China Merchants Bank Co Ltd Class A

600036: XSHG (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥63.00	Qstdrq	Rwjnhmzzg

CMB’s Preliminary 2022 Results Show Strong Net Profit Growth Amid Challenging Market Conditions

Iris Tan

Jan 16, 2023

Narrow-moat China Merchants Bank reported better-than-expected annual growth in 2022 net profit of 15.1% to CNY 138,012 million in its preliminary results, beating our projection of 13.6% growth. However, the 4.1% growth in total revenue missed our expectations as the bank was significantly hit by volatility in capital markets. The results reflected a very challenging market environment for Chinese banks in the past quarter on stringent coronavirus restrictions and surging redemptions on bank wealth management products due to poor bond market performance.

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