Summary by Moomoo AI
China Merchants Bank (ABBREVIATED: IPO) issued its 2023 Annual Report on 25 March 2024, showing solid growth in its operating performance. During the reporting period, Tender achieved sales revenue of $3391.23 billion, down 1.64% year-on-year, but net profit reached $1480.06 million, up 6.25% year-on-year. The bank announced its intention to issue a cash dividend of $1.972 per share and emphasized that it will continue to advance its value banking strategy in the future, and to maintain high-quality development. The total assets of the tender offer reached $110,284.83 billion, up 8.77% year-on-year, and total loans and deposits increased 7.56% to $650,86 million. The bad loan rate decreased slightly to 0.95%, with a reserve overdraft rate of 437.70%. Tender said it will continuously optimize client and business structures and strengthen risk management to support physical economy and livelihood needs, while driving digital transformation and improving service quality.