China Merchants Bank : ·Press Release

Press Release - CMB 2022 Interim Results

China Merchants Bank Announces 2022 Interim Results

Stable Operation and Results

Net Profit Achieved Double-digit Growth

Non-performing Loan Ratio Below 1%

2022 Interim Results Highlights

Overall asset quality remained stable with sufficient risk provisioning and compensation capabilities

• Non-performingloan ratio was 0.95%, an increase of 0.04 percentage point as compared with the end of the previous year.
• Allowance coverage ratio was 454.06%, a decrease of 29.81 percentage points as compared with the end of the previous year.
• Balance of allowances for impairment losses on loans was RMB256.027 billion, an increase of RMB9.923 billion or 4.03% as compared with the end of the previous year.
• Allowance-to-loanratio was 4.44%, a decrease of 0.11 percentage points as compared with the end of the previous year.

Sound liabilities' structure upheld with steady increase in asset scale

• Total liabilities increased 5.32% to RMB8,829.330 billion year-on-year; total deposits from customers increased 10.87% to RMB7,037.185 billion year-on-year.
• Average daily balance of core deposits increased 12.64% to RMB5,635.730 billion as compared with the previous year, accounting for 87.15% of the average daily balance of customer deposits; average daily balance of demand deposits increased by 8.68% to RMB4,048.856 billion as compared to the previous year.
• Total assets amounted to RMB9,724.996 billion, representing an increase of 5.15% as compared with the end of the previous year; total loans and advances to customers amounted to RMB5,931.807 billion, representing an increase of 6.49% as compared with the end of the previous year.

Operating income growth demonstrated resilience with operating efficiency maintaining a favourable trend

• Net operating income increased 6.07% to RMB179.077 billion.
• Net profit attributable to shareholders of the Bank increased 13.52% year-on-year to RMB69.420 billion.

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Press Release - CMB 2022 Interim Results

• Net interest income increased 8.41% year-on-year to RMB107.692 billion; net interest margin was 2.44%, a year-on-year decrease of 0.05 percentage points.
• Net non-interest income increased 2.73% year-on-year to RMB71.385 billion.

Note1: Unless stated otherwise, all of the above data belong to the Group and denominated in RMB.

Note2: All financial information set out in this interim results press release is unaudited and prepared in accordance with the International Financial Reporting Standards

19 August, 2022 - China Merchants Bank Co., Ltd. (HKEx: 3968; SSE: 600036; "China Merchants Bank" or "the Company" or "the Bank") together with its subsidiaries ("the Group") today announced its 2022 interim results.

In the first half of 2022, the Group adhered to the concept of dynamic and balanced development of "Quality, Efficiency and Scale", and continued to implement its strategic direction of "Light-model Bank" and the strategic positioning of "One Body with Two Wings" by carrying out various businesses in a sound manner. Both the scale of assets and liabilities and net profit grew steadily, and the overall asset quality is stable.

1. Overall Operation

In the first half of 2022, the Group realised the net operating income of RMB179.077 billion, representing a year-on-year increase of 6.07%; realised a net profit attributable to shareholders of the Bank of RMB69.420 billion, representing a year-on-year increase of 13.52%; realised the net interest income of RMB107.692 billion, representing a year-on-year increase of 8.41%; and realised the net non-interest income of RMB71.385 billion, representing a year-on-year increase of 2.73%. The annualised return on average asset (ROAA) attributable to shareholders of the Bank and the annualised return on average equity

(ROAE) attributable to ordinary shareholders of the Bank were 1.46% and 18.07%, up by 0.04 percentage point and 0.01 percentage point year-on-year, respectively.

As at the end of the reporting period, the Group's total assets amounted to RMB9,724.996 billion, representing an increase of 5.15% as compared with the end of the previous year. The total loans and advances to customers amounted to RMB5,931.807 billion, representing an increase of 6.49% as compared with the end of the previous year. Total liabilities amounted to RMB8,829.330 billion, representing an increase of 5.32% as compared with the end of the previous year. Total deposits from customers amounted to RMB7,037.185 billion, representing an increase of 10.87% as compared with the end of the previous year.

As at the end of the reporting period, the Group had a total of non-performing loans of

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Press Release - CMB 2022 Interim Results

RMB56.386 billion, representing an increase of RMB5.524 billion as compared with the end of the previous year. The non-performing loan ratio was 0.95%, up by 0.04 percentage point as compared with the end of the previous year. The allowance coverage ratio was 454.06%, representing a decrease of 29.81 percentage points as compared with the end of the previous year; the allowance-to-loan ratio was 4.32%, representing a decrease of 0.10 percentage point as compared with the end of the previous year. The balance of allowances for impairment losses on loans of the Group amounted to RMB256.027 billion, representing an increase of RMB9.923 billion or 4.03% as compared with the end of the previous year.

2. Operating status of the Company

During the reporting period, the Company followed the established strategic direction and goals to accelerate the creation of the 3.0 model, striving to enhance the three major capabilities of wealth management, risk management and Fintech, integrate the professional advantages of investment banking, commercial banking, private banking, technology and research, and form the unique integrated service characteristics of ICPTR.

1. Strengthened effectiveness of extensive wealth management

Adhering to the core values of "being customer-centric and creating values for customers", the Company has continued to build the cyclic value chain of extensive wealth management and expand the size of customer base, resulting in rapid development of the extensive wealth management business. As at the end of the reporting period, the Company had 178 million retail customers (including debit and credit card customers), among which, the number of customers holding wealth products was 40,748,6002, representing an increase of 7.84% as compared with the end of the previous year. Mid- to-high-end customer base continues to grow at a faster pace on a high base, among which, the number of Sunflower-level and above customers (those with minimum daily average total assets of RMB500,000 for each month) was 4,023,600, representing an increase of 9.58% as compared with the end of the previous year. The number of private banking customers (retail customers of the Company with minimum total daily average assets of RMB10 million per month) was 130,029, representing an increase of 6.53% as compared with the end of the previous year. There were 70.4835 million active credit card users, representing an increase of 1.07% as compared with the end of the previous year.

The balance of total assets under management from retail customers of the Company amounted to RMB11,717.713 billion (daily average for each month, scale exceeded RMB10 10,000 billion as at the end of the reporting period), representing an increase of 8.91% as compared with the end of the previous year. Among them, the balance of total assets under management from the Sunflower-level and above customers amounted to

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Press Release - CMB 2022 Interim Results

RMB9,571.351 billion, representing an increase of 8.32% as compared with the end of the previous year. Total assets under management from private banking customers amounted to RMB3,647.877 billion, representing an increase of 7.48% as compared with the end of the previous year, ranking first in the industry in terms of size.

The wholesale finance segment continued to iterate and optimise the segmentation and classification service system, focusing on building ecological customer acquisition and operation capabilities around customers from the inner ring, the middle ring and the outer ring of core enterprises and their industrial chains and investment chains, with the aim to accelerate the adjustment of the customer structure. As at the end of the reporting period, the total number of corporate customers of the Company reached 2,410,100. Among them, the number of corporate customers with a daily average deposit of more than RMB500,000 reached 242,800, representing an increase of 5.66% over the end of the previous year.

As at the end of the reporting period, the Company's balance of aggregate financing products to corporate customers (FPA) was RMB5,147.800 billion, representing an increase of RMB411.931 billion over the beginning of the year. As at the end of the reporting period, the total asset management business of CMB Wealth Management, China Merchants Fund, CIGNA & CMAM and CMB International Capital, all being subsidiaries of the Company, amounted to RMB4.60 trillion, representing an increase of 6.73% as compared with the end of the previous year. As at the end of the reporting period, the balance of assets under custody of the Company increased 5.76% to RMB20.58 trillion as compared with the end of the previous year, ranking first in the industry in terms of size. The income from extensive wealth management of the Group was RMB28.257 billion, representing a year-on-year increase of 0.30%. The asset management and custody business strengthened its advantages, with fee and commission income increasing by 32.84% and 6.58% respectively.

2. Strengthened strategy implementation in the retail finance segment

The retail finance segment built an open product platform and operation platform. The

"TREE Asset Allocation System of CMB" was upgraded, providing retail customers with a professional allocation solution that includes four types of wealth management products: active money management, security management, prudent investment and aggressive investment. As at the end of the reporting period, the number of customers who carry out asset allocation under this system reached 7,968,000. The scale of management of family offices and family trusts both exceeded RMB100 billion, with the new management scale of family trusts in the first half of the year exceeding that of the previous year. The Company introduced the wealth management products of peer banks into the retail product system and built a "one-stop" agency sales of wealth management products

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Press Release - CMB 2022 Interim Results

platform. As at the end of the reporting period, CMB Wealth Management and a total of 9 peer bank wealth management subsidiaries were introduced to retail customers. The Bank also introduced asset management institutions to settle on the "Zhao Cai Hao (招財號)" open platform through market-oriented screening, a total of 126 asset management institutions were introduced, providing wealth information services to customers for more than 221 million times during the reporting period.

Retail loans business has continued to grow in scale as the company have strengthened asset marketing to weather the challenges. In the first half of 2022, retail loans amounted to RMB3,041.089 billion, representing an increase of RMB100.069 billion or 3.40% as compared with the end of the previous year, maintaining its leading position in the industry and further increasing its market share. The Company continued to deepen the transformation of its credit card business and laid a solid foundation for business growth. The credit card transactions of the Company increased 4.88% to RMB2,387.983 billion as compared with the corresponding period of the previous year, ranking first in industry in terms of growth rate.

3. Deepened transformation of the wholesale finance business

The Company took advantage of the Digital Bank and upgrade its customer service model with the integration of ICPTR to enhance customer experience, so as to realise industry- based professional operation and integrated customer service.

With respect to bill business, the Company had 110,154 customers of bill business, representing a year-on-year increase of 5.14%; and its bills direct discounting business volume amounted to RMB843.923 billion, representing a year-on-year increase of 20.29%, ranking second in the market. With respect to transaction banking business, the Company provided services of billing, investment and wealth management, budget management, financing management, international business, etc. through its CBS+ treasury management open platform, serving 4,154 group customers, with 160,400 companies under management, representing an increase of 10.70% as compared with the end of the previous year. With respect to investment banking business, the Company continued to enhance its ability to provide systemized services in the capital market. the bonds with the Company as the lead underwriter amounted to RMB343.095 billion, ranking third in the industry in terms of the size of debt financing instruments. Meanwhile, the Company continued to expand services for listed companies and achieved M&A business value of RMB116.871 billion, representing a year-on-year increase of 15.72%. With regards to institutional business, as at the end of the reporting period, the Company had provided entrusted enterprise annuity and account management services to 7,708 corporate customers across the country, and provided entrusted occupational annuity services to

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