interest On Deposits	12TCr	12TCr	12TCr	14TCr	16TCr
Interest Expense, Total	12TCr	12TCr	12TCr	14TCr	16TCr
Net Interest Income	17TCr	19TCr	20TCr	22TCr	21TCr
Gain (Loss) on Sale of Assets	38Cr	4.4Cr	11Cr	28Cr	-
Gain (Loss) on Sale of Invest. & Securities - (Rev)	260.3Cr	287.5Cr	299.4Cr	552.8Cr	2.13TCr
Income (Loss) on Equity Invest. (Income Block)	172.3Cr	288.1Cr	403Cr	252.5Cr	247.6Cr
Total Other Non Interest Income	9.15TCr	9.97TCr	12TCr	12TCr	10TCr
Non Operating Income (Expenses)	-	28Cr	-	-	-
Non Interest Income, Total	9.62TCr	11TCr	13TCr	13TCr	12TCr
Revenues Before Provison For Loan Losses	27TCr	29TCr	33TCr	34TCr	34TCr
Provision For Loan Losses	6.11TCr	6.49TCr	6.6TCr	5.68TCr	4.13TCr
Total Revenues	21TCr	23TCr	27TCr	29TCr	30TCr
Selling General & Admin Expenses, Total	8.65TCr	9.67TCr	11TCr	11TCr	3.15TCr
(Income) Loss on Real Estate Property	-	-	-	-	-
Total Other Non Interest Expense	495.6Cr	622.3Cr	754.5Cr	950.1Cr	8.96TCr
Non Operating (Income) Expenses	-	48Cr	-15Cr	4.3Cr	-
Non Interest Expense, Total	9.15TCr	10TCr	12TCr	12TCr	12TCr
EBT, Excl. Unusual Items	12TCr	12TCr	15TCr	17TCr	18TCr
Asset Writedown	-9.3Cr	-	-	-	-
Other Unusual Items	52Cr	-	-	-	-
EBT, Incl. Unusual Items	12TCr	12TCr	15TCr	17TCr	18TCr
Income Tax Expense	2.37TCr	2.45TCr	2.73TCr	2.58TCr	2.86TCr
Earnings From Continuing Operations	9.34TCr	9.8TCr	12TCr	14TCr	15TCr
Net Income to Company	9.34TCr	9.8TCr	12TCr	14TCr	15TCr
Minority Interest	-56Cr	-62Cr	-91Cr	-128.2Cr	-140.4Cr
Net Income - (IS)	9.29TCr	9.73TCr	12TCr	14TCr	15TCr
Preferred Dividend and Other Adjustments	167Cr	165.1Cr	361.3Cr	523.7Cr	455.8Cr
Net Income to Common Incl Extra Items	9.12TCr	9.57TCr	12TCr	13TCr	14TCr
Net Income to Common Excl. Extra Items	9.12TCr	9.57TCr	12TCr	13TCr	14TCr
Per Share Items
Net EPS - Basic	3.62	3.79	4.61	5.26	5.63
Basic EPS - Continuing Operations	3.62	3.79	4.61	5.26	5.63
Basic Weighted Average Shares Outstanding	2.52TCr	2.52TCr	2.52TCr	2.52TCr	2.52TCr
Net EPS - Diluted	3.62	3.79	4.61	5.26	5.63
Diluted EPS - Continuing Operations	3.62	3.79	4.61	5.26	5.63
Diluted Weighted Average Shares Outstanding	2.52TCr	2.52TCr	2.52TCr	2.52TCr	2.52TCr
Normalized Basic EPS	2.87	3.01	3.64	4.04	4.32
Normalized Diluted EPS	2.87	3.01	3.64	4.04	4.32
Dividend Per Share	1.2	1.25	1.52	1.74	1.97
Payout Ratio	27.33	32.79	27.92	31.81	30.58
American Depositary Receipts Ratio (ADR)	5	5	5	5	5
Supplemental Items
Effective Tax Rate - (Ratio)	20.24	19.99	18.45	15.64	16.2
Total Current Taxes	3.17TCr	3.16TCr	3.81TCr	3.43TCr	2.87TCr
Total Deferred Taxes	-796Cr	-716.5Cr	-1.08TCr	-845.7Cr	-8.3Cr
Normalized Net Income	7.24TCr	7.59TCr	9.17TCr	10TCr	11TCr
Non-Cash Pension Expense	-10L	0	0	-10L	-10L
Supplemental Operating Expense Items
Stock-Based Comp., SG&A Exp. (Total)	5.44Cr	3.03Cr	1.73Cr	-4.11Cr	-1.81Cr
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	5.44Cr	3.03Cr	1.73Cr	-4.11Cr	-1.81Cr

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	38TCr	23TCr	22TCr	24TCr	33TCr
Investment Securities, Total	1,55500Cr	2,23800Cr	2,57400Cr	2,63400Cr	3,12900Cr
Trading Asset Securities, Total	42TCr	18TCr	16TCr	44TCr	27TCr
Total investments	1,97800Cr	2,42100Cr	2,73200Cr	3,07600Cr	3,40300Cr
Gross Loans	4,35400Cr	4,82300Cr	5,27800Cr	5,71900Cr	6,69100Cr
Allowance For Loan Losses	-22TCr	-23TCr	-25TCr	-26TCr	-27TCr
Net Loans	4,13100Cr	4,58900Cr	5,03300Cr	5,46300Cr	6,42400Cr
Gross Property Plant And Equipment	12TCr	13TCr	14TCr	17TCr	21TCr
Accumulated Depreciation	-3.54TCr	-4.33TCr	-5.06TCr	-5.94TCr	-7.46TCr
Net Property Plant And Equipment	8.01TCr	8.23TCr	9.27TCr	11TCr	13TCr
Goodwill	995.4Cr	995.4Cr	995.4Cr	999.9Cr	995.4Cr
Other Intangibles, Total	971.3Cr	971.1Cr	880.2Cr	796.8Cr	270.9Cr
Investment in Real Estate	192.5Cr	162.3Cr	137.2Cr	126.8Cr	116Cr
Accrued Interest Receivable	2.35TCr	2.45TCr	2.8TCr	3.26TCr	4.51TCr
Other Receivables	31Cr	34Cr	32Cr	52Cr	-
Restricted Cash	47TCr	50TCr	48TCr	53TCr	54TCr
Other Current Assets, Total	23TCr	34TCr	44TCr	52TCr	308.7Cr
Deferred Tax Assets Long-Term (Collected)	6.52TCr	7.29TCr	8.16TCr	9.08TCr	9.06TCr
Other Real Estate Owned And Foreclosed	77Cr	61Cr	51Cr	46Cr	42Cr
Deferred Charges Long-Term	134.9Cr	181.3Cr	186.7Cr	162.4Cr	-
Other Long-Term Assets, Total	3.26TCr	8.02TCr	12TCr	4.97TCr	4.82TCr
Total Assets	7,41700Cr	8,36100Cr	9,24900Cr	10,13900Cr	11,02800Cr
Liabilities
Accrued Expenses, Total	1.97TCr	2.17TCr	2.59TCr	3.19TCr	3.45TCr
Interest Bearing Deposits	2,53500Cr	6,34800Cr	7,09800Cr	8,18000Cr	8,66300Cr
Non-Interest Bearing Deposits	2,86300Cr	-	-	-	-
Total Deposits	5,39800Cr	6,34800Cr	7,09800Cr	8,18000Cr	8,66300Cr
Short-Term Borrowings	8.64TCr	19TCr	18TCr	13TCr	15TCr
Current Portion of Long-Term Debt	12TCr	21TCr	31TCr	11TCr	12TCr
Current Portion of Leases	373.2Cr	382Cr	403.1Cr	418.5Cr	383.6Cr
Long-Term Debt	99TCr	61TCr	46TCr	44TCr	69TCr
Long-Term Leases	1.06TCr	1.04TCr	978.1Cr	882.8Cr	883.9Cr
Current Income Taxes Payable	1.39TCr	1.39TCr	1.65TCr	1.34TCr	730.1Cr
Accrued Interest Payable	3.25TCr	3.94TCr	3.98TCr	5.59TCr	8.6TCr
Other Current Liabilities - (Bank / Utility Template)	3.21TCr	9.41TCr	6.87TCr	5.08TCr	3.78TCr
Unearned Revenue Non Current	648.8Cr	682.9Cr	753.6Cr	667.9Cr	548.6Cr
Pension & Other Post Retirement Benefits	-	124Cr	162.9Cr	76Cr	36Cr
Deferred Tax Liability Non-Current	96Cr	107.3Cr	135.3Cr	151Cr	160.7Cr
Other Non Current Liabilities	9.17TCr	7.62TCr	15TCr	16TCr	14TCr
Total Liabilities	6,80000Cr	7,63100Cr	8,38300Cr	9,18500Cr	9,94300Cr
Preferred Stock Convertible	3.41TCr	3.41TCr	3.41TCr	2.75TCr	2.75TCr
Total Preferred Equity	3.41TCr	3.41TCr	3.41TCr	2.75TCr	2.75TCr
Common Stock, Total	2.52TCr	2.52TCr	2.52TCr	2.52TCr	2.52TCr
Additional Paid In Capital	6.75TCr	6.75TCr	6.75TCr	6.54TCr	-
Retained Earnings	47TCr	54TCr	63TCr	72TCr	82TCr
Comprehensive Income and Other	1.04TCr	5.74TCr	11TCr	11TCr	21TCr
Total Common Equity	58TCr	69TCr	82TCr	92TCr	1,04900Cr
Minority Interest	640.6Cr	660.4Cr	693.6Cr	873.5Cr	935.9Cr
Total Equity	62TCr	73TCr	87TCr	95TCr	1,08600Cr
Total Liabilities And Equity	7,41700Cr	8,36100Cr	9,24900Cr	10,13900Cr	11,02800Cr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	2.52TCr	2.52TCr	2.52TCr	2.52TCr	2.52TCr
ECS Total Common Shares Outstanding	2.52TCr	2.52TCr	2.52TCr	2.52TCr	2.52TCr
Book Value / Share	22.89	25.36	29.01	32.71	36.71
Tangible Book Value	56TCr	67TCr	81TCr	90TCr	1,03600Cr
Tangible Book Value Per Share	22.11	24.59	28.27	32	36.21
Average Loans	-	4,82300Cr	5,36400Cr	5,85000Cr	6,30000Cr
Total Debt	1,20400Cr	1,02900Cr	98TCr	69TCr	97TCr
Deposits at Interest - Cash	50TCr	52TCr	72TCr	50TCr	46TCr
Debt Equivalent of Unfunded Proj. Benefit Obligation	-2.2Cr	-6Cr	-6.5Cr	-5Cr	-5Cr
Net Debt	24TCr	30TCr	6.47TCr	-29TCr	17TCr
Equity Method Investments, Total	1.08TCr	1.49TCr	2.37TCr	2.38TCr	2.66TCr
Full Time Employees	-	90.87T	1L	1L	1L
Number Of Offices	-	1.87T	1.91T	1.9T	1.92T

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	9.29TCr	9.73TCr	12TCr	14TCr	15TCr
Depreciation, Depletion & Amortization	1.01TCr	1.13TCr	1.22TCr	1.34TCr	1.55TCr
Amortization of Goodwill and Intangible Assets - (CF)	23Cr	22Cr	22Cr	22Cr	4.2Cr
Total Depreciation, Depletion & Amortization	1.04TCr	1.16TCr	1.24TCr	1.36TCr	1.55TCr
Amortization of Deferred Charges, Total	145.6Cr	193.1Cr	208.8Cr	203.8Cr	89Cr
(Gain) Loss On Sale of Asset - (CF)	-38Cr	-4.4Cr	-11Cr	-28Cr	-17Cr
(Gain) Loss on Sale of Investments - (CF)	694.5Cr	1.81TCr	2.93TCr	1.24TCr	-2.33TCr
Total Asset Writedown	-532.4Cr	513.1Cr	-70Cr	-718.4Cr	-
Provision for Credit Losses	5.39TCr	4.67TCr	3.68TCr	4.48TCr	4.64TCr
(Income) Loss On Equity Investments - (CF)	-	-	-	-	-247.6Cr
Change In Deferred Taxes	-	-	-	-	-
Change in Other Net Operating Assets (Collected)	-11TCr	29TCr	5.46TCr	45TCr	-37TCr
Other Operating Activities	-4.07TCr	-5.32TCr	-7.23TCr	-8.01TCr	-7.73TCr
Cash from Operations	443.2Cr	42TCr	18TCr	57TCr	-26TCr
Capital Expenditure	-2.4TCr	-1.91TCr	-2.42TCr	-3.49TCr	-3.02TCr
Sale of Property, Plant, and Equipment	506.3Cr	235.4Cr	239.9Cr	675Cr	495Cr
Cash Acquisitions	-4.6Cr	-146Cr	-534.2Cr	-48Cr	-3.9Cr
Divestitures	3.9Cr	58Cr	86Cr	46Cr	15Cr
Investment in Marketable and Equity Securities, Total	-10TCr	-28TCr	-6.46TCr	-56TCr	-33TCr
Other Investing Activities, Total	4.92TCr	5.8TCr	7.12TCr	7.91TCr	9.8TCr
Cash from Investing	-7.06TCr	-24TCr	-1.97TCr	-51TCr	-26TCr
Long-Term Debt Issued, Total	7.34TCr	3.36TCr	6.39TCr	2.15TCr	5.52TCr
Total Debt Issued	7.34TCr	3.36TCr	6.39TCr	2.15TCr	5.52TCr
Long-Term Debt Repaid, Total	-2.67TCr	-5.01TCr	-6.06TCr	-8.37TCr	-5.62TCr
Total Debt Repaid	-2.67TCr	-5.01TCr	-6.06TCr	-8.37TCr	-5.62TCr
Issuance of Common Stock	-	5TCr	4.3TCr	-	-
Issuance of Preferred Stock	-	-	-	-	-
Repurchase of Preferred Stock	-	-	-	-719.6Cr	-
Common Dividends Paid	-2.37TCr	-3.03TCr	-3.18TCr	-4.22TCr	-4.38TCr
Preferred Dividends Paid	-167Cr	-165.1Cr	-163.8Cr	-167.5Cr	-100Cr
Common & Preferred Stock Dividends Paid	-2.54TCr	-3.19TCr	-3.35TCr	-4.39TCr	-4.48TCr
Net Increase (Decrease) in Deposit Accounts - (CF)	10TCr	-21TCr	8.7TCr	-17TCr	59TCr
Other Financing Activities, Total	-1.15TCr	-612.8Cr	-1.04TCr	-1.52TCr	-142.1Cr
Cash from Financing	11TCr	-21TCr	8.94TCr	-30TCr	55TCr
Foreign Exchange Rate Adjustments	168.1Cr	-567.3Cr	-274.6Cr	625.9Cr	216.4Cr
Net Change in Cash	4.6TCr	-3.69TCr	25TCr	-23TCr	3.18TCr
Supplemental Items
Cash Interest Paid	13TCr	13TCr	13TCr	13TCr	13TCr
Cash Income Tax Paid (Refund)	5.09TCr	5.03TCr	5.69TCr	6.1TCr	3.48TCr
Net Debt Issued / Repaid	4.67TCr	-1.65TCr	326.6Cr	-6.22TCr	-100.1Cr

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	1.32	1.24	1.37	1.44	1.4
Return On Equity %	16.09	14.53	15.14	15.31	14.51
Return on Common Equity	16.84	15.11	15.36	15.24	14.44
Shareholders Value Added	2.81TCr	2.15TCr	2.93TCr	3.37TCr	2.86TCr
Margin Analysis
SG&A Margin	41.56	42.83	41.36	39.36	10.59
Net Interest Income / Total Revenues %	83.13	81.91	76.87	75.77	72.08
EBT Excl. Non-Recurring Items Margin %	56.05	54.2	55.85	57.32	59.31
Income From Continuing Operations Margin %	44.87	43.37	45.55	48.36	49.7
Net Income Margin %	44.6	43.09	45.2	47.92	49.23
Net Avail. For Common Margin %	43.8	42.36	43.84	46.1	47.7
Normalized Net Income Margin	34.77	33.6	34.56	35.38	36.6
Asset quality
Nonperforming Loans / Total Loans %	1.21	1.11	0.96	1.01	0.92
Nonperforming Loans / Total Assets %	0.71	0.64	0.55	0.57	0.56
Nonperforming Assets / Total Assets %	0.72	0.65	0.56	0.58	0.56
NPAs / Loans and OREO	1.22	1.12	0.97	1.02	0.93
NPAs / Equity	8.63	7.42	5.93	6.13	5.71
Allowance for Credit Losses / Net Charge-offs %	967.82	670.96	973.72	849.27	682.31
Allowance for Credit Losses / Nonperforming Loans %	424.04	437.42	482.67	440.93	433.27
Allowance for Credit Losses / Total Loans %	5.12	4.86	4.65	4.47	3.99
Net Charge-offs / Total Average Loans %	-	0.72	0.47	0.51	0.62
Provision for Loan Losses / Net Charge-offs %	265.15	185.59	261.63	188.45	105.56
Earning Assets / IBL	-	105.28	106.04	107.98	107.13
Capital And Funding
Total Average Common Equity / Total Average Assets %	7.65	8.03	8.6	8.99	9.29
Total Average Equity / Total Average Assets %	8.2	8.54	9.06	9.39	9.64
Total Equity + Allowance for Loan Losses / Total Loans %	19.16	19.87	20.92	21.01	20.08
Gross Loans / Total Deposits %	80.66	75.98	74.36	69.91	77.23
Net Loans / Total Depo