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Minsheng Bank \ ! h6 X/ v: O6 E5 D: X/ R+ x
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Annual report, Minsheng Bank 2009 net profit of 12.1 billion yuan, achieving income and net profit rose 20.11% and 53.51% of good results. 7 e# Q% |- y1 j1 Z
In the main business indicators, Minsheng Bank rate of return on average total assets (ROA) was 0.98%, weighted average return on equity (ROE) was 20.19%, respectively, an increase over 2008, 0.18 and 4.96 percentage points. However, if after deducting non-recurring gains and losses reduced to 13.99% ROE compared to 2008, down 1.12 percentage points. + ~; I% y/ R3 ?
Perhaps management's satisfaction and vision for the future is a sufficient basis, in the H shares after successful completion of financing the capital bottleneck has been eliminated under the premise of Minsheng Bank need to find new business entry point,Nike Basketball shoes, at present the company is going In a development consistent with its own characteristics on the road. * w, L5 t& h, f0 }, c
Minsheng Bank this feature is to think that is still \1 y6 h) Q" E, r& K x3 M" Z" g; I; S
Management in the earnings call, said Minsheng Bank will continue to adjust the existing structure of credit and customers, on the original platform for large customers and government customers credit line management of the industry to seek out potential risks, and continuously increase loans for small and medium enterprises.
! g5 W, K2 v, z% }: o1 s To April 20 closing price of Minsheng Bank 7.09 yuan terms, its book value (PB) was 1.79 times. In an interview with our staff reporter interviewed the five banking analyst opinion, and about twice the 2010 Bank of PB compared to the median,Kobe Bryant Shoes, Minsheng Bank shares now there is a certain margin of safety. But if we break with this value, operating costs, as management has said whether the steady decline and continued low interest-bearing liabilities could run as the most critical factor. % v7 ?( p% ]5 o6 g2 K4 N: D
One, three analysts have said that more than two if the get out of control, may be in the second half of 2010, Minsheng Bank a negative impact on performance.
- C0 q4 i" P% L5 A6 A3 B. J; R+ h( ]9 n Focused their attention on the expansion of assets / |6 L9 ]& Q" ^6 U& a
In Bank of China (601,988, stock it) industry, the China Merchants Bank (600036, stock it) has always boasted the best retail bank and the highest proportion of retail business has reached 20%, but the industry that the only However, the industry one step ahead of its only advantage, and profit in the current mode, the Merchants Bank has done the ultimate retail business. : g( ]- z+ D1 Y
Livelihood is based on small and medium enterprises as the breakthrough point, and then to expand into related areas of business approach to maximizing revenue sources, including retail and intermediary business income.
6 O7 S6 B d1 w6 _" F5 w4 q* b \Although Minsheng Bank not to \unit. 3 b0 N& i( U1 _
Essence, both achieving the same. Because the livelihood of the people from the medium and small enterprises to expand personal services, may be more consistent with their equity-based institutions to small and medium characteristics, and easier to shareholders for their support. However, both the CMB or the people's livelihood, the ultimate body to the continuous development of each unit of horizontal and vertical business, earn interest margin or service fee. ' k- R# | \% ^/ ^
Income is mainly derived from bank interest margins and manage a bank loan-deposit business the key to profits. 0 N" u3 w3 X [* f0 q4 r
Contrast the two banks can be found by expanding the retail business accounting for them to raise lending rates at the same time, making the proportion of their demand deposits are at 50% level, which is very beneficial to their cost control. % `4 f3 w! {) F0 i- }& z
Report shows that last year's fourth quarter, due to drastically reduced the bargaining power of the discount and loans accounting for the improvement, promotion of Minsheng Bank interest-earning assets yield a substantial increase in the chain 17BP. % w/ a1 ]! F$ [
The same time, properly balance cost control, through active compression time deposits and deposit agreements, and benefit from the trend of demand deposits,Ed Hardy Mens Shoes, demand deposits accounted chain by approximately 2.8 percentage points, these factors culminated in the fourth quarter, net interest margin, a substantial rebound in the chain 23BP to 2.75% in the same industry is at a high level. : t2 d" X! L0 I
Look at China Merchants Bank, the opening and closing balance calculated the average net interest margin was 2.29%, 2.15% higher than the third quarter increased 14BP. Net interest margin recovery is mainly a restructuring of assets and liabilities, in particular accounting for demand deposits increased by 2.3 percentage points to 54.8%. 3 }6 i9 r+ E$ M3 S+ o4 D2 O# e. h
In interest-bearing liabilities, the Minsheng Bank's deliberate control becomes more apparent. From the structure of interest payments, deposits, accounting for the largest companies in time deposits (total deposits of 46%) compared with the average cost rate of decline in 2008 169BP, so companies like the average cost of deposits has been lower than the rate of 1.62%, 1.87% retail deposits . ( h- V' g4 z ?$ ~, w. w, O O
Bills discounted loans from changes in accounting, assets can be seen in the period of economic fluctuations play a significant impact on banks.
, F! C: l4 t" h j At the end of 2009, Minsheng Bank's bills discounted by the proportion of 12% in 2008 to 5%, down 58%, while investment banks to discount notes, accounting for 3.4 percent compression to 8.6%. ! I4 Y& Z( G) q1 [5 P
However, taking into account the livelihood of 1.4 trillion yuan of bank asset size, while China Merchants Bank has reached 2 trillion yuan base about the size, if the CMB to compress this part of the loan bills discounted room, it will make more The amount of the loan to the payment of higher interest rates, resulting in higher revenues. ' f. F }7 |! g8 A" |5 z: v
Strokes what behavior is not falling profits so serious cases, more to suppress the bill discount loans? Perhaps this reflects the CMB would like to but can not helplessness. 6 }6 H: k9 ~9 V& y7 A: X8 m
This is the pros and cons of retail banking. Them through investment in fixed assets (sub-branch construction, IT building) hope for more sources of deposits and client resources through a variety of methods (demand deposits, financial products) lowering cost of debt. But these are the existence of high liquidity and volatility characteristics. 6 {) K( n' S v4 Q; V
As more customers means that China Merchants Bank will have more daily cash flow, for which, it must ensure a reasonable working capital position to meet the sudden demand for large loans or withdrawals, to avoid the loss of customers or is a large demand for market access are of high interest lending.
R) U! K- v+ G, ~$ ^ The livelihood of the people at this point now is not the problem, the scale of the assets, less 30% of the CMB under the premise of people's livelihood assets and customers in the development of space for larger, at that time also does not like Yu Dao and Merchants Bank the scale and customer bottlenecks.
- f9 P1 K! [+ P8 z This performance can be very different from the two get a glimpse. In 2009, even excluding the gain on disposal of the sea through equity, Minsheng Bank profit up 7%, while China Merchants Bank full year net profit fell by 13.5%. And Merchants Bank's asset size is almost the same growth rate, maturity ratio, debt management methods, people's livelihood is far better than the performance of China Merchants Bank, is the best interpretation.
! P; X! ]$ K! r X For Minsheng Bank, the current financial crisis, and indeed in the division a good period of development after the reform, due to joint-stock banks in asset size due in the next few years can make a large-scale, also can be refined business development space and greater flexibility.
4 U' w4 M4 d- z. \' W However, if the livelihood of the people still repeat the past, the development of high asset expansion mode, it now may be the accumulation point advantage disappear in the near after. The market pointed out that people's livelihood, business development should be more like the Shenzhen Development (000001.SZ), as, according to economic trends, a reasonable expansion of asset size in order to avoid the period of economic volatility, asset size of the negative impact on profits. ! |7 N3 E4 W& b! @
Cost control critical
- n: n3 d* N8 Y& i. z9 x0 a5 E Livelihood through commercial lending business in the last year has made considerable progress, profitability, good, but the need for ongoing investment in the following areas: First, as commercial loans through a labor-intensive business, staff input is essential; Second, commercial loans through word of mouth business is required, the need to increase investment in marketing. $ c/ ^" p7 A: x! d8 N# o, ^" ~/ Z+ j
2009 in one year, Minsheng Bank's employees increased by 31%, which is almost equivalent growth and asset size, if not properly managed, may become a breakthrough in the outbreak of future costs, devour profits.
" } a" O5 z3 B, |8 P# \) Q Commercial loans through loan amount is small, the large number of labor-intensive business users, so by establishing consistent with the specific characteristics of the credit approval system to improve efficiency. Meanwhile, the future will use a variety of ways Minsheng Bank's form of employment, lower labor costs. 6 b2 B/ s1 [8 c) Y$ F# m
Present, due to commercial loans are still early stage of development through business, investment in branding is the need to increase, despite the dominance of the cost now is not obvious, but the future is sure to become cost-control capabilities of the livelihood of a test.
" x+ f9 {5 r( _3 O) Y The other hand, the cost - the cost of credit have to pay attention to. At this point, the CMB can be used as a warning for people's livelihood. While in 2009, China Merchants Bank and Minsheng Bank to float about 20% as SME credit interest rates, as will 50% of total investment lending to SME lending, but because of asset size of the base of different behavior on the same business operations the positive impact of profits also vary.
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CICC also expressed concerns; for future development, although the Minsheng Bank's net interest margin will rise steadily, but the need to focus on the cost of upward pressure on deposit.
# O' R2 f7 c. n. x7 r. s View from the current market environment, earnings risk mainly from the relatively weak deposit base as well as more stringent restrictions on the loan to deposit ratio of the conflict between and strengthen network Jianshe Minsheng Banking Dali Improvement of the cost of the debt, but also some time to reflect. ; L" t- B/ E6 J' d
\an important part of change is people's livelihood can move out and be different from the critical path of development. \* N ?& d# Y5 v( N
Writer: Shi Yao Yao Source: Securities Market Weekly】% Z6 R" [+ a) V% y
???(Editor: Yang rights)
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