China Merchants Bank posts 6.2% profit uptick in 2023 despite revenue decline

China Merchants Bank CMB shrugged off a 1.64% year-on-year drop in revenue to Rmb339.1 billion $46.9 billion, to post a 6.2% increase in after tax profit of Rmb146.6 billion, in its 2023 annual results, from January 1 to December 31 FY 2023.

Profits were bolstered by a decline in operating expenses by around Rmb1 billion to Rmb121 billion in FY 2023, while impairment losses were Rmb41.5 billion in FY 2023, compared with Rmb57.6 billion in FY 2022.

The majority of CMB’s revenue, Rmb268.2 billion in FY 2023, comes from interest income from loans, and this figure reduced by 1% compared with FY 2022. The...