I attended the annual general meeting of Ping An Bank at 2:30 pm today. There was a small surprise at the scene. I have participated in all major meetings and public activities of Ping An Bank over the years. The Ping An Bank was the best period in history, so I didn’t prepare for the problem, so the “surprise” came! Secretary Zhou left me the last chance for a question! I also took the opportunity of “going home” at the shareholders’ meeting today to share with many shareholder media the story of my 17-year career in investment banking and the journey of accompanying Ping An Bank for several years… Next, I will share the content of the text version with you. , I will conduct video online roadshows on many financial platforms in the later stage, I hope everyone will come to watch~ Thank you again!
【About the future strategic development of Ping An Bank】
In the future, Ping An Bank will continue to build its technology smart retail bank 3.0 model! Relying on the proposed “five-in-one” full-life-cycle financial service, what is the “full-life cycle? In short, at this stage of young people, the main consumption scenarios are (house purchase, car purchase, consumption, credit card) business! In this young In the primary stage of the financial industry, most young people, if they do not have more savings, will give priority to meeting the needs of young people in consumer finance at this stage, and give great support at this moment! After the young stage is over, wait for their life and work development After good stability, guide it to develop into an AUM customer! At this stage, it is in line with its life cycle and entrepreneurial life development cycle! Build and build a “financial ecosystem” in the connection! Provide different financial services at different stages! Use financial technology AI intelligence builds a portrait for it to reach the financial needs of customers from “small to large”!
【AUM and New Bancassurance Team Construction and Development】
At present, there is huge room for Ping An Bank’s retail growth, and customers have increased by 139% year-on-year! AUM directly drives an increase of 83.3 billion! The credit card business is the main development force of the retail side. Ping An Bank has increased the access threshold for credit card risk control. At the same time, while ensuring the risk access threshold, it has deeply cultivated the original customer base. Currently, it accurately serves 70 million customers! When are these customers instalment in the credit card process? When will the points be redeemed? Enjoy the convenience and benefits it brings! It is an important part of Ping An Bank’s current credit card development! The construction of the new bancassurance team will recruit 730 people this year! The personal output value exceeds the output value of traditional bank wealth management managers and investment advisors by more than 1 times! This has greatly increased and improved its intermediary business income and insurance product sales scenarios at the bank port. The [bancassurance personnel = future wealth management personnel] who sell insurance business are in the “new bancassurance” team building, highly educated, overseas Master’s degree and doctor’s degree from well-known universities have become the standard configuration of the bancassurance team] Looking at the global development trend, 50% of the profits of some overseas banks come from the sales of insurance products by the banks! At present, the domestic income in this area is only about 10%! Huge room for growth! [This is a good business, the liability is in the insurance company, and the middle income is in the banking institution]
【Macro fluctuations affect loan placement and non-performing risks】
With the increasing uncertainty of the macro environment, in the retail and corporate business lines, Ping An Bank has tightened the customer access threshold more than half a year in advance of its peers to optimize customer consumption groups. Big outbreak, Ping An auto consumption business, insist on becoming stronger and bigger! The entry threshold for credit loans has been greatly improved! Avoid the stress caused by the influence of the environment!
There is no need to worry too much about the impact of macroeconomic fluctuations on loan issuance and asset quality. First of all, as I mentioned above, Ping An Bank’s risk prediction is ahead of its time. Every month, keep track! Tighten the entry threshold and predict the macro complexity in advance with the market peers! Loan issuance is not affected by macroeconomics, and continues to unswervingly implement its grand strategy of Ping An Bank. The direction of the strategy remains unchanged, the strategy is constantly optimized, and it is always “agile”
【New Breakthrough in Transaction Banking】
The technology-driven transaction banking model has achieved the first place in the industry in the two major trading markets of [bonds and foreign exchange], and at the same time has brought considerable results. The investment bank uses precise services to drive the establishment of cooperation with large and medium-sized enterprises, and seeks from large industries. To high-quality enterprises in the subdivision field, infiltrate them to provide comprehensive finance, supply chain finance and other models to provide comprehensive financial services for enterprises! Create a bond ecology and foreign exchange ecology, and accelerate the expansion of high-quality assets. Build a team of peers to strengthen trading capabilities (foreign exchange, bonds)! So does the macro environment have an impact on business revenue? It has always maintained greater efforts to control expenses, and the cost of expenses and liabilities continued to decline. Although it was slightly affected by the epidemic, Ping An Bank seized many opportunities, such as foreign exchange transactions and bond opportunities with falling interest rates, which largely made up for other businesses. Losses and declines from being affected!
Ping An Bank, formerly known as Shenzhen Development Bank, suffered a big loss back then! The road to transforming retail in the later stage is difficult! Too many hard days! Always keep in mind the mistakes of the past! Over the years, the whole bank has been working hard and working hard until now, and life has been a little better. However, subject to the weight loss and the general environment, even if you want to accelerate the release of profits to supplement its capital, you still need to pay attention to the timing! In the “suffering and glorious” stage, many banks supplemented their capital, and at that stage, Ping An Bank was still in the process of getting rid of the historical burden! Missed the opportunity to replenish capital, coupled with low profits, there is no way to achieve endogenous growth! Now the good days have come, I want to use profits to supplement the capital, but…you know…sometimes you can’t do things willfully…but there will always be opportunities! The pain and suffering of history have become the imprint of Ping An Bank! Guarding asset quality is guarding the lifeline! Hold the opportunity for future development!”
【Summary and insights】
When it comes to the realm and mentality of investment banking stocks, very few people are like me… Even if the valuation cannot reflect its true value, even if the market does not approve it periodically! And long-term shareholders and passionate and motivated management can still laugh at the future! Because we will “do what we say”
[At the request of many shareholders who could not come, I took a photo with the chairman as usual. This year, I specially took a photo with Secretary Zhou. Whispering… He is quite handsome! Hahaha! 】
At this year’s shareholders meeting, someone asked a series of questions and confusions about asset quality, macroeconomics, non-performing loans, and capital adequacy ratio! The number of people on the spot was much lower than last year. It may be because of epidemic prevention and control that many shareholders failed to come. Of course, it may also be that the drop of nearly 40% in the past year has caused many investors to lose confidence! So today, taking this opportunity, I also shared some insights. I have accompanied Ping An Bank for several years. I have personally witnessed the “transformation” of Ping An Bank. Today’s business status and future development are better than in history! The valuation level is also relatively undervalued in history!
Buffett said: Banking is a good business! There are many banks, but not many bankers.” The management of Ping An Bank is one of the few “bankers” that I have invested in bank stocks.
Davis said: I invest in banking stocks, and I prefer to talk to leaders and managers about the future development and current goals of the company than those cold numbers!
Zhang Jianan said: Investment is a journey of “faith”! We need to work hard to find excellent companies. When you find them, you must walk with excellent companies and excellent management to grow together through thick and thin!
Finally, I hope that more shareholders and the market will continue to have firm confidence in Ping An Bank today and in the future! We cannot lose our trust in Ping An Bank and our determination to accompany Ping An Bank to grow together because of the irrationality of its capital market! Finally, I would like to thank the management again and the staff of Ping An Bank for their unremitting efforts!
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