Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

招 商 銀 行 股 份 有 限 公 司

CHINA MERCHANTS BANK CO., LTD.

(A joint stock company incorporated in the People's Republic of China with limited liability)

(H Share Stock Code: 03968)

(Preference Share Stock Code: 04614)

PRELIMINARY FINANCIAL DATA FOR THE ANNUAL RESULTS OF 2020

This announcement is made by China Merchants Bank Co., Ltd. (the "Company" or the "Bank") pursuant to the requirements of Rule 13.09(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Cap.571, the Laws of Hong Kong) to provide shareholders of the Company and the public with the financial information of the Company. This announcement is also published in accordance with Rule 13.10B of the Listing Rules as it is also published on the Shanghai Stock Exchange.

The major financial data for 2020 set out in this announcement are prepared with the preliminary data of the Group by the Company and have not been audited by an auditing firm. Therefore, the specific financial data shall be subject to the final information disclosed in the annual report of the Company for 2020. Investors are hereby reminded to exercise caution when dealing in the shares of the Company.

The Board of Directors of the Company and all directors hereby warrant that the contents of this announcement do not contain any false representation, misleading statement nor is there any material omission, and accept full responsibility, individually and jointly, for the truthfulness, accuracy and completeness of the information contained in this announcement.

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1. MAJOR FINANCIAL DATA AND INDICATORS

(in millions of RMB unless otherwise specified)

2020

2019

Major financial data

(Unaudited)

(Audited)

Changes

Operating income

290,508

269,703

7.71%

Of which: Net non-interest income

105,493

96,613

9.19%

Operating profit

122,680

117,047

4.81%

Total profit

122,478

117,132

4.56%

Net profit attributable to shareholders of the Bank

97,342

92,867

4.82%

Net profit attributable to shareholders of

97,178

92,178

5.42%

the Bank net of non-recurring gain or loss

Basic earnings per share attributable to

3.79

3.62

4.70%

ordinary shareholders of the Bank (RMB YUAN)1

Weighted average return on net assets attributable

15.73

16.84

Decreased

to ordinary shareholders of the Bank (%)1

by 1.11

percentage

points

As at

As at

31 December

31 December

2020

2019

Major financial data

(Unaudited)

(Audited)

Changes

Total assets

8,358,749

7,417,240

12.69%

Of which: Total loans and advances to customers2

5,029,128

4,490,650

11.99%

Total liabilities

7,628,394

6,799,533

12.19%

Of which: Total deposits from customers2

5,625,793

4,844,422

16.13%

Equity attributable to shareholders of the Bank

723,751

611,301

18.40%

Total share capital of ordinary shares

25,220

25,220

-

Net assets per share attributable to

25.36

22.89

10.79%

ordinary shareholders of the Bank (RMB YUAN)3

2

As at 31

As at 31

December

December

2020

2019

Asset quality indicators (%)

(Unaudited)

(Audited)

Changes

Non-performing loan ratio

1.07

1.16

Decreased by 0.09

percentage point

Allowance coverage ratio of non-performing loans4

437.68

426.78

Increased by

10.90 percentage

points

Allowance-to-loan ratio5

4.67

4.97

Decreased by 0.30

percentage point

Note 1 . Basic earnings per share and weighted average return on net assets are calculated in accordance with the "Compilation Rules for Information Disclosure by Companies which Offer Securities to the Public No.9 - Calculation and Disclosure of the Return on Net Assets and Earnings per Share". In calculating the basic earnings per share and the weighted average return on net assets, dividends for preference shares for the period were deducted from the "Net profit attributable to shareholders of the Bank" whereas preference shares and perpetual bonds were deducted from the "Weighted average net assets".

Note 2 . In accordance with the "Notice on the Revision and Issuance of the Format of the Financial Statements of the Financial Enterprise for 2018" (Cai Kuai [2018] No. 36) released by the Ministry of Finance, the interest on financial instruments accrued based on the effective interest rate method should be included in the balance of carrying amounts of the financial instruments accordingly and reflected in the relevant items on the balance sheet but should not be accounted for as separate items of "interest receivable" and "interest payable". However, the "Total loans and advances to customers" and the "Total deposits from customers" herein don't include interest receivable on the relevant loans and interest payable on the relevant deposits respectively.

Note 3 . Net assets per share attributable to ordinary shareholders of the Bank is calculated by dividing the "Equity attributable to ordinary shareholders of the Bank" (after deducting for preference shares and perpetual bonds) by the total share capital of ordinary shares as at the end of the period.

Note 4 . Allowance coverage ratio of non-performing loans = allowances for impairment losses/balance of non- performing loans.

Note 5 . Allowance-to-loan ratio = allowances for impairment losses/total loans and advances to customers.

2. DETAILS OF THE OPERATING RESULTS AND FINANCIAL POSITION

In 2020, the Group achieved steady improvement in every business segment and the overall operation was satisfactory. The Group achieved operating income of RMB290.508 billion, representing an increase of RMB20.805 billion or 7.71% over last year; total profit amounted to RMB122.478 billion, representing an increase of RMB5.346 billion or 4.56% over last year; net profit attributable to shareholders of the Bank amounted to RMB97.342 billion, representing an increase of RMB4.475 billion or 4.82% over last year. As at 31 December 2020, the total assets of the Group amounted to RMB8,358.749 billion, representing an increase of RMB941.509 billion or 12.69% as compared to the end of the previous year; total liabilities amounted to RMB7,628.394 billion, representing an increase of RMB828.861 billion or 12.19% as compared to the end of the previous year. Non-performing loan ratio was 1.07%, representing a decrease of 0.09 percentage point as compared to the end of the previous year; allowance coverage ratio of non-performing loans was 437.68%, representing an increase of 10.90 percentage points as compared to the end of the previous year; and allowance-to-loan ratio was 4.67%, representing a decrease of 0.30 percentage point as compared to the end of the previous year.

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3. RISK WARNING

The major financial data for 2020 as set out in this announcement are preliminary financial data which may differ from those to be disclosed in the annual report of the Company for 2020. However, the above differences are not expected to exceed 10%. Investors are hereby reminded to exercise caution when dealing in the shares of the Company.

4. DOCUMENTS FOR INSPECTION

The balance sheets and income statements with comparative figures signed and sealed by the legal representative, President, Chief Financial Officer and the person in charge of Finance and Accounting Department of the Company are available for inspection.

The Board of Directors of

China Merchants Bank Co., Ltd.

14 January 2021

As at the date of this announcement, the executive directors of the Company are Tian Huiyu, Liu Jianjun and Wang Liang; the non-executive directors of the Company are Miao Jianmin, Fu Gangfeng, Zhou Song, Hong Xiaoyuan, Zhang Jian, Su Min, Wang Daxiong and Luo Sheng; and the independent non-executive directors of the Company are Leung Kam Chung, Antony, Zhao Jun, Wong See Hong, Li Menggang, Liu Qiao and Tian Hongqi.

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China Merchants Bank Co. Ltd. published this content on 14 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 January 2021 03:53:07 UTC