刚刚，招商银行年报开启首次中期分红

Core Viewpoint - China Merchants Bank (CMB) has announced its first-ever interim dividend plan, marking a significant shift in its profit distribution strategy [3][5]. Financial Performance - For the year 2024, CMB reported total operating income of 337.49 billion yuan, a slight decrease of 0.48% year-on-year; net profit reached 148.39 billion yuan, an increase of 1.22% [1]. - Total assets amounted to 12.15 trillion yuan, with a net interest margin of 1.98%, down 17 basis points year-on-year [1]. Dividend Distribution - CMB's board approved a cash dividend of 2 yuan per share for the 2024 fiscal year, totaling approximately 50.44 billion yuan, representing a cash dividend payout ratio of 35.32% [5]. - The proposed interim profit distribution plan for 2025 includes a cash dividend amounting to 35% of the net profit attributable to ordinary shareholders for the first half of 2025 [5]. Retail Business Insights - Retail banking is identified as a key revenue driver, contributing over 50% to both revenue and profit [6]. - Retail financial business pre-tax profit was 87.99 billion yuan, down 9.56% year-on-year, while retail financial business revenue was 192.50 billion yuan, up 1.22% [6]. - The total assets under management (AUM) for retail customers reached 14.93 trillion yuan, a growth of 12.05% year-on-year [6]. Wealth Management Performance - CMB's wealth management income declined by 16.84% to 37.65 billion yuan [7]. - The bank's non-interest income was 126.21 billion yuan, reflecting a year-on-year increase of 1.41% [7]. - The wealth management fee income was 22.00 billion yuan, down 22.70% year-on-year, with various segments showing mixed performance [8].