China Merchants Securities : ·PRELIMINARY FINANCIAL DATA FOR THE ANNUAL RESULTS OF 2019

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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 2019

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 2019 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 2019. 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)

			Increase/
	2019	2018	decrease
Major financial data	(Unaudited)	(Audited)	over last year
Operating income	269,750	248,555	8.53%
Of which: Net non-interest income	96,660	88,171	9.63%
Operating profit	117,119	106,608	9.86%
Total profit	117,205	106,497	10.05%
Net profit attributable to shareholders of the Bank	92,867	80,560	15.28%
Net profit attributable to shareholders of	92,177	80,129	15.04%
the Bank net of non-recurring gain or loss
Basic earnings per share attributable to	3.62	3.13	15.65%
ordinary shareholders of the Bank (RMB)1
Weighted average return on net assets attributable	16.84	16.57	Increase by 0.27
to ordinary shareholders of the Bank (%)1			percentage point
	As at	As at
	31	31	Increase/
	December	December	decrease
	2019	2018	over the end
Major financial data	(Unaudited)	(Audited)	of last year
Total assets	7,417,124	6,745,729	9.95%
Of which: Total loans and advances to customers2	4,490,650	3,933,034	14.18%
Total liabilities	6,799,296	6,202,124	9.63%
Of which: Total deposits from customers2	4,844,422	4,400,674	10.08%
Equity attributable to shareholders of the Bank	611,417	540,118	13.20%
Total share capital of ordinary shares	25,220	25,220	-
Net assets per share attributable to ordinary shareholders	22.89	20.07	14.05%
of the Bank (RMB)3
Non-performing loan ratio (%)	1.16	1.36	Decrease by 0.20
			percentage point

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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 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 shareholders of the Bank" (after deducting for preference shares) by the total share capital of ordinary shares as at the end of the period.

2. DETAILS OF THE OPERATING RESULTS AND FINANCIAL POSITION

In 2019, the Group achieved steady improvement in every business segment and the overall operation was satisfactory. The Group achieved operating income of RMB269.750 billion, representing an increase of RMB21.195 billion or 8.53% over last year; total profit amounted to RMB117.205 billion, representing an increase of RMB10.708 billion or 10.05% over last year; net profit attributable to shareholders of the Bank amounted to RMB92.867 billion, representing an increase of RMB12.307 billion or 15.28% over last year. As at 31 December 2019, the total assets of the Group amounted to RMB7,417.124 billion, representing an increase of RMB671.395 billion or 9.95% as compared to the end of the previous year; total liabilities amounted to RMB6,799.296 billion, representing an increase of RMB597.172 billion or 9.63% as compared to the end of the previous year. Non-performing loan ratio was 1.16%, representing a decrease of 0.20 percentage point as compared to the end of the previous year.

3. RISK WARNING

The major financial data for 2019 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 2019. 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.

17 January 2020

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 Li Jianhong, 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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