FINANCIAL SERVICES | Staff Reporter, Hong Kong

China Merchants Bank net operating income increases to $345b in 2020

It represented a 7.6% YoY rise, compared to 2019.

China Merchant Bank (CMB) witnessed a steady growth in its net operating income, representing a 7.6% YoY rise at $345b (CNY290b) in 2020, according to its annual results.

The bank has also realised a net profit attributable to shareholders of the bank of $115b (CNY97b), representing 4.82% YoY increase.

Meanwhile, the total assets of the group amounted to $9.5b(CNY8.4b), up by 12.73% as of end of the previous year, mainly due to the increase in loans and advances to customers and bond investments of the group.

“2020 was a truly unprecedented year. With the outbreak of the COVID-19 pandemic, the world economy slid into a severe recession, which aggravated and complicated the international environment. China has seen steady economic recovery thanks to its coordinated efforts dedicated to the prevention and containment of the pandemic as well as the economic and social development,” CMB chairman Miao Jianmin said of the annual results of the the company.

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