Income Statement China Merchants Bank Co., Ltd.

Equities

600036

CNE000001B33

Banks

End-of-day quote Shanghai S.E. Other stock markets 19/09/2024			5-day change	1st Jan Change
30.82 ^CNY	-0.93%		+1.95%	+10.78%

13/09	Jiangsu Expressway to Issue 400 Million Yuan in 126-Day Debts	MT
10/09	China Merchants Bank Seeks Debt Payment of 1.09 Billion Yuan From Orient Group in Lawsuit; Orient's Shares Drop 10%	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	293B	307B	327B	353B	376B
Interest Income, Total	293B	307B	327B	353B	376B
Interest On Deposits	120B	122B	123B	135B	161B
Interest Expense, Total	120B	122B	123B	135B	161B
Net Interest Income	173B	185B	204B	218B	215B
Gain (Loss) on Sale of Assets	382M	44M	113M	282M	-
Gain (Loss) on Sale of Invest. & Securities - (Rev)	2.6B	2.88B	2.99B	5.53B	21.26B
Income (Loss) on Equity Invest. (Income Block)	1.72B	2.88B	4.03B	2.52B	2.48B
Total Other Non Interest Income	91.48B	99.65B	120B	118B	101B
Non Operating Income (Expenses)	-	280M	-	-	-
Non Interest Income, Total	96.18B	106B	127B	127B	124B
Revenues Before Provison For Loan Losses	269B	291B	331B	345B	339B
Provision For Loan Losses	61.07B	64.87B	65.96B	56.75B	41.28B
Total Revenues	208B	226B	265B	288B	298B
Selling General & Admin Expenses, Total	86.54B	96.74B	110B	113B	31.54B
(Income) Loss on Real Estate Property	-	-	-	-	-
Total Other Non Interest Expense	4.96B	6.22B	7.54B	9.5B	89.64B
Non Operating (Income) Expenses	-	483M	-154M	43M	-
Non Interest Expense, Total	91.5B	103B	117B	123B	121B
EBT, Excl. Unusual Items	117B	122B	148B	165B	177B
Asset Writedown	-93M	-	-	-	-
Other Unusual Items	515M	-	-	-	-
EBT, Incl. Unusual Items	117B	122B	148B	165B	177B
Income Tax Expense	23.71B	24.48B	27.34B	25.82B	28.61B
Earnings From Continuing Operations	93.42B	97.96B	121B	139B	148B
Net Income to Company	93.42B	97.96B	121B	139B	148B
Minority Interest	-556M	-617M	-912M	-1.28B	-1.4B
Net Income - (IS)	92.87B	97.34B	120B	138B	147B
Preferred Dividend and Other Adjustments	1.67B	1.65B	3.61B	5.24B	4.56B
Net Income to Common Incl Extra Items	91.2B	95.69B	116B	133B	142B
Net Income to Common Excl. Extra Items	91.2B	95.69B	116B	133B	142B
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	25.22B	25.22B	25.22B	25.22B	25.22B
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	25.22B	25.22B	25.22B	25.22B	25.22B
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	31.67B	31.65B	38.14B	34.28B	28.7B
Total Deferred Taxes	-7.96B	-7.16B	-10.8B	-8.46B	-83M
Normalized Net Income	72.39B	75.91B	91.7B	102B	109B
Non-Cash Pension Expense	-1M	0	0	-1M	-1M
Supplemental Operating Expense Items
Stock-Based Comp., SG&A Exp. (Total)	54.39M	30.29M	17.31M	-41.07M	-18.12M
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	54.39M	30.29M	17.31M	-41.07M	-18.12M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	379B	233B	221B	242B	331B
Investment Securities, Total	1,555B	2,238B	2,574B	2,634B	3,129B
Trading Asset Securities, Total	422B	182B	158B	442B	274B
Total investments	1,978B	2,421B	2,732B	3,076B	3,403B
Gross Loans	4,354B	4,823B	5,278B	5,719B	6,691B
Allowance For Loan Losses	-223B	-235B	-245B	-256B	-267B
Net Loans	4,131B	4,589B	5,033B	5,463B	6,424B
Gross Property Plant And Equipment	116B	126B	143B	171B	207B
Accumulated Depreciation	-35.44B	-43.31B	-50.6B	-59.44B	-74.56B
Net Property Plant And Equipment	80.13B	82.31B	92.69B	112B	132B
Goodwill	9.95B	9.95B	9.95B	10B	9.95B
Other Intangibles, Total	9.71B	9.71B	8.8B	7.97B	2.71B
Investment in Real Estate	1.92B	1.62B	1.37B	1.27B	1.16B
Accrued Interest Receivable	23.46B	24.47B	28.03B	32.58B	45.14B
Other Receivables	314M	340M	321M	525M	-
Restricted Cash	473B	496B	485B	534B	537B
Other Current Assets, Total	231B	340B	437B	518B	3.09B
Deferred Tax Assets Long-Term (Collected)	65.15B	72.89B	81.64B	90.85B	90.56B
Other Real Estate Owned And Foreclosed	768M	612M	513M	456M	417M
Deferred Charges Long-Term	1.35B	1.81B	1.87B	1.62B	-
Other Long-Term Assets, Total	32.59B	80.22B	117B	49.68B	48.18B
Total Assets	7,417B	8,361B	9,249B	10,139B	11,028B
Liabilities
Accrued Expenses, Total	19.72B	21.72B	25.91B	31.89B	34.47B
Interest Bearing Deposits	2,535B	6,348B	7,098B	8,180B	8,663B
Non-Interest Bearing Deposits	2,863B	-	-	-	-
Total Deposits	5,398B	6,348B	7,098B	8,180B	8,663B
Short-Term Borrowings	86.43B	193B	185B	126B	153B
Current Portion of Long-Term Debt	118B	212B	314B	105B	117B
Current Portion of Leases	3.73B	3.82B	4.03B	4.18B	3.84B
Long-Term Debt	986B	609B	463B	441B	685B
Long-Term Leases	10.65B	10.42B	9.78B	8.83B	8.84B
Current Income Taxes Payable	13.91B	13.91B	16.54B	13.39B	7.3B
Accrued Interest Payable	32.46B	39.44B	39.84B	55.89B	85.98B
Other Current Liabilities - (Bank / Utility Template)	32.07B	94.07B	68.75B	50.8B	37.79B
Unearned Revenue Non Current	6.49B	6.83B	7.54B	6.68B	5.49B
Pension & Other Post Retirement Benefits	-	1.24B	1.63B	765M	361M
Deferred Tax Liability Non-Current	956M	1.07B	1.35B	1.51B	1.61B
Other Non Current Liabilities	91.73B	76.21B	147B	158B	139B
Total Liabilities	6,800B	7,631B	8,383B	9,185B	9,943B
Preferred Stock Convertible	34.06B	34.06B	34.06B	27.47B	27.47B
Total Preferred Equity	34.06B	34.06B	34.06B	27.47B	27.47B
Common Stock, Total	25.22B	25.22B	25.22B	25.22B	25.22B
Additional Paid In Capital	67.52B	67.52B	67.52B	65.44B	-
Retained Earnings	474B	540B	626B	720B	819B
Comprehensive Income and Other	10.44B	57.44B	106B	107B	205B
Total Common Equity	577B	690B	825B	918B	1,049B
Minority Interest	6.41B	6.6B	6.94B	8.74B	9.36B
Total Equity	618B	730B	866B	954B	1,086B
Total Liabilities And Equity	7,417B	8,361B	9,249B	10,139B	11,028B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	25.22B	25.22B	25.22B	25.22B	25.22B
ECS Total Common Shares Outstanding	25.22B	25.22B	25.22B	25.22B	25.22B
Book Value / Share	22.89	25.36	29.01	32.71	36.71
Tangible Book Value	558B	670B	806B	900B	1,036B
Tangible Book Value Per Share	22.11	24.59	28.27	32	36.21
Average Loans	-	4,823B	5,364B	5,850B	6,300B
Total Debt	1,204B	1,029B	976B	685B	968B
Deposits at Interest - Cash	499B	515B	723B	501B	458B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-22M	-60M	-65M	-50M	-50M
Net Debt	244B	302B	64.71B	-287B	169B
Equity Method Investments, Total	10.78B	14.92B	23.65B	23.84B	26.59B
Full Time Employees	-	90.87K	104K	113K	117K
Number Of Offices	-	1.87K	1.91K	1.9K	1.92K

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	92.87B	97.34B	120B	138B	147B
Depreciation, Depletion & Amortization	10.12B	11.34B	12.2B	13.36B	15.45B
Amortization of Goodwill and Intangible Assets - (CF)	226M	223M	221M	221M	42M
Total Depreciation, Depletion & Amortization	10.35B	11.56B	12.42B	13.58B	15.5B
Amortization of Deferred Charges, Total	1.46B	1.93B	2.09B	2.04B	888M
(Gain) Loss On Sale of Asset - (CF)	-382M	-44M	-113M	-282M	-168M
(Gain) Loss on Sale of Investments - (CF)	6.94B	18.14B	29.34B	12.41B	-23.32B
Total Asset Writedown	-5.32B	5.13B	-697M	-7.18B	-
Provision for Credit Losses	53.93B	46.7B	36.77B	44.77B	46.38B
(Income) Loss On Equity Investments - (CF)	-	-	-	-	-2.48B
Change In Deferred Taxes	-	-	-	-	-
Change in Other Net Operating Assets (Collected)	-115B	294B	54.6B	447B	-368B
Other Operating Activities	-40.71B	-53.23B	-72.28B	-80.06B	-77.34B
Cash from Operations	4.43B	421B	182B	570B	-262B
Capital Expenditure	-23.96B	-19.12B	-24.16B	-34.89B	-30.16B
Sale of Property, Plant, and Equipment	5.06B	2.35B	2.4B	6.75B	4.95B
Cash Acquisitions	-46M	-1.46B	-5.34B	-484M	-39M
Divestitures	39M	582M	855M	463M	154M
Investment in Marketable and Equity Securities, Total	-101B	-281B	-64.65B	-565B	-328B
Other Investing Activities, Total	49.22B	58.04B	71.2B	79.12B	97.96B
Cash from Investing	-70.57B	-241B	-19.7B	-514B	-255B
Long-Term Debt Issued, Total	73.37B	33.61B	63.87B	21.48B	55.2B
Total Debt Issued	73.37B	33.61B	63.87B	21.48B	55.2B
Long-Term Debt Repaid, Total	-26.66B	-50.13B	-60.61B	-83.67B	-56.2B
Total Debt Repaid	-26.66B	-50.13B	-60.61B	-83.67B	-56.2B
Issuance of Common Stock	-	49.99B	42.99B	-	-
Issuance of Preferred Stock	-	-	-	-	-
Repurchase of Preferred Stock	-	-	-	-7.2B	-
Common Dividends Paid	-23.71B	-30.26B	-31.84B	-42.23B	-43.83B
Preferred Dividends Paid	-1.67B	-1.65B	-1.64B	-1.68B	-996M
Common & Preferred Stock Dividends Paid	-25.38B	-31.92B	-33.48B	-43.9B	-44.83B
Net Increase (Decrease) in Deposit Accounts - (CF)	101B	-207B	87.02B	-169B	594B
Other Financing Activities, Total	-11.48B	-6.13B	-10.44B	-15.2B	-1.42B
Cash from Financing	110B	-212B	89.36B	-297B	547B
Foreign Exchange Rate Adjustments	1.68B	-5.67B	-2.75B	6.26B	2.16B
Net Change in Cash	45.99B	-36.88B	249B	-235B	31.82B
Supplemental Items
Cash Interest Paid	126B	128B	132B	134B	129B
Cash Income Tax Paid (Refund)	50.86B	50.31B	56.87B	61B	34.79B
Net Debt Issued / Repaid	46.7B	-16.52B	3.27B	-62.19B	-1B

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	28.1B	21.55B	29.28B	33.67B	28.63B
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 Deposits %