China Merchants Bank Co Ltd Class A
600036: XSHG (CHN)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
¥72.00 | Hpkyts | Cmsrxcng |
CMB’s Preliminary 2022 Results Show Strong Net Profit Growth Amid Challenging Market Conditions
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.