• China Merchants Bank average return on tangible equity for 2023 was 16.1, a 2.31% decline from 2022.
• China Merchants Bank average return on tangible equity for 2022 was 16.48, a 2.14% decline from 2021.
• China Merchants Bank average return on tangible equity for 2021 was 16.84, a 4.21% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.