Hello, after China Merchants Bank's credit card generates 300 yuan annual fee, it can be cancelled in the following ways: users call China Merchants Bank's customer service hotline, transfer to manual customer service, and apply for credit card replacement from manual customer service; Manual customer service will inform the user to complete makeup within the specified time; Contact the manual customer service after the completion, and the manual customer service will reduce the annual fee. It should be noted that in the process of consumption, users can waive the annual fee for the next year as long as they swipe their cards six times a year. Sometimes they don't need to apply for supplementary credit cards as long as they reach the number of credit cards.

1. Banks are highly leveraged financial industries and their accounting standards are very complicated. The income statement can be adjusted by experienced old accountants according to law, which is deceptive and the simple profit data has limited significance. Many banks seem to make money on paper, but in fact it is very difficult to recover the loans that have been issued. For example, Minsheng Bank also lent 654.38 billion yuan to state-owned enterprises such as LeTV, Evergrande and China Merchants Bank. It seems that everyone earns the same profit on the statements, and even people's livelihood earns more because of the high loan interest rate. Is the result the same? A year later, China Merchants Bank happily recovered the principal and interest, and people's livelihood could only look at Jia Accountant across the sea and sigh.

2. As an enterprise with operational risks, the risks hidden behind the same profits are likely to be quite different. Loss loans caused by lax risk control may need profits from hundreds of normal loans to make up for them. The difference in asset quality behind the same profit is the root of the difference in bank valuation.

3. The balance sheet quality of China Merchants Bank is among the best in the industry. The non-performing rate on the statement is 1.07%, which is much lower than that of peers. This is still based on the fact that many peers conceal non-performing loans. In fact, like Minsheng Bank, non-performing loans are just a mess. I'm afraid even the president himself doesn't know how many. On this basis, China Merchants Bank has also increased its provision coverage ratio by 440%, which is several times that of its peers. At first glance, he is a reassuring boy. Therefore, the market industry is more willing to give him the valuation of leading peers.

4. At the same time, it can also be said that the process of China Merchants Bank's valuation improvement in recent years is also a process of continuous improvement of asset quality. From the NPL ratio 1.68% and provision coverage ratio 179% in 15 years to the NPL ratio 1.05% and provision coverage ratio of 440% in 20 years, the overall asset quality has improved several grades. Because of this change, the valuation rose from 5pe to 15pe, so it rose.