Securities Times reporter Ma Chuanmao

　　Yesterday, China Merchants Bank, the “King of Retailing”, which has attracted much market attention, held an online performance exchange meeting for the first quarter.

　　Tian Huiyu, the former president of China Merchants Bank, was dismissed by the board of directors on April 18 and was later investigated on the 22nd.

Since April 18, China Merchants Bank’s A shares have fallen by 17%.

This also caused various concerns in the market.

　　In this regard, Wang Liang, executive vice president of China Merchants Bank, who is currently in charge of the work, said at the meeting that at present, all businesses of the bank are developing steadily, and all operations and management remain in a normal state.

　　Wang Liang emphasized that the "three constants" and "five perseverance" are the characteristics and advantages of China Merchants Bank, and the board of directors and management will stick to it for a long time.

He also said that China Merchants Bank's strategy is very clear and firm. In the next step, the management will unswervingly do a good job in the implementation of the strategy, and keep the implementation of the strategy unchanged and unshakable.

　　Data show that in the first quarter, the bank achieved operating income of 91.99 billion yuan, a year-on-year increase of 8.5%; net profit increased by 12.5% ​​year-on-year to 36 billion yuan, and its operating performance was stable.

　　Ensure the stability of the business team

　　During the previous period at the helm of China Merchants Bank, Tian Huiyu had a clear imprint on the promotion and implementation of China Merchants Bank's strategy, business performance, and market value performance.

Because of this, his sudden sack also made investors full of doubts, especially worried about changes in China Merchants Bank's development thinking.

　　In this regard, Wang Liang introduced that on April 18, the board of directors decided that he would preside over the work of China Merchants Bank, and "fully authorized him to act as the president's responsibilities" to ensure the stability of the entire bank's business team.

"In the past week, we have worked together to maintain the stable development of various businesses, and the current operation and management are normal."

　　Wang Liang said that the "three constants" and "five perseverance" are the characteristics and advantages of China Merchants Bank, and the board of directors and management will stick to it for a long time.

　　The so-called "five perseverance" means: persevere in two perseverance; persevere in the path of marketization and specialization; persevere in innovation-driven development; persevere in the differentiated development strategy; persevere in the concept of sound and prudent risk management.

The reason why it can achieve the "five persistence" is because "the president's responsibility system under the leadership of the board of directors, the market-oriented incentive and restraint mechanism, and the stability of the cadre and talents are always maintained."

　　"Our bank has a good corporate governance mechanism. The board of directors will maintain the stability and continuity of the whole bank in a highly responsible attitude to China Merchants Bank, and make prudent choices and decisions on the new president." Wang Liang said.

　　Wang Liang believes that China Merchants Bank established a development strategy focusing on "retail banking" business in 2004, put forward a "light banking" strategy in 2014, and put forward a 3.0 business model with "big wealth management value cycle chain" as the core last year. These are all in the same line and keep pace with the times, and are constantly improved and deepened on the basis of retail banking strategy.

　　"At present, the retail banking business has become the ballast stone and half of the business of our bank. Whether it is scale, income, profit, or brand, it has brought us huge contributions. For retail banking, we will definitely stay firm." Wang Good emphasis.

　　In addition, at the beginning of last year, China Merchants Bank formulated a new five-year development plan, proposing to become "the best value-creating bank with innovation-driven, leading model and distinctive features", which has achieved remarkable results since its implementation last year.

Wang Liang said that in the next step, the management will unswervingly implement the strategy, and keep the strategy implementation unchanged and unwavering.

　　Continue to maintain the advantage of wealth management business

　　2021 is considered to be the first year of China Merchants Bank’s wealth management.

In the past year, the bank achieved a large wealth management income of 52.13 billion yuan, a year-on-year increase of 33.9%, and contributed nearly 16% to the entire bank's revenue.

　　With Tian Huiyu's departure, where will Great Wealth Management go?

How does China Merchants Bank maintain its advantages in retail business, especially wealth management business, in an increasingly crowded track?

In this regard, Zhong Desheng, assistant to the president of China Merchants Bank, introduced that with the 3.0 model as the core, China Merchants Bank is making every effort to promote the construction of the core capabilities of retail business in the wealth management era, including: accelerating the construction of customer-centric asset allocation professional capabilities; The integrated service model of “private science” strengthens the advantages of private banking business; through the service model of “people + digitalization”, it builds the channel advantages and characteristics of China Merchants Bank in the era of wealth management; it increases the layout of wealth management in the construction of the APP open platform, and Increase the intensity of openness; through openness and integration, the organizational efficiency and synergy efficiency of the whole bank will be brought into full play.

　　Zhong Desheng believes that in the process of formulating and implementing the retail business strategy, China Merchants Bank has accumulated the advantages of building a systematic retail business. "This is our confidence and foundation."

Coupled with the ongoing construction of a number of core capabilities, he is "confident" that China Merchants Bank will create a new competitive advantage in the era of wealth management.

　　It is worth noting that due to factors such as the epidemic, capital market fluctuations and high base, China Merchants Bank's non-interest income was under pressure in the first quarter, which was weaker than the bank's revenue growth.

Among them, the income of wealth management business decreased by 11% year-on-year.

　　Structurally, the main impact comes from agency fund and trust income.

The person in charge of the financial and accounting department of China Merchants Bank said that under the unfavorable situation of fund sales, the bank's fund sales market share has been steadily increasing, and its comprehensive competitiveness has not been challenged.

At the same time, the bank's wealth management and insurance agency sales rose sharply year-on-year, compensating for the impact of the first two businesses.

　　Data show that as of the end of March, China Merchants Bank’s retail AUM (customer assets under management) reached 11.34 trillion yuan, an increase of 5.4% from the beginning of the year.

Among them, the AUM of customers of golden sunflower and above increased by 4.7% in the same period, accounting for more than 70% of the total increase in retail AUM; the average AUM of private banking customers rose to nearly 28 million yuan.

　　In addition to the wealth management business, the asset management business and custody business in the large wealth management segment of China Merchants Bank achieved good growth in the first quarter.

Among them, asset management fee and commission income increased by 47.6% year-on-year, custody business income increased by 11.3% year-on-year, and the balance of custody assets once exceeded 20 trillion yuan.