China Merchants Bank Full Year 2023 Earnings: EPS Misses Expectations

China Merchants Bank (SHSE:600036) Full Year 2023 Results

Key Financial Results

• Revenue: CN¥297.8b (up 3.4% from FY 2022).
• Net income: CN¥142.0b (up 7.0% from FY 2022).
• Profit margin: 48% (up from 46% in FY 2022).
• EPS: CN¥5.63 (up from CN¥5.27 in FY 2022).

600036 Banking Performance Indicators

• Net interest margin (NIM): 2.15% (down from 2.40% in FY 2022).
• Cost-to-income ratio: 33.0% (up from 32.9% in FY 2022).
• Non-performing loans: 0.98% (up from 0.96% in FY 2022).

All figures shown in the chart above are for the trailing 12 month (TTM) period

China Merchants Bank EPS Misses Expectations

Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.6%.

The primary driver behind last 12 months revenue was the Retail Financial segment contributing a total revenue of CN¥163.9b (55% of total revenue). Explore how 600036's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Banks industry in China.

Performance of the Chinese Banks industry.

The company's shares are up 3.6% from a week ago.

Balance Sheet Analysis

While it's very important to consider the profit and loss statement, you can also learn a lot about a company by looking at its balance sheet. We have a graphic representation of China Merchants Bank's balance sheet and an in-depth analysis of the company's financial position.

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