The total market value of China Merchants Bank has fallen to 860 billion management how to adjust the asset -liability strategy in the future

The 21st Century Business Herald reporter Xin Jizhao Shenzhen reported on August 26, China Merchants Bank (600036.SH, 3968.HK ​​)'s stock price closed at 33.70 yuan, and the stock price rose slightly by 0.03%on the day. The bank's stock price has fallen 3.91%since August, and has fallen 27.81%since this year. At present, China Merchants Bank has a total market value of 857.9 billion yuan, P / E ratio (PE) is 6.6 times, and the net ratio (PB) is 1.12 times.

Earlier, while China Merchants Bank's semi -annual report was released, Wang Liang, the president of the bank, announced that it had added the bank's shares. On the evening of August 22, according to the Hong Kong Stock Exchange, China Merchants Bank (600036.SH, 3968.HK) President Wang Liang increased its holdings of 30,000 shares on the 22nd, the average purchase price was 33.55 yuan/share, and the transaction value was 1006,500 Yuan. This is the second time Wang Liang increased its holdings of China Merchants Bank.

How to stabilize the interest difference

With the continuous reduction of LPR interest rates, the loan interest rate on the bank's asset side has also been reduced accordingly, and the interest difference between commercial banks has become a common phenomenon in the industry.

According to the semi -annual report of China Merchants Bank, in the first half of 2022, the bank's net interest income was 107.692 billion yuan, an increase of 8.41%year -on -year; the net interest yield was 2.44%, a year -on -year decrease of 5 basis points. In the second quarter, the net interest yield of China Merchants Bank was 2.37%, a decrease of 14 basis points from the previous quarter.

"In the second half of the year, the net interest difference between China Merchants Bank declined the margin and narrowed, and it would no longer decrease like the second quarter. This is our basic judgment and the direction of our hard work in the second half of the year." At the performance conference, the president of the China Merchants Bank Wang Wang Liang said.

Wang Liang said that the net interest difference between China Merchants Bank fell 14 BPs in the second quarter, reaching 2.37%. Due to the reduction of multiple interest rates, the loose monetary policy, and the competition between high -quality assets, the interest rate is indeed relatively large. In addition, the important factor affecting the decline in the asset yield of China Merchants Bank is the change in asset structure. Merchants Bank's past housing mortgage loans are priced at high. In the first half of this year, it increased by 13.8 billion yuan, an increase of 40 billion yuan year -on -year; credit card loans also increased by only 14.2 billion yuan in the first half of the year, an increase of more than 30 billion yuan year -on -year. The bank uses the assets of public loans, bill business and non -depositors to make up for the gap, resulting in the overall decline in loan pricing levels.

The banking industry is also under pressure to rise in deposit costs. The cost of interest debt in China Merchants Bank increased by 1bP year -on -year, but the cost of deposit in the second quarter increased by 6bp from the first quarter.

"Why does the deposit have changed in the case of loose currency and the growth rate of core deposits?" Wang Liang said that the bank's average daily deposit in the first half of the year increased by more than 700 billion yuan, and the time deposit deposit exceeding 80%was low. Cost -core deposit. The rise in deposits is related to the changes in the structure of the first half of the liabilities. The first is that due to the capital market, customer investment stock funds have decreased. Second, the fluctuations in the net value of wealth management products have increased after transformation. The desire to invest in bank wealth management products has weakened. Many customers like to deposit regular deposits in banks. Among them, three -year regular deposits are the most popular. The bank appropriately puts on some large rated deposit products to meet the needs of customers, thereby driving the cost of deposit.

Regarding how to stabilize the interest margin, Wang Liang said that the first is to continue to maintain a good situation. Credit card loans show a recoverable growth, and it is expected to achieve an incremental budget at the beginning of the year. The second is to control the cost of deposits in the second half of the year, maintain the quality of deposits, reduce the cost of the liability side, and maintain a reasonable level.

Non -interest income increased by 2.87%

In the first half of 2022, the non -interest net income of China Merchants Bank was 71.399 billion yuan, an increase of 2.87%year -on -year, and non -interest revenue accounted for 39.87%, a year -on -year decrease of 1.26 percentage points.

Among non -interest net income, net handling fees and commissions income of 53.405 billion yuan, an increase of 2.20%year -on -year, accounting for 74.80%of non -interest net income; other net income was 17.994 billion yuan, an increase of 4.90%year -on -year. During the reporting period, Great Wealth Management revenue was 28.257 billion yuan, an increase of 0.30%year -on -year.

Among them, wealth management handling fees and commissions revenue was 18.873 billion yuan, a year -on -year decrease of 8.13%. Among them, agent insurance income was 8.984 billion yuan, an increase of 61.61%year -on -year. Value contributions increased the year -on -year increase in sales and proportion; agent sales financial revenue was 3.493 billion yuan, a year -on -year increase of 22.60%. It mainly benefited from the construction and product organization of open platforms. The year -on -year decrease of 46.95%, mainly due to the decrease in the configuration of customer equity products under the market fluctuations; the revenue of the agency trust plan was 2.287 billion yuan, a year -on -year decrease of 49.49%. The income was 468 million yuan, a year -on -year decrease of 38.50%, mainly due to the decline in the capital market in Hong Kong and the decrease in stock transaction volume.

"It has a certain pressure in the wealth management of China Merchants Bank in the first half of the year, which has a certain relationship with the changes in the capital market." Wang Jianzhong, deputy governor of China Merchants Bank, said that the bank strengthened the strategy of allocating customers in the first half of the year. According to the needs of customers in different categories, we focus on allocating low -fluctuation and stable products such as deposits, banking wealth management, currency funds, and bond funds. The yields of these types of products are relatively low. In the second half of this year, China Merchants Bank has increased its strength in the allocation of equity products. This is the deployment based on the principle of the allocation of large categories and the judgment of the macroeconomic situation. The key is to strengthen the segmentation of customers. Regarding the fluctuations in wealth management, Wang Jianzhong said that whether the wealth management of China Merchants Bank can do well, the key point is in two aspects: the first is whether the customer base can continue to increase. In the first half of the year, under the influence of the epidemic and other factors, the growth of China Merchants Bank's retail group was still good, especially the asset growth of high net worth customers was very good. The second is to make more accurate configurations for customers. As of the end of June, China Merchants Bank's wealth holding customers were 40.7486 million, an increase of 7.84%over the end of the previous year, and continued to grow. When these customers reached a certain level, the moat of Merchants Bank's wealth management will be more solid.

Increase retail credit allocation

In the first half of this year, the retail loan of China Merchants Bank grew slowly. As of the end of June, the balance of Merchants Bank's retail loan was 3.09 trillion yuan, an increase of 3.43%over the end of the previous year. Retail loans accounted for 52.10%, a decrease of 1.54 percentage points from the end of the previous year.

Wang Liang said that the China Merchants Bank will further adhere to the development strategy of retail banking. It must not only develop a good wealth management business, but also increase the allocation of retail credit business to maintain a higher proportion of retail loans. In the past, the China Merchants Bank basically issued about 60%of the new loans and was allocated on retail credit assets.

In addition, due to the double contraction of credit cards and mortgage loans this year, the growth rate of retail loans in the first half of the year does not reach expectations. Although the total increased by about 100 billion yuan, only the level of more than 30%of the budget is completed. Credit allocation and increased retail business input.

Wang Jianzhong said that in terms of retail assets, retail assets are the cockpit stones of China Merchants Bank on the asset side, mainly including credit card loans and retail credit. At present, the development of credit card business adheres to the strategy of stable and low fluctuations. Two years ago, China Merchants Bank optimized the customer structure in terms of credit card business and consolidated the customer base. So far, China Merchants Bank's credit card transaction volume is the lead in the market, and the asset quality of credit cards is still excellent. In the second half of the year, on the basis of continuing to adhere to the stable and low fluctuation strategy, the growth of credit card assets is expected to perform well.

In terms of mortgage loans, the scale of the China Merchants Bank is relatively large. The growth of the first half of this year is less than expected, which is highly related to the market. The next step will be increased on the basis of first -hand housing to increase the number of second -hand housing to achieve stable growth of mortgages.

In terms of small and micro loans, a good growth has been achieved in the first half of the year. The next step will continue to deepen the financial services of small and micro enterprises in accordance with regulatory requirements. In terms of consumer finance, it also achieved better growth in the first half of the year, and the quality of assets is now relatively good. The second half of the year will expand under the premise of ensuring quality. The bank has confidence to control the quality of assets within the expected range while expanding. Overall, the retail asset business in the second half of the year is good.

Wang Liang concluded that the measures proposed by the China Merchants Bank include expansion, incremental, stabilizing, and shelter. The so -called expansion is to expand the loan customer base. In the past, the loan customers, especially the public customers mainly centralized the head office and the branches, the number of customers, the number of customers was small, and was affected by the financing of financing. In the next step, the risk is to sink the customer to sink; the second is to ensure the increase in the loan; the third is to stabilize the pricing. Although the loan pricing may decline, it is necessary to stabilize the customer's comprehensive return, which is the customer's RAROC level; The fourth is to ensure quality, which is a prerequisite.

"These are the answers to how we solve the problem of asset business. The construction ability is a place where we are wearing and in the future." Wang Liang said.

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