Cash flow China Merchants Bank Co., Ltd.

Equities

600036

CNE000001B33

Banks

End-of-day quote Shanghai S.E. Other stock markets 2025-06-20			5-day change	1st Jan Change
45.99 ^CNY	+0.79%		+1.79%	+17.02%

Jun. 17	Zengame Technology Redeems Investment in China Merchants Bank's Financial Product	MT
Jun. 16	An undisclosed buyer acquired an unknown stake in China Merchants Bank Co., Ltd. from Luxshare Precision Accessory Ltd. for CNY 14.9 million.	CI

65f841c4b9ac8726c9c0739ea83959.vVfkXbrQQVpyRkzxWS9hhGYYqhtgte6GTJzd5ONT3kc.0TilDJeXJREKH3-QIW0qwQthmFIu6r3BJKuL14Ibv3byJJIT6pUNNTcHdA

Published financial data: CHINA MERCHANTS BANK CO., LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Interest Income On Loans	307B	327B	353B	376B	374B
Interest Income, Total	307B	327B	353B	376B	374B
Interest On Deposits	122B	123B	135B	161B	163B
Interest Expense, Total	122B	123B	135B	161B	163B
Net Interest Income	185B	204B	218B	215B	211B
Gain (Loss) on Sale of Assets	44M	113M	282M	-	-
Gain (Loss) on Sale of Invest. & Securities - (Rev)	2.88B	2.99B	5.53B	20.95B	32.56B
Income (Loss) on Equity Invest. (Income Block)	2.88B	4.03B	2.52B	2.48B	2.63B
Total Other Non Interest Income	99.65B	120B	118B	101B	90.65B
Non Operating Income (Expenses)	280M	-	-	-	-
Non Interest Income, Total	106B	127B	127B	124B	126B
Revenues Before Provison For Loan Losses	291B	331B	345B	339B	337B
Provision For Loan Losses	64.87B	65.96B	56.75B	41.28B	39.98B
Total Revenues	226B	265B	288B	298B	297B
Selling General & Admin Expenses, Total	96.74B	110B	113B	31.54B	30.37B
(Income) Loss on Real Estate Property	-	-	-	-	-
Total Other Non Interest Expense	6.22B	7.54B	9.5B	89.64B	88.12B
Non Operating (Income) Expenses	483M	-154M	43M	-	-
Non Interest Expense, Total	103B	117B	123B	121B	118B
EBT, Excl. Unusual Items	122B	148B	165B	177B	179B
Asset Writedown	-	-	-	-	-
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	122B	148B	165B	177B	179B
Income Tax Expense	24.48B	27.34B	25.82B	28.61B	29.09B
Earnings From Continuing Operations	97.96B	121B	139B	148B	150B
Net Income to Company	97.96B	121B	139B	148B	150B
Minority Interest	-617M	-912M	-1.28B	-1.4B	-1.17B
Net Income - (IS)	97.34B	120B	138B	147B	148B
Preferred Dividend and Other Adjustments	1.65B	3.61B	5.24B	4.56B	5.58B
Net Income to Common Incl Extra Items	95.69B	116B	133B	142B	143B
Net Income to Common Excl. Extra Items	95.69B	116B	133B	142B	143B
Per Share Items
Net EPS - Basic	3.79	4.61	5.26	5.63	5.66
Basic EPS - Continuing Operations	3.79	4.61	5.26	5.63	5.66
Basic Weighted Average Shares Outstanding	25.22B	25.22B	25.22B	25.22B	25.22B
Net EPS - Diluted	3.79	4.61	5.26	5.63	5.66
Diluted EPS - Continuing Operations	3.79	4.61	5.26	5.63	5.66
Diluted Weighted Average Shares Outstanding	25.22B	25.22B	25.22B	25.22B	25.22B
Normalized Basic EPS	3.01	3.64	4.04	4.32	4.38
Normalized Diluted EPS	3.01	3.64	4.04	4.32	4.38
Dividend Per Share	1.25	1.52	1.74	1.97	2
Payout Ratio	32.79	27.92	31.81	33.01	37.28
American Depositary Receipts Ratio (ADR)	5	5	5	5	5
Supplemental Items
Effective Tax Rate - (Ratio)	19.99	18.45	15.64	16.2	16.28
Total Current Taxes	31.65B	38.14B	34.28B	28.7B	28.93B
Total Deferred Taxes	-7.16B	-10.8B	-8.46B	-83M	164M
Normalized Net Income	75.91B	91.7B	102B	109B	110B
Non-Cash Pension Expense	0	0	-1M	-1M	-1M
Supplemental Operating Expense Items
Stock-Based Comp., SG&A Exp. (Total)	30.29M	17.31M	-41.07M	-18.12M	-
Total Stock-Based Compensation	30.29M	17.31M	-41.07M	-18.12M	-

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	233B	221B	242B	331B	317B
Investment Securities, Total	2,238B	2,574B	2,634B	3,129B	3,780B
Trading Asset Securities, Total	182B	158B	442B	274B	279B
Total investments	2,421B	2,732B	3,076B	3,403B	4,059B
Gross Loans	4,823B	5,278B	5,719B	6,691B	7,186B
Allowance For Loan Losses	-235B	-245B	-256B	-267B	-265B
Net Loans	4,589B	5,033B	5,463B	6,424B	6,920B
Gross Property Plant And Equipment	126B	143B	171B	207B	225B
Accumulated Depreciation	-43.31B	-50.6B	-59.44B	-74.56B	-79.18B
Net Property Plant And Equipment	82.31B	92.69B	112B	132B	146B
Goodwill	9.95B	9.95B	10B	9.95B	9.95B
Other Intangibles, Total	9.71B	8.8B	7.97B	2.71B	2.2B
Investment in Real Estate	1.62B	1.37B	1.27B	1.16B	1.12B
Accrued Interest Receivable	24.47B	28.03B	32.58B	45.14B	44.98B
Other Receivables	340M	321M	525M	-	-
Restricted Cash	496B	485B	534B	537B	507B
Other Current Assets, Total	340B	437B	518B	3.09B	10.53B
Deferred Tax Assets Long-Term (Collected)	72.89B	81.64B	90.85B	90.56B	83.67B
Other Real Estate Owned And Foreclosed	612M	513M	456M	417M	383M
Deferred Charges Long-Term	1.81B	1.87B	1.62B	-	-
Other Long-Term Assets, Total	80.22B	117B	49.68B	48.18B	50.16B
Total Assets	8,361B	9,249B	10,139B	11,028B	12,152B
Liabilities
Accrued Expenses, Total	21.72B	25.91B	31.89B	34.47B	40.35B
Interest Bearing Deposits	6,348B	7,098B	8,180B	8,663B	9,796B
Non-Interest Bearing Deposits	-	-	-	-	-
Total Deposits	6,348B	7,098B	8,180B	8,663B	9,796B
Short-Term Borrowings	193B	185B	126B	153B	116B
Current Portion of Long-Term Debt	212B	314B	105B	117B	160B
Current Portion of Leases	3.82B	4.03B	4.18B	3.84B	3.91B
Long-Term Debt	609B	463B	441B	685B	493B
Long-Term Leases	10.42B	9.78B	8.83B	8.84B	8.87B
Current Income Taxes Payable	13.91B	16.54B	13.39B	7.3B	5.68B
Accrued Interest Payable	39.44B	39.84B	55.89B	85.98B	99.41B
Other Current Liabilities - (Bank / Utility Template)	94.07B	68.75B	50.8B	37.79B	45.24B
Unearned Revenue Non Current	6.83B	7.54B	6.68B	5.49B	4.19B
Pension & Other Post Retirement Benefits	1.24B	1.63B	765M	361M	148M
Deferred Tax Liability Non-Current	1.07B	1.35B	1.51B	1.61B	1.59B
Other Non Current Liabilities	76.21B	147B	158B	139B	144B
Total Liabilities	7,631B	8,383B	9,185B	9,943B	10,919B
Preferred Stock Convertible	34.06B	34.06B	27.47B	27.47B	27.47B
Total Preferred Equity	34.06B	34.06B	27.47B	27.47B	27.47B
Common Stock, Total	25.22B	25.22B	25.22B	25.22B	25.22B
Additional Paid In Capital	67.52B	67.52B	65.44B	-	-
Retained Earnings	540B	626B	720B	819B	912B
Comprehensive Income and Other	57.44B	106B	107B	205B	262B
Total Common Equity	690B	825B	918B	1,049B	1,199B
Minority Interest	6.6B	6.94B	8.74B	9.36B	7.46B
Total Equity	730B	866B	954B	1,086B	1,233B
Total Liabilities And Equity	8,361B	9,249B	10,139B	11,028B	12,152B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	25.22B	25.22B	25.22B	25.22B	25.22B
ECS Total Common Shares Outstanding	25.22B	25.22B	25.22B	25.22B	25.22B
Book Value / Share	25.36	29.01	32.71	41.59	41.46
Tangible Book Value	670B	806B	900B	1,036B	1,186B
Tangible Book Value Per Share	24.59	28.27	32	41.09	40.98
Average Loans	4,823B	5,364B	5,850B	6,300B	6,666B
Total Debt	1,029B	976B	685B	968B	782B
Deposits at Interest - Cash	515B	723B	501B	458B	710B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-60M	-65M	-50M	-50M	-71M
Net Debt	302B	64.71B	-287B	169B	-166B
Equity Method Investments, Total	14.92B	23.65B	23.84B	26.59B	31.02B
Full Time Employees	90.87K	104K	113K	117K	117K
Number Of Offices	1.87K	1.91K	1.9K	1.92K	1.94K

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	97.34B	120B	138B	147B	148B
Depreciation, Depletion & Amortization	11.34B	12.2B	13.36B	15.45B	15.81B
Amortization of Goodwill and Intangible Assets - (CF)	223M	221M	221M	42M	44M
Total Depreciation, Depletion & Amortization	11.56B	12.42B	13.58B	15.5B	15.85B
Amortization of Deferred Charges, Total	1.93B	2.09B	2.04B	888M	636M
(Gain) Loss On Sale of Asset - (CF)	-44M	-113M	-282M	-168M	-249M
(Gain) Loss on Sale of Investments - (CF)	18.14B	29.34B	12.41B	-23.32B	-28.81B
Total Asset Writedown	5.13B	-697M	-7.18B	-	-
Provision for Credit Losses	46.7B	36.77B	44.77B	46.38B	43.38B
(Income) Loss On Equity Investments - (CF)	-	-	-	-2.48B	-2.63B
Change In Deferred Taxes	-	-	-	-	-
Change in Other Net Operating Assets (Collected)	294B	54.6B	447B	-368B	-594B
Other Operating Activities	-53.23B	-72.28B	-80.06B	-77.34B	-77.1B
Cash from Operations	421B	182B	570B	-262B	-494B
Capital Expenditure	-19.12B	-24.16B	-34.89B	-30.16B	-34.93B
Sale of Property, Plant, and Equipment	2.35B	2.4B	6.75B	4.95B	10.76B
Cash Acquisitions	-1.46B	-5.34B	-484M	-39M	-571M
Divestitures	582M	855M	463M	154M	416M
Investment in Marketable and Equity Securities, Total	-281B	-64.65B	-565B	-328B	-382B
Other Investing Activities, Total	58.04B	71.2B	79.12B	97.96B	114B
Cash from Investing	-241B	-19.7B	-514B	-255B	-293B
Long-Term Debt Issued, Total	33.61B	63.87B	21.48B	55.2B	25B
Total Debt Issued	33.61B	63.87B	21.48B	55.2B	25B
Long-Term Debt Repaid, Total	-50.13B	-60.61B	-83.67B	-56.2B	-64.78B
Total Debt Repaid	-50.13B	-60.61B	-83.67B	-56.2B	-64.78B
Issuance of Common Stock	49.99B	42.99B	-	-	30B
Issuance of Preferred Stock	-	-	-	-	-
Repurchase of Preferred Stock	-	-	-7.2B	-	-
Common Dividends Paid	-30.26B	-31.84B	-42.23B	-47.39B	-54.32B
Preferred Dividends Paid	-1.65B	-1.64B	-1.68B	-996M	-996M
Common & Preferred Stock Dividends Paid	-31.92B	-33.48B	-43.9B	-48.39B	-55.32B
Net Increase (Decrease) in Deposit Accounts - (CF)	-207B	87.02B	-169B	594B	1,019B
Other Financing Activities, Total	-6.13B	-10.44B	-15.2B	2.14B	-10.43B
Cash from Financing	-212B	89.36B	-297B	547B	943B
Foreign Exchange Rate Adjustments	-5.67B	-2.75B	6.26B	2.16B	1.2B
Net Change in Cash	-36.88B	249B	-235B	31.82B	158B
Supplemental Items
Cash Interest Paid	128B	132B	134B	129B	148B
Cash Income Tax Paid (Refund)	50.31B	56.87B	61B	34.79B	30.55B
Net Debt Issued / Repaid	-16.52B	3.27B	-62.19B	-1B	-39.79B

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	1.24	1.37	1.44	1.4	1.29
Return On Equity %	14.53	15.14	15.31	14.51	12.9
Return on Common Equity	15.11	15.36	15.24	14.44	12.71
Shareholders Value Added	21.55B	29.28B	33.67B	28.63B	13.59B
Margin Analysis
SG&A Margin	42.83	41.36	39.36	10.59	10.22
Net Interest Income / Total Revenues %	81.91	76.87	75.77	72.08	71.1
EBT Excl. Non-Recurring Items Margin %	54.2	55.85	57.32	59.31	60.12
Income From Continuing Operations Margin %	43.37	45.55	48.36	49.7	50.33
Net Income Margin %	43.09	45.2	47.92	49.23	49.94
Net Avail. For Common Margin %	42.36	43.84	46.1	47.7	48.06
Normalized Net Income Margin	33.6	34.56	35.38	36.6	37.18
Asset quality
Nonperforming Loans / Total Loans %	1.11	0.96	1.01	0.92	0.91
Nonperforming Loans / Total Assets %	0.64	0.55	0.57	0.56	0.54
Nonperforming Assets / Total Assets %	0.65	0.56	0.58	0.56	0.54
NPAs / Loans and OREO	1.12	0.97	1.02	0.93	0.92
NPAs / Equity	7.42	5.93	6.13	5.71	5.35
Allowance for Credit Losses / Net Charge-offs %	670.96	973.72	849.27	682.31	618.85
Allowance for Credit Losses / Nonperforming Loans %	437.42	482.67	440.93	433.27	404.46
Allowance for Credit Losses / Total Loans %	4.86	4.65	4.47	3.99	3.69
Net Charge-offs / Total Average Loans %	0.72	0.47	0.51	0.62	0.64
Provision for Loan Losses / Net Charge-offs %	185.59	261.63	188.45	105.56	93.23
Earning Assets / IBL	105.28	106.04	107.98	107.13	107.56
Capital And Funding
Total Average Common Equity / Total Average Assets %	8.03	8.6	8.99	9.29	9.7
Total Average Equity / Total Average Assets %	8.54	9.06	9.39	9.64	10
Total Equity + Allowance for Loan Losses / Total Loans %	19.87	20.92	21.01	20.08	20.75
Gross Loans / Total Deposits %	75.98	74.36	69.91	77.23	73.35
Net Loans / Total Deposits %	72.29	70.9	66.78	74.15	70.65
Tier 1 Capital Ratio %	13.98	14.94	15.75	16.01	17.48
Total Capital Ratio %	16.54	17.48	17.77	17.88	19.05
Core Tier 1 Capital Ratio	12.29	12.66	13.68	13.73	14.86
Tier 2 Capital Ratio	2.56	2.54	2.02	1.87	1.57
Coverage Ratio	437.42	482.67	440.93	433.27	404.46
Interbank Ratio	61.05	73.92	66.79	62.95	88.34
Fixed Charges Coverage
EBT + Interest Expense / Interest Expense	2	2.2	2.22	2.1	2.1
Growth Over Prior Year
Net Interest Income, 1 Yr. Growth %	6.9	10.21	7.02	-1.63	-1.58
Non Interest Income, 1 Yr. Growth %	9.08	20.75	-0.62	-1.66	1.15
Provision For Loan Losses, 1 Yr. Growth %	6.23	1.68	-13.96	-27.26	-3.15
Total Revenues, 1 Yr. Growth %	8.11	17.59	8.57	3.41	-0.22
Earnings From Cont. Operations, 1 Yr. Growth %	4.86	23.35	15.28	6.25	1.05
Net Income, 1 Yr. Growth %	4.82	23.2	15.08	6.22	1.22
Normalized Net Income, 1 Yr. Growth %	4.48	20.8	11.14	6.94	1.38
Diluted EPS Before Extra, 1 Yr. Growth %	4.81	21.64	14.1	7.03	0.53
Dividend Per Share, 1 Yr. Growth %	4.42	21.47	14.19	13.46	1.42
Gross Loans, 1 Yr. Growth %	10.78	9.43	8.35	7.53	7.4
Allowance For Loan Losses, 1 Yr. Growth %	5.21	4.68	4.18	4.67	-0.54
Net Loans, 1 Yr. Growth %	11.08	9.67	8.55	7.65	7.73
Non Performing Loans, 1 Yr. Growth %	2.56	-5.13	14.04	6.16	6.55
Non Performing Assets, 1 Yr. Growth %	2.23	-5.26	13.79	6.05	6.45
Total Assets, 1 Yr. Growth %	12.73	10.62	9.62	8.77	10.19
Total Deposits, 1 Yr Growth %	17.6	11.82	15.24	5.9	13.08
Tangible Book Value, 1 Yr. Growth %	20.17	20.28	11.68	14.55	14.49
Average Interest Earning Assets, 1 Yr. Growth %	11.25	10.44	10.49	9.98	6.99
Average Interest Bearing Liabilities, 1 Yr. Growth %	12.23	9.65	8.51	10.84	6.56
Common Equity, 1 Yr. Growth %	19.48	19.57	11.32	14.26	14.27
Total Equity, 1 Yr. Growth %	18.24	18.53	10.23	13.78	13.61
Compound Annual Growth Rate Over Two Years
Net Interest Income, 2 Yr. CAGR %	7.41	8.54	8.6	2.6	-1.61
Non Interest Income, 2 Yr. CAGR %	9.51	14.62	9.55	-1.16	-0.28
Provision For Loan Losses, 2 Yr. CAGR %	3.27	3.93	-6.47	-20.89	-16.07
Total Revenues, 2 Yr. CAGR %	9.7	12.68	12.99	5.95	1.57
Earnings From Cont. Operations, 2 Yr. CAGR %	10.09	13.73	19.25	10.67	3.62
Net Income, 2 Yr. CAGR %	9.92	13.64	19.07	10.57	3.69
Normalized Net Income, 2 Yr. CAGR %	7	12.34	15.87	9.02	4.12
Diluted EPS Before Extra, 2 Yr. CAGR %	10.07	12.91	17.81	10.51	3.73
Dividend Per Share, 2 Yr. CAGR %	15.45	12.62	17.77	13.83	7.27
Gross Loans, 2 Yr. CAGR %	11.14	10.1	8.89	12.59	12.09
Allowance For Loan Losses, 2 Yr. CAGR %	10.55	4.95	4.43	4.25	1.86
Net Loans, 2 Yr. CAGR %	11.17	10.37	9.11	12.98	12.55
Non Performing Loans, 2 Yr. CAGR %	0	-1.36	4.01	10.03	6.35
Non Performing Assets, 2 Yr. CAGR %	0.02	-1.58	3.83	9.85	6.25
Total Assets, 2 Yr. CAGR %	11.33	11.67	10.12	9.2	9.48
Total Deposits, 2 Yr CAGR %	14.18	14.67	13.52	10.47	9.43
Tangible Book Value, 2 Yr. CAGR %	17.3	20.23	15.9	13.39	14.81
Average Interest Earning Assets, 2 Yr. CAGR %	-	10.85	10.46	10.23	8.47
Average Interest Bearing Liabilities, 2 Yr. CAGR %	-	10.93	9.08	9.67	8.68
Common Equity, 2 Yr. CAGR %	16.74	19.53	15.37	12.78	14.26
Total Equity, 2 Yr. CAGR %	15.91	18.38	14.3	11.99	13.69
Compound Annual Growth Rate Over Three Years
Net Interest Income, 3 Yr. CAGR %	8.5	8.33	8.03	5.08	1.19
Non Interest Income, 3 Yr. CAGR %	11.61	13.03	9.29	5.67	-0.39
Provision For Loan Losses, 3 Yr. CAGR %	2.68	2.74	-2.41	-13.99	-15.37
Total Revenues, 3 Yr. CAGR %	11.96	12.22	11.29	9.7	3.85
Earnings From Cont. Operations, 3 Yr. CAGR %	11.52	14.35	14.24	14.75	7.37
Net Income, 3 Yr. CAGR %	11.54	14.18	14.12	14.63	7.36
Normalized Net Income, 3 Yr. CAGR %	10.55	11.41	11.94	12.81	6.41
Diluted EPS Before Extra, 3 Yr. CAGR %	10.88	13.79	13.31	14.1	7.08
Dividend Per Share, 3 Yr. CAGR %	14.26	17.43	13.14	16.32	9.53
Gross Loans, 3 Yr. CAGR %	10.84	10.56	9.51	11.52	10.83
Allowance For Loan Losses, 3 Yr. CAGR %	15.95	8.56	4.69	4.39	2.63
Net Loans, 3 Yr. CAGR %	10.6	10.67	9.76	11.87	11.2
Non Performing Loans, 3 Yr. CAGR %	-2.24	-1.74	3.53	4.72	8.86
Non Performing Assets, 3 Yr. CAGR %	-2.36	-1.77	3.29	4.56	8.7
Total Assets, 3 Yr. CAGR %	9.91	11.09	10.98	9.67	9.53
Total Deposits, 3 Yr CAGR %	12.12	13.38	14.86	10.92	11.33
Tangible Book Value, 3 Yr. CAGR %	16.03	18.29	17.31	15.64	13.76
Average Interest Earning Assets, 3 Yr. CAGR %	7.65	-	10.73	10.3	9.14
Average Interest Bearing Liabilities, 3 Yr. CAGR %	8.78	-	10.12	9.66	8.62
Common Equity, 3 Yr. CAGR %	15.63	17.68	16.73	15	13.27
Total Equity, 3 Yr. CAGR %	14.75	16.78	15.6	14.13	12.53
Compound Annual Growth Rate Over Five Years
Net Interest Income, 5 Yr. CAGR %	6.1	8.66	8.54	6	4.07
Non Interest Income, 5 Yr. CAGR %	10.6	11.13	10.72	7.13	5.36
Provision For Loan Losses, 5 Yr. CAGR %	1.82	-0.06	-1.08	-7.46	-8.12
Total Revenues, 5 Yr. CAGR %	9.7	13.07	12.34	9.67	7.3
Earnings From Cont. Operations, 5 Yr. CAGR %	11.04	14.14	14.55	12.86	9.87
Net Income, 5 Yr. CAGR %	11.03	14.07	14.49	12.72	9.83
Normalized Net Income, 5 Yr. CAGR %	10.5	13.33	12.65	10.45	8.75
Diluted EPS Before Extra, 5 Yr. CAGR %	10.62	13.38	13.6	12.47	9.37
Dividend Per Share, 5 Yr. CAGR %	12.67	15.51	15.65	15.97	10.76
Gross Loans, 5 Yr. CAGR %	12.02	11.18	10.06	11.37	10.54
Allowance For Loan Losses, 5 Yr. CAGR %	22.55	17.41	11.2	6.81	3.55
Net Loans, 5 Yr. CAGR %	11.61	10.92	10	11.59	10.87
Non Performing Loans, 5 Yr. CAGR %	2.49	-3.61	0.21	2.81	4.65
Non Performing Assets, 5 Yr. CAGR %	2.43	-3.69	0.07	2.72	4.47
Total Assets, 5 Yr. CAGR %	8.84	9.25	9.99	10.33	10.38
Total Deposits, 5 Yr CAGR %	8.17	10.23	12.68	12.21	12.66
Tangible Book Value, 5 Yr. CAGR %	14.05	15.71	15.98	16.3	16.3
Average Interest Earning Assets, 5 Yr. CAGR %	8.42	8.82	8.76	-	9.82
Average Interest Bearing Liabilities, 5 Yr. CAGR %	8.96	9.29	8.9	-	9.54
Common Equity, 5 Yr. CAGR %	13.83	15.43	15.53	15.69	15.73
Total Equity, 5 Yr. CAGR %	15.09	16.5	14.57	14.84	14.83