China Merchants Bank reports steady 2024 profit growth

** China Merchants Bank (CMB) today released its 2024 Annual Report, highlighting steady financial performance. Net profit attributable to shareholders reached RMB148.391 billion, a 1.22% increase year-over-year. The bank demonstrated balanced development across profitability, quality, and scale, with revenue declines narrowing each quarter. Total assets exceeded RMB12 trillion, and deposits surpassed RMB9 trillion, growing by over 10% year-over-year. Despite external pressures and domestic difficulties, CMB maintained a leading position in asset quality, with a non-performing loan ratio of 0.95% and an allowance coverage ratio of 411.98%. The bank's board proposes a cash dividend of RMB2.000 per share, to be approved at the 2024 Annual General Meeting. The bank also says its MSCI ESG rating was the highest level "AAA". Looking forward, CMB management expressed confidence in navigating future challenges, including external headwinds and economic transitions, by focusing on innovation, risk management, and customer service.