Xinhua Finance Beijing 65438+February 26th In the 1980s and 1990s, 12 joint-stock bank was born. In the wave of financial reform in China, they made strenuous efforts and became an indispensable force in the banking history of China.
There are 12 joint-stock companies with different resource endowments and different management modes. Among them, Wang Minsheng, China Merchants Bank, Xingye, Pudong Development Bank, CITIC and International Business, once known as the "Five Kings" of joint-stock banks, are typical representatives of joint-stock banks.
However, things are unpredictable. After nearly 20 years of development, the management of the five kings has been very different. As soon as China Merchants Bank rode the dust, Xingye was basically transformed successfully. Pufa is trying to catch up, and CITIC and Minsheng are looking forward to it in their respective difficulties.
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Let's look at a more intuitive indicator, market value.
In 2007, Xingye and CITIC went public one after another, becoming the latest banks among the five major stock banks. In 2007, the market values of the five banks were 556.6 billion yuan for China Merchants Bank, 327,654.38 billion yuan for China CITIC Bank, 259.3 billion yuan for Industrial Bank, 229.9 billion yuan for Shanghai Pudong Development Bank and 2 146 billion yuan for Minsheng Bank. China Merchants Bank has the highest market value, while the other four have basically the same market value.
Comparing with the latest market value data, as of February 24th, 2002112, China Merchants Bank10.26 trillion, Xingye 396.2 billion, Pudong Development Bank 250.7 billion, CITIC198.2 billion and Minsheng158.4 billion. The market value of China Merchants Bank is about three times that of Xingye, five times that of Pudong Development Bank, six times that of CITIC and eight times that of people's livelihood, which is far behind the other four joint-stock companies.
The jump in the market value of China Merchants Bank is divided into two stages. The first stage was from 2005 to 2007, exceeding 200 billion. This leap is mainly due to the retail strategy started in 2004. Later, it was called "a transformation" of China Merchants Bank, which was one of the most important strategic transformations in its history. This is the first bank in China to take retail finance as its main strategy. The second stage is 20 16-2020, exceeding one trillion. This is due to the fact that China Merchants Bank takes retail business as its core, at the same time vigorously develops corporate and inter-bank business, strengthens financial technology, builds a circular value chain of "wealth management-asset management-investment bank" and creates a new business model of big wealth management.
The reasons for such a big gap between the market value of Industrial Bank and China Merchants Bank are: First, the supervision has tightened the inter-bank business policy, and the core business has been hit hard; Second, when President Gao Jianping and President Li Renjie retired, they hesitated to choose their successors, which led to internal disunity and had a negative impact on their performance. Fortunately, after several years of adjustment, financial indicators are improving. At present, the market value is gradually distancing itself from Pudong Development and People's Livelihood, ranking second among the five major joint-stock companies with a market value of 396.2 billion yuan.
Pufa 1999 went public, with a total market value of 59.6 billion yuan in the first year of listing, which became the highest market value of A shares at that time. Twenty years have passed, and Pufa has been operating for several years, with a low market value. At present, the market value is 250.7 billion, ranking third among the five joint-stock companies.
Through a special letter from Mr. Rong Yiren, the former chairman of CITIC Group, CITIC Bank asked the central government to set up under the system of CITIC Company, with the intention of fully operating foreign exchange banking business. Therefore, CITIC Bank had a clear positioning at the beginning of its establishment.
As the first private joint-stock company of people's livelihood, it focuses on financing for small and medium-sized enterprises. No matter at which stage of the economic cycle, we always adhere to the high-risk preference strategy. Economic downturn, risk exposure, the highest market value of 20 14 is 350 billion, all the way down. Today, the market value is only 65.438+0584 billion, ranking the bottom among the five joint-stock companies.
The core indicator to measure asset quality is the provision coverage ratio of non-performing loans.
As an indicator of bank loan loss reserve, the higher the coverage ratio of non-performing loan provision, the stronger the bank's ability to resist risks. Before 20 16, all stock banks performed well in asset quality except citic. At the end of 20 16, the provision coverage ratios of the five banks were China Merchants Bank 180.02%, Xingye 2 10.08%, Shanghai Pudong Development Bank 169. 13% and CITIC 155.
After 20 16, China Merchants Bank rode the dust, and the provision coverage ratio exceeded 400%. The provision coverage ratio of CITIC is relatively stable, and the latest data is 184.60%. Due to the outbreak of Shanghai Pudong Development Bank Chengdu Branch, the provision coverage ratio dropped sharply. Because of the economic downturn, people's livelihood has exposed the risk of small and micro loans with heavy positions, and the provision coverage ratio has been declining all the way. As of September 30th, 20021year, the provision coverage ratio of Shanghai Pudong Development Bank was only 148.62%, while that of Minsheng was 146.43%.
If the regulatory index is not lowered once in 20 18 years (from 150% to no less than 120%), the people's livelihood in Pudong will be outside the qualified threshold.
Another indicator worthy of observation-non-performing rate.
Banks earn profits by operating risks, and the non-performing rate directly reflects the bank's asset quality and risk management ability. On the whole, the bad levels of several banks are close. At the end of 2007, the NPL ratio of China Merchants Bank was 1.54%, Shanghai Pudong Development Bank was 1.46%, Xingye was 1. 15%, CITIC was 1.48%, and Minsheng was/kloc-0.
20 16 has a watershed. The NPL ratio of China Merchants Bank and Xingye continued to decline, while the NPL ratio of Minsheng, Pudong Development Bank and CITIC continued to rise. As for PUFA, there are also some factors, such as the impact of the Chengdu branch incident, and some businesses are developing too fast. For people's livelihood, high-risk preference always breaks out when the economy goes down. For CITIC, there are frequent risk events, such as "CITIC is the third largest creditor in Jia Yueting", which are frequently reported in newspapers. By September 30th, 20021year, the NPL ratio of Shanghai Pudong Development Bank was 1.62%, and that of Minsheng was 1.79%. The NPL ratio of China Merchants Bank is only 0.93%, Xingye 1. 12% and CITIC 1.48%.
p & gt
Banks earn spreads by absorbing deposits and issuing loans. Debt cost not only affects the profitability of banks, but also determines the quality of their assets to a great extent, because low deposit cost can allocate assets with lower risks and there is more room at the asset end.
In the past five years, the rising cost of bank debt has become a common phenomenon. However, due to the continuous retail financial strategy, China Merchants Bank has a far-ahead debt cost advantage, which is about 0.6 percentage points lower than the other four joint-stock banks. By the end of 2020, the debt cost of China Merchants Bank was 1.73%, while that of Pudong Development Bank, Xingye, Minsheng and CITIC were 2.33%, 2.36%, 2.4 1% and 2.29% respectively.
Don't underestimate the gap of 0.6 percentage points. Corresponding to the interest-bearing liabilities of China Merchants Bank, the cost can be reduced by nearly 40 billion yuan.
Let's take a look at the core indicator to measure the profitability of banks-ROE.
Pufa relies on its deep corporate business foundation. At the beginning of listing, its ROE can be said to be the pride of peers, which was once higher than that of China Merchants Bank. In 2008, the ROE of Shanghai Pudong Development Bank reached an all-time high of 35.77%, that of China Merchants Bank was only 28.58%, that of Xingye was 25.90%, and that of Minsheng and CITIC was even lower, being 15. 15% and 14.84% respectively.
This achievement of Pufa was related to the "4 trillion plan" at that time. Increased investment in infrastructure and central enterprises is more conducive to the strong Pudong development of the public.
In the next decade, the demand for personal financial management began to explode, and the king of retail also ushered in its best era. By the end of 2020, the ROE of China Merchants Bank will be 65,438+04.58%, while that of Shanghai Pudong Development Bank will be only 9.79%.
Due to the strong supervision of inter-bank business, the return on net assets of Xingye has been declining from 20.60% in 20 14 years. After nearly five years of transformation, the ROE has bottomed out and rebounded, reaching 1 1.52%.
People's livelihood is deeply rooted in Xiaowei. At that time, the president once said, "I am embarrassed to say if I make money." ROE of 20 12 years is as high as 25.67%, and finally you have to pay for high-risk preference. At the end of 2020, the return on equity was only 6.55%.
CITIC's ROE has been at the bottom of the five banks until Minsheng's ROE has fallen sharply and achieved "transcendence", ranking fourth, with 9.23%.
——2——
By simply comparing some core data of five stock banks, we can see that the five banks are in the same era and environment, but in less than 20 years, they have gone to different central games. Financial data is the result. What really determines their different situations?
China Merchants Bank
Adhere to the retail banking strategy and do not relax.
As a beacon of enterprise development, strategy determines the direction of enterprise development. If the strategic positioning of an enterprise drifts, just like a ship lost its way at sea, no matter how hard it tries, it can only sail to the wrong destination.
At a time when banks are generally clustered in corporate business and homogenization competition is serious, China Merchants Bank has made a self-revolution by forward-looking prediction and transformed itself into a retail bank that is generally regarded as "big investment and slow effectiveness". Establishing the strategic positioning of retail banks has never wavered so far. After decades of focusing on one thing, it finally won the king of retail. Moreover, after accelerating the second transformation, China Merchants Bank came from behind in corporate business and inter-bank business, and its performance was also very outstanding. Based on the big wealth management model, the investment banking business and asset management business that have been vigorously developed are also among the best in the industry.
Stable management.
Whether the management is stable or not directly affects the implementation of strategic objectives and business strategies. Especially for banks with trillions of assets, "the ship is hard to turn around." Moreover, the investment of bank assets is closely related to the macro-economy, and various operating indicators need to be tested for a long period of time.
Since its establishment 34 years ago, China Merchants Bank has only had three presidents (Wang Shizhen, Ma Weihua and current Tian Huiyu).
Comparatively speaking, the successive presidents of China Merchants Bank have more time to implement their business philosophy, and the excellent performance of China Merchants Bank has also fully benefited from this. It is worth mentioning that the major shareholder of China Merchants Bank has always been China Merchants Bank. Not only the shareholders are stable, but also the management should be fully authorized by the shareholders in order to show their talents.
Strong market sensitivity and execution.
The success of China Merchants Bank is inseparable from two business transformations. In 2004, China Merchants Bank defined the retail financial strategy, which was later called "a transformation", and established the market position of China Merchants Bank's retail business. In 2009, China Merchants Bank proposed to implement the "second transformation", established the light banking strategy, and accelerated the second transformation in 20 14, and established the strategic goal of "one body and two wings" (retail business as the main body, company and inter-bank business as the two wings). Through the second transformation, China Merchants Bank not only expanded and strengthened its corporate business, but also seized the opportunity of the development of Internet finance. Both changes are keen perception and judgment of the market, and both reflect its strong innovation ability and execution.
China Merchants Bank has become the most dazzling star in the stock market, and recently, flying Su joined as its spokesperson, which is even more brilliant. When the water is full, it overflows, and when the moon is full, it loses. Faced with so many praises and higher expectations from the market, there is increasing pressure for sustained growth in performance. Can you stay calm and guard against arrogance and rashness? There is an undercurrent inside China Merchants Bank. There are still some uncertainties, such as the signs of declining employee satisfaction of China Merchants Bank, and more and more old China Merchants Bank have left their jobs. Not only do executives leave frequently, but the mobility of middle-level and business backbones has also increased significantly. The resumes of China Merchants Bank employees in the market have increased, unlike those employees who couldn't dig China Merchants Bank before. It remains to be seen whether these phenomena indicate the changes in the culture and internal management of China Merchants Bank and whether they will become hidden dangers in the future development.
Xingye tablets
Adhere to the inter-bank business strategy.
In 2002, President Li Renjie, who just took office, made a full investigation on the present situation of Industrial Bank. Capital shortage, located in Fuzhou, the regional environment is the worst among joint-stock banks, even worse than state-owned banks. After in-depth analysis of the domestic market and investigation of outstanding international peers, Xingye found that the financial market business not only occupied less capital, but also was blank in the domestic market at that time, which was an excellent breakthrough to seek differentiated development strategy, and finally established the strategy of establishing a bank in the same industry, and carried out a series of drastic reforms in the organizational structure. Inter-bank business has promoted the scale, quantity and efficiency. After more than ten years of persistence, it finally achieved the title of "king of the industry".
Stable management.
Xingye, a local bank located in the southeast corner, has rapidly grown into a leading bank in inter-bank business and various operating indicators, which is also related to its long-term stable operation. There are four presidents in Xingye's history, namely Chen Yun,, and Tao. As the founding president, Chen Yun was in office 12, the second president, Gao Jianping, was in office for 2 years, and Li Renjie was in office 14, leading Industrial Bank to become the "king of its peers". Ceramic art has been in power for five years.
Forced to transform and face the test.
In 20 14, influenced by the document 127, Industrial Bank, the "king of the industry", put on a tight spell, and urgently needed to reduce the scale of pressure drop and change from non-standard to standard. However, it took Industrial Bank only two years to complete the rectification, and the repurchase scale was reduced from 710.30 billion to 2.8 billion, and the beneficial assets of bills and trusts were almost zero.
20 16, industrial bank redefined its new development ideas after completing the rectification of its peers. With the help of my accumulation in financial market business and long-term experience as a financial platform, I have established a strategy of "three types of banks" for investment, settlement and trading, which is similar to the light bank of China Merchants Bank, that is, expanding the balance sheet, getting rid of the constraints of capital and leaving the old road of scale growth.
Five years later, in 2020, when the epidemic struck, Industrial Bank achieved a net profit of 66.6 billion yuan, and its revenue scale exceeded 200 billion yuan for the first time. For the first time in five years, the balance of non-performing loans and the ratio of non-performing loans have achieved "double decline".
Judging from the financial data, the transformation of Industrial Bank has achieved results. However, as a special institution with operational risks, whether the bank's strategy and business are correct needs at least one economic cycle test. It is still too early to say that the transformation is successful.
Pufa tablets
Strategic positioning drift.
Pufa has been listed for more than 20 years. Judging from the disclosed annual report, its strategic positioning changes frequently and seems to lack determination.
First of all, from 2000 to 2005, strategic investment was made in Citibank, aiming at developing retail business and adjusting business structure.
Then, from 2006 to 20 12, after parting ways with Citibank, it turned to capital market business and investment banking business, following the example of Industrial Bank.
20 13 to 20 15 With the rise of the wave of mobile internet, Pudong has put forward the strategic goal of large retail integration.
During the period from 20 16 to 2020, PUFA launched three strategic objectives in five years:
20 16 "Enhance the comprehensive financial service ability and build a high-performance universal banking group"
20 17 to 20 18 "Building a first-class digital eco-bank with customers as the center and technology as the guide"
20 19 to 2020 "build a first-class joint-stock commercial bank with international competitiveness, and promote the whole bank to become the vanguard and forerunner of the high-quality development of the financial industry in the new era".
These constantly changing words are obviously not focused enough, and it is difficult to calm down and implement them.
Behind the strategic replacement usually comes from the change of management.
Since its establishment 29 years ago, Shanghai Pudong Development Bank has experienced six presidents (Pei Jingzhi, Jin Yun, Zhu, and current Pan Weidong). Every president's term of office is not long, and many good business ideas are difficult to be fully promoted.
Risk events occur frequently.
In 2065438+2008, Pudong Development Chengdu Branch was fined 462 million yuan for a 77.5 billion yuan false credit case, setting a record for the bank's most expensive ticket, which eclipsed the former "king of the masses". This is also the result of the radical expansion of Shanghai Pudong Development Bank and the implementation of the "franchise system" in its branches, which led to the head office losing control of its branches. When expressways open branches all over the country, they rely too much on local management and employees, which leads to lax control of branches by the head office.
Recently, it has emerged that the 40 million deposits of the listed company Keyuan Wisdom in Shanghai Pudong Development Bank cannot be withdrawn due to maturity, and whether the total deposits of 295 million yuan are "pledged". Keyuan Wisdom and Shanghai Pudong Development Bank have their own opinions. These events have caused the market and regulators to worry about the internal control system of Shanghai Pudong Development Bank.
Although the performance of Shanghai Pudong Development Bank failed to meet everyone's expectations of "the king of corporate governance", the corporate governance business foundation of Shanghai Pudong Development Bank, located in the financial center of China, is still very solid. In 2020, the company's deposit balance and total loans will still be among the best in the stock banks. If Pufa makes timely adjustments in strategy and management, the future can still be expected in time.
Citic article
The strategic positioning is broad but not refined.
CITIC Bank was established to solve the foreign exchange settlement problem of CITIC Group and domestic financial market at that time, so compared with other banks, CITIC Bank did not need to "seek" strategic positioning. But unfortunately, after nearly 20 years of development, the "king of international business" has already slipped quietly and has not been heard from. When it went public in 2007, the market gave CITIC Bank an evaluation of "lack of characteristics". There may be two reasons for the decline of CITIC. First, it failed to make full use of the resources of CITIC Group and cooperated well with other brothers in the group. Second, the management mostly comes from big state-owned banks, which inevitably bears the brand of big banks. The thinking inertia of big banks has not been better integrated with the characteristics of CITIC, which leads to the lack of flexibility and innovative spirit in CITIC's management culture.
Management changes frequently.
The management of CITIC Bank changes frequently. Founded 34 years ago, he served as chairman for six times. Although the first two presidents held office for a long time, Dou Jianzhong held office for 10 years and Chen Xiaoxian held office for 8 years. However, since the abdication of the two old presidents, the term of office of each president has been less than three years: two years for Zhu, two years for Sun Deshun. The current President Fang has not been in office for three years since he took office on 20 19.
As the earliest joint-stock bank, CITIC Bank lags behind other banks earlier. But in fact, CITIC Bank relies on CITIC Group, and its resource endowment is actually slightly better. Moreover, CITIC Group's position in central enterprises has become more and more prominent in recent years. If CITIC Bank can seize the resources of the group in the future, it may be old.
Minsheng tablets
Consistent high-risk preference strategy.
Minsheng Bank is the first private bank in China, focusing on SME loans. Relying on its huge network of relationships, it adopts a relational and active style of play, which can fight and rob. It is worth noting that the asset risk of SMEs fluctuates greatly. When the year is good, the economy goes up, the loan interest rate is high and the spread is rich. However, during the economic downturn, coupled with the relatively short-term and excessive incentive policies before, the risk of loan assets was concentrated and the non-performing rate soared.
Since the release of 4 trillion yuan of water in 2009, the performance of Minsheng Bank has been leaping forward with high net interest margin and net profit, and the non-performing rate and overdue rate have been declining. 20 1 1 At the end of the year, Hong Qi, the president of Minsheng Bank, made a remark that "it's embarrassing to make money", which pushed Minsheng Bank to the forefront for a time and caused the whole society to condemn the bank for making money too easily.
The dispute over equity is constant.
Minsheng Bank was founded by 59 shareholders, 48 of whom are private shareholders, many of whom are major shareholders. At the end of 2000, the board of directors of Minsheng Bank basically formed a three-legged situation of Hope Department, Oceanwide Department and Oriental Department. In the following years, the Giants Department, Tomorrow Department, many galaxy departments and Anbang Department successively entered the game and participated in the wrestling game with Minsheng Bank. Celebrities gather, palace fights continue, and factions abound, which is dubbed by the industry as "the people are not happy."
Decentralization of stock rights can't make shareholders check and balance each other, but it increases the agency cost and forms insider control under the undercurrent, which leads to the deadlock of corporate governance for different shareholders because of their different ideas and interests. This is particularly prominent after Dong Wenbiao's withdrawal. Managers from large state-owned banks have great cultural conflicts with people's livelihood, so they can't share joys and sorrows, and their business naturally goes wrong.
This also led to Minsheng Bank being abandoned by the capital market and its valuation falling again and again. In April this year, there were also rumors that they would take over. Although it has been rumored, it also shows the market's expectations for poor people's livelihood. However, after the new management took office, the retail business and wealth management business of Minsheng Bank improved slightly, which may be an opportunity for Minsheng Bank to be reborn.
——3——
Write it at the end
After 20 years' development, five joint-stock banks have gone through ups and downs and come out of a completely different game.
After all, banks still need bankers to manage them. A successful bank can not do without excellent and steady management, can grasp the trend of the times, keep up with the macro situation, and have a clear judgment on its own advantages and disadvantages according to its environment. The strategic choice is far-sighted and the tactical implementation is firm.
In fact, running a bank, like running a life, is a long-distance race. Only by enduring loneliness and prosperity can we finally stand out and become a real "king".
Statement: Xinhua Finance is a national financial information platform created by Xinhua News Agency. In any case, the information published on this platform does not constitute investment advice.
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