Performance intensive disclosure of listed banks!
Following the three joint-stock banks of industrial, CITIC and Ping An, “bank Mao” China Merchants Bank Co.Ltd(600036) also released a performance express on the evening of January 14. In 2021, CMB achieved an operating revenue of 331.2 billion yuan, a year-on-year increase of 14.03%, and a net profit of 119.9 billion yuan, a year-on-year increase of 23.2%, which means that it can earn 3.3 small goals every day, exceeding 70% of the net profit of Listed Companies in one year.
The performance express of “bank Mao” has several highlights. First, the total assets have exceeded 9 trillion, which is expected to hit 10 trillion this year; Second, non interest income grew faster than net interest income, and its proportion in total income increased steadily; Third, like most peers who have issued performance letters, the non-performing loan ratio has decreased significantly. However, China Merchants Bank Co.Ltd(600036) the provision coverage in 2021 did not change significantly year-on-year.
On the evening of the 14th, another city commercial firm Jiangsu Zhangjiagang Rural Commercial Bank Co.Ltd(002839) in Jiangsu Province released a performance express. The growth rates of revenue and net profit were 10.75% and 29.77% respectively. Both non-performing assets and provisions were also improved. In this way, since the beginning of the year, the performance express of listed banks has reached 10.
worthy of the “king of retail”
non interest income accounted for 38.4%
“In 2021, the group’s businesses were carried out steadily and the overall operation was good”, CMB set its own tone for 2021.
Specifically, its operating revenue in 2021 was 331.234 billion yuan, an increase of 40.752 billion yuan, an increase of 14.03%; The total profit was 148.159 billion yuan, a year-on-year increase of 25.719 billion yuan, an increase of 21.01%; The net profit attributable to shareholders was 119.922 billion yuan, a year-on-year increase of 22.58 billion yuan, an increase of 23.2%.
In 2019 and 2020, CMB’s net profit attributable to the parent company was 92.9 billion yuan and 97.3 billion yuan respectively. 2021 was the first time to exceed 100 billion yuan. If calculated based on 365 days a year, the net profit per day was about 330 million yuan. Mr. fund looked at it. Many listed companies can’t earn one day’s money a year, and 74% of the listed companies will have a net profit of less than 330 million yuan in 2020.
In addition, as of December 31, 2021, the total assets of CMB were 9272.66 billion yuan, an increase of 911.212 billion yuan or 10.9% over the end of the previous year, exceeding 9 trillion yuan. If at this rate, the total assets in 2022 will exceed 10 trillion yuan. In terms of asset quality, its non-performing loan ratio was 0.91%, down 0.16 percentage points from the end of the previous year; The provision coverage rate was 441.34%, an increase of 3.66 percentage points over the end of the previous year; The loan provision rate was 4.03%, a decrease of 0.64 percentage points over the end of the previous year.
In the view of fund Jun, one of the highlights of CMB’s performance express is non interest income, which can afford the title of “king of retail”.
In 2022, its non interest income reached 127.3 billion yuan, a year-on-year increase of 20.7%, significantly faster than the growth rate of 14% of the total operating income, which led to the continuous increase in the proportion of non interest income, reaching 38.4%, which was more than 2 percentage points higher than that in 2020. From 2018 to 2020, CMB’s non interest income accounted for 35.47%, 35.82% and 36.3% respectively.
This brilliant performance express also attracted hot discussion among netizens, “banks can really make money”, “double-digit growth of banks is terrible”, “it is expected to make 150 billion next year, the era of big wealth management is coming”, “bank finance next week”
By the end of the third quarter of 2021, China Merchants Bank Co.Ltd(600036) had 446800 shareholders.
10 banks have issued performance letters
the net profit increased greatly and the non-performing assets decreased to “standard”
On the evening of January 14, another city commercial firm Jiangsu Zhangjiagang Rural Commercial Bank Co.Ltd(002839) announced its performance express.
Specifically, the bank achieved an operating revenue of 4.646 billion yuan in 2021, a year-on-year increase of 10.75%; The net profit attributable to shareholders of listed companies was 1.299 billion yuan, a year-on-year increase of 29.77%. By the end of 2021, the bank’s non-performing loan ratio was 0.95%, down 0.22 percentage points from the beginning of 2021; The provision coverage rate was 479.5%, an increase of 171.67 percentage points over the beginning of 2021.
So far, since the beginning of the year, a total of 10 A-share listed banks Bank Of Chengdu Co.Ltd(601838) , Industrial Bank Co.Ltd(601166) , China Citic Bank Corporation Limited(601998) , Bank Of Jiangsu Co.Ltd(600919) , Bank Of Qingdao Co.Ltd(002948) , Jiangsu Changshu Rural Commercial Bank Co.Ltd(601128) , Jiangsu Suzhou Rural Commercial Bank Co.Ltd(603323) , Ping An Bank Co.Ltd(000001) , China Merchants Bank Co.Ltd(600036) , Jiangsu Zhangjiagang Rural Commercial Bank Co.Ltd(002839) have taken the lead in disclosing the performance express ( Bank Of Chengdu Co.Ltd(601838) is the performance forecast).
From the perspective of these 10 banks, the operating revenue has achieved positive growth, of which more than half have double-digit growth, while the net profit attributable to the parent has performed better. All 10 banks have achieved double-digit growth, with the growth rate exceeding 20% except China Citic Bank Corporation Limited(601998) . The asset quality is all better. Except for the undisclosed data of Bank Of Chengdu Co.Ltd(601838) , the non-performing loan ratio of the other nine banks in 2021 decreased compared with the end of the previous year. Many banks controlled it within 1%, while the provision coverage increased comprehensively, more than half of which was more than 300%.
Under the catalysis of various factors, the banking sector has also ushered in a “good start” since the beginning of 2022.
According to the data, by the end of January 13, the banking sector had increased by 4.14% this year, ranking first among 24 secondary industries. Only Bank Of Ningbo Co.Ltd(002142) of 41 A-share listed banks fell, while all the others rose, Bank Of Jiangsu Co.Ltd(600919) , Bank Of Chengdu Co.Ltd(601838) , Jiangsu Suzhou Rural Commercial Bank Co.Ltd(603323) , Jiangsu Changshu Rural Commercial Bank Co.Ltd(601128) , Industrial Bank Co.Ltd(601166) and Postal Savings Bank Of China Co.Ltd(601658) rose by more than 10%. However, on January 14, the banking sector ushered in the Zhongyin adjustment, with a decline of nearly 2%, narrowing the increase since the beginning of the year to 2.72%.
Dongxing Securities Corporation Limited(601198) analyst Lin Jinlu pointed out that listed banks have successively disclosed the performance express of 2021, the annual performance growth rate has increased compared with the first three quarters, and the roe has increased year-on-year, reflecting the continuous improvement of profitability. At the same time, the non-performing rate decreased year-on-year, the provision coverage increased year-on-year, and the overall asset quality showed an improvement trend. “We believe that the certainty of the improvement of industry profits is strong, and we are optimistic about the banking sector”.
According to Yu Jinxin, an analyst at Minsheng securities, the banking sector can tell “five stories” in 2022. To sum up, there is room for valuation, which is easy to go up and difficult to go down; The better buying point is the night before the reversal of economic expectations, and the second best is now; The free circulation of banks is not large, the transaction is not active, and there is no need for a large amount of funds. It has flowed in on a large scale in the past month; Business is still booming and performance is not a drag on the market; Different developments on the big wealth management track may lead to alpha differentiation.
Yu Jinxin suggested that the concepts of big fortune track and convertible bonds should be preferred, and it is suggested to pay attention to Industrial Bank Co.Ltd(601166) , Ping An Bank Co.Ltd(000001) , China Merchants Bank Co.Ltd(600036) in joint-stock banks, Bank Of Chengdu Co.Ltd(601838) , Bank Of Nanjing Co.Ltd(601009) , Bank Of Jiangsu Co.Ltd(600919) , Bank Of Ningbo Co.Ltd(002142) in urban commercial banks, and Postal Savings Bank Of China Co.Ltd(601658) , Industrial And Commercial Bank Of China Limited(601398) , China Construction Bank Corporation(601939) in big banks.
