Dear investor, analysts, good morning. CMB 2023 first quarter result announcement will now begin. I am CMB Securities Affair Representative, Head of the Office of BOD, Xia Yangfang. On behalf of China Merchants Bank, I'd like to extend warm welcome to your participation, and thank you for your long support, interest, and investment in CMB. The conference will be held online. First of all, please allow me to introduce the bank's attendee today. They are Mr. Peng Jiawen, Executive Assistant President and CFO of the bank. Ms. Li Li, General Manager of the Finance and Accounting Department. Mr. Hou Weirong, the General Manager of Corporate Finance Group. Ms. Zhao Yue, the General Manager of Retail Finance Group. Mr. Xu Mingjie, General Manager of Risk Management Department. There will be two sessions in today's meeting.
The first session will be introduction of the 2023 first quarter results given by Mr. Peng, takes around 15 minutes. The second session is Q&A session, takes around 1 hour and 15 minutes. We expect to conclude the sessions by 11:00 A.M. The meeting is supported by the simultaneous interpretation from Chinese to English. Now let's give the floor to President Peng on the introduction of the 2023 first quarter results. Dear investors, analysts, good morning. This Wednesday night, we released the 2023 first quarter report, and together with the general managers of relevant head office department, I'd like to communicate with you. Thank you, first of all, for your long support and interest in CMB, and I am very happy to have communication with you today.
What need to be specified is that we will take the 8 IFRS caliber for the above, below-mentioned financial statistics. Since this year, we have take to build a value creation bank as our strategic goal and uphold a dynamically balanced development philosophy of quality, efficiency, and scale, and secure steady growth in our balance sheet, net profit, and our asset quality. Our Q1 operation is basically featured by the following 5 characteristics. First of all, we maintained very stable profitability and high level of ROAA and ROAE. Net operating revenue, CNY 90.6 billion, down by 1.49%. Net profit attributable to the bank's shareholder, CNY 38.8 billion, up by 7.82%.
ROAA and ROAE was 1.5 and 18.43%, down by 0.04 and down by 0.81 percentage point year-on-year. We have secured stable profitability, forming effective support on our CAR. Our core capital adequacy ratio of Tier 1 under the events and weighted approach were 13.41 and 11.36%. We have strengthened effective allocation of asset and liability and secure the steady growth of our net interest income. We have actively grasped the recovery opportunity of Chinese economy and achieved CNY 10.51 trillion of our total asset, up by 3.65%.
Total loans and advances, CNY 6.34 trillion, up by 4.7%. Among which, retail was CNY 3.24 trillion and was up by 2.39% compared with the end of last year. Corporate loan, CNY 2.55 trillion, up by 7.46% compared with the end of last year. Financial and net investment, CNY 2.94 trillion. The group's total liability was CNY 9.52 trillion, up by 3.64%. Among which, total customer deposit was CNY 7.77 trillion, up by 3.13%. The group's NIM was 2.29%, down by 22 basis points and down by 8 basis points year-on-year, quarter-on-quarter.
The main reason is due to the multiple LPR cut and the decrease of interest earning assets yield, along with the increasing customer deposit cost. We will continue to optimize our interest earning asset and interest-bearing liability structure, and to some extent, offset those kind of negative influence. We have recorded the proportion of our demand deposit, average daily balance of 60% and maintain our net interest income at CNY 55.4 billion. Thirdly, we have overcome those kind of negative influence and record net non-interest income at a high level, which is CNY 35 billion, down by 6.18% year-on-year. We see its proportion as 38% of the total net operating income.
This reason is mainly influenced by the fluctuating capital market and the lower investment willingness of our customers. Our other non-interest net operating income was CNY 10.1 billion, mainly influenced by the bond and the fund investment yield. Fourthly, we have made very effective risk management and maintained good quality in our assets. We have sticked to our strict classification of assets. Truly reflect our asset quality. Our NPL ratio was 0.95%, down by 0.01 percentage point. New formation of NPL was CNY 16 billion, up by CNY 587 million. The annual NPL ratio, formation ratio was 1.09%.
Along with the recovery of our economy, we see a decrease in the early indicator of asset quality, such as special mention, overdue, loans and balance, and their proportion. The group's special mention loan balance, CNY 70.7 billion, down by CNY 2.7 billion. Special mention loan ratio 1.12%. The overdue loan balance was CNY 77.8 billion, down by CNY 415 million compared with the end of last year, with a ratio of 1.23%. We continue to stick to prudent and stable allowance-making policy and make sufficient allowance to strengthen our risk compensation capability. The group's allowance coverage ratio was 448.32%. Loan allowance ratio 4.27%, and the annualized credit cost was 1.04%.
We continue to promote extensive wealth management business, and our retail customer base and AUM continue to grow. Retail customer number 187 million, up by 1.63%. Sunflower and above customer number 4.32 million, up by 4.49% compared with the end of last year. PB client 138,000, up by 2.81%. Under the backdrop of the market with volatile capital markets, we still maintain resilient extensive wealth management business with a retail AUM of CNY 12.54 trillion, up by CNY 412 billion. Sunflower and above client AUM CNY 10.19 trillion, up by 3.27% compared to the end of last year. PB client AUM CNY 3.89 trillion.
The asset management business totaled CNY 4.28 trillion, down by 2.95%, among which we achieved growth in China Merchants Fund, China Merchants International and CMB Cigna Asset Management business. CMB wealth management product totaled CNY 2.46 trillion, down by 7.87% compared with the end of last year. Looking into the full year, we still see very complicated external environment. We can see recovery momentum, but the foundation is still not solid. We'll continue our strategic goal of building the value creation bank to remain the three unchanged principle.
That is to let the president assume full responsibility under the leadership of BOD, the unchanged market-oriented mechanism, the stability of our talent team, and to construct our three capability to create value and to achieve growth in volume, revenue, profit, value, and to promote the high-quality development of the bank and create better value for our shareholders, employees, partners, and the society. Thank you. Let's move on to the Q&A session. Please state your name and the agency you represent before you raise the question. We'll have the first question.
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Hello, can you hear me? Thank you. Thank you, senior management. Thank you for your introduction, President Peng. Please allow me to introduce myself first. I am May Yan from UBS. I'd like to ask senior management a question regarding the revenue and the profit growth. We understand that the current external environment is very challenging. I see CMB's performance is actually outperforming your peers in the first quarter. I have a question. For the Chinese banking industry, the revenues have recorded a negative growth compared with the same period of last year. Also, we see the same situation for the profit before allocation. I would like to understand whether it is the sharpest drop along the full year, and will we see any kind of changes, improvements after the second quarter?
I'd like to learn from the senior management, how would you see the revenue growth for the full year? I also learned from the report that you have maintained a relatively high allowance coverage ratio of over 400%. Do we regard that we will still have a double-digit growth for the net revenue for the following quarters of the full year and to maintain our high level of ROE? These are basically my questions. Thank you.
I'll take the questions. Thank you. After we released the first quarter results, we have seen responses from our investors and analysts. And their interest in the revenue and profit growth, and they have all given us very good advices and suggestions.
Today is a very good opportunity for us to share with you our point of view, and it is also beneficial to our internal analysis for our performance. I'd like to share my point of view, taking today's opportunity. As for profits, I've also seen some comments from our analysts that you have not expect our single digit growth of our profit. 7.9% is under the group's caliber, and 9.2% is under the bank's caliber, which is a single digit growth instead of a double-digit growth. I think it's a normal reflection of our performance. It is within the normal range of operation.
The bank's operation performance is also a reflection, a part of the Chinese economic performance, as the external environment shows that Chinese economic development is under pressure, and to some extent it will definitely be reflected in the bank's operation as well. We have to admit that there are some lag effects for the bank's performance compared with that of the Chinese economy performance. I think it is also a very normal reflection of the economic development condition for the past year. It is not a single case that you can see in CMB, but also what you can see from our banking peers in the Chinese banking industry. This is my answer to your first question. The second is that whether it is a double-digit growth, I think it is not a very big matter.
I think, for our single digit growth, it is relatively a large figure. It is not that far from a double-digit growth. It is not a big, base number. I think our attitude is that as we can stick to our strategy, as we can stick to our planning, we can maintain our organic growth in our general development. Basically, I'd like to also take this opportunity to share my point of view regarding our development trend. Although for the revenue, under whatever caliber we adopted, we undoubtedly recorded negative growth of either 1.49% or 1.47% of our revenue growth. I've also seen concern from the market and it is totally understandable.
We are paying special attention to the revenue condition, since last year, including the annual result conference we held this year for 2022 full year, we have also communicated with our investors and analysts that we admit the revenue growth tend to be one of our major concern for this year. In our point of view, this year's result is within our expectation. Actually, the revenue is consisting of NII and non-interest income. We see some pressure in our NII growth. We have take measures to enlarge loan extension to offset the disadvantages from the interest rate declining trend. To offset the pressure brought by narrower NIM.
The major reason of our overall declining in the revenue is mainly due to the development of non-interest income, one of the major concern of yours would be lying in the extensive wealth management revenue. Many of you have mentioned that why we cannot record significant growth in extensive wealth management business. I'd like to share with you my point of view regarding this matter. We'd like to say that wealth management business, regardless of its changes in the revenue, CMB still maintain a good growth momentum. We think that the major indicator to measure whether a bank's wealth management business or not, is basically the customer base growth. There will be changes brought by products, brought by our revenue metrics. These are all very natural external factors that influence our revenue.
As CMB always place customers within our center and always take customer-centric philosophy, we can see that for the past periods of time, what our customer is actually interested in is deposit-oriented products. We have also catered to their needs and increased our support of deposit products. In order to follow our customers' needs, to some extent, we have sacrificed our pursuit of revenue, of income. For myself, I am the Chief Financial Officer. Personally, I tend to be reluctant to sacrifice our revenue to cater to customers' needs. Internally, we have always followed the customer-centric philosophy. As long as it is what they need, we will provide such kind of solution and products to our customers.
We can see that the proportion of deposits in our total AUM is increased by over 4%, we see a large number of wealth management product scale transformed into deposits. Therefore, it is a reflection of the demand of our customers. The change of as large as over CNY 500 billion amount of volume will definitely lead to decline in our revenue. If we put all saving deposit products into consideration as part of our AUM, we do not see such large and sharp decline in the net non-interest income. Therefore, I think we need to take a holistic point of view in this matter. I believe that along with the change of the external environment, customer needs for products and the supply of products will also be changing. Therefore, I believe the trend will be reversed as well.
I'm happy to conduct further communication with you based on the above explanation I provide. We can see other figures indicating the good growth momentum of CMB's wealth management business, such as the growth of our customer base. Now we have around 187 million customers, up by 1.63% compared with the end of last year. Our AUM was grow by CNY 400 billion around compared with the end of last year, even under such adverse external environment. We indeed see changes in customer demand. On the one hand, we have been catering to their needs. Deposit, insurance policies, these are what our customer actually needs, and this is also areas we increase our supply. This is what we have strengthened our capability.
Our sales of mutual funds has increased by over CNY 100 billion in terms of the volume. If you look back to our performance, if you take a multiple point of view and compare it with that of our peers, you may see a difference with our peers. I think that is what we can outperform in terms of this area. I believe that the above explanation can answer your questions. Our export and consumption has been recovering in a good momentum. In the annual result announcement, we have seen that I have predict a relatively positive trend. Based on my prediction, we have seen a better outcome according to the national statistics. We can confirm that the recovery momentum is trending towards a good momentum.
This is my confidence over the external environment. Secondly, to see from the business operation perspective. Our business performance has shown very good momentum, such as for deposits. Some investors notice that our deposit goal is only around 3%. I think it's quite weak. What I want to share with you is that I think you can more emphasize on the annual average amount of the deposit rather than on deposit balance from a point of time.
As you can see, the annual average growth rate for deposit is over 11%. It's such a good growth. If you look at loans and including retail and also corporate loans. On our annual results conference, I also shared with you that loan growth is better than last year, especially for corporate loans. The incremental amount for corporate side is over CNY 90 billion compared to the amount of last year. Also for retail, the growth of retail is also more than the same period of last year. For credit cards, now it's declined around CNY 2 billion, but the decline amount is smaller than what we have in the same period of last year. These are the signs that shows a better performance of the bank. For mortgage, we're still facing pressure, still seeing negative growth.
We think that it can be the shortfall for mortgage can be supplemented by the growth from micro and also consumption loan. If we look at the customers, we have sound growth for retail and also corporate customer. Later on, we will have more review on that. For business side, for wealth management, it shows quite a good momentum for wealth management. In first quarter, even though if we are seeing decline year-on-year, if we look at from a quarter-on-quarter basis and/or month-on-month basis, it's all showing better momentum. For credit card, compared to the same period of last year, the transaction volume is not, it's also negative growth, but it has been positive since March and also better in April. These signs also shown a better performance indicator.
Also for asset quality is still quite stable, we are seeing declining NPL ratio. The early risk indicators, like the special mention loan, overdue loan or in-collection loan ratio, all are seeing they are turning better. We cannot say that it's a confirmed turnover trend or... but these early signs, the indicators are showing better signs. As for your question regarding whether profit can grow in double digit, I cannot give you the exact number. What I can say is, as long as China's economy is certain, we are confident to maintain a sound profit growth and maintain a stable ROE level. Thank you very much. Next question, please. Next question coming from Guotai Asset Management, Mr. Zhu Chen.
Thank you for giving me this opportunity. My question is regarding fee income. Just now, Mr. Peng has touched on some points.
I think we can divide fee income into two parts. One is related to wealth management, the other one is the bank card fees relating to consumption. In your first quarter report, we have seen decline in both parts to a certain level. I know that wealth management fee is relating to capital market. You have given us some positive signs, but in a objective way, we think that still you are seeing decline in your fee income. Looking forward or mid-run, what's your forecast or what is your strategy to better form your capability to generate more fee income and to outperform your peers? Thank you. Thank you very much. Ms. Li Li will answer your question.
Thank you for your question. Just now, President Peng has shared with you the reasons behind the changes in our fee income.
Just now you said fee income can be divided into different categories. One is wealth management. In first quarter, we has recorded a fee income for wealth management around CNY 9.1 billion. Even though we are seeing decline in fee income in wealth management, but we're seeing growth in AUM. The annual AUM, annual average AUM for the first quarter has grown by over CNY 10.5 billion. For total growth amount, around CNY 1.2 trillion, amounting 64% of deposit. It's a significant structural change. This structural change of our AUM definitely caused some pressure on the fee income. The amount, total amount of AUM is still growing. If we look at the mutual fund side, we are also seeing the sales fee is declining. It's around 12% decline.
The amount of the total sales of mutual funds is growing. The decline is because of the structure of the new sales of mutual funds. This year we have more selling of the money market fund. It's almost 6.5 times of the money market funds compared to the same period of last year. For equity-related funds, it's less than 29% of what we have last year. For fixed income fund, it's quite the same as the same period of last year. As you can see, the total amount of the sales of mutual fund is growing, but the structure is different. That is why we are seeing growth in selling amount, but decline in revenue. Still, our capability for mutual fund is still there. The change only reflected the changes of customers' demand.
secondly, for insurance down by around 6%. There are some special reasons. Last year to this year, we actually stepped up our efforts to allocate more insurance for our customer. Our growth volume of insurance is very good and very strong. Last year, the growth of the sales of insurance is over 60%. This year's, the growth rate of the sales of insurance is around 50%. Some of the revenue will be delayed when you are selling the insurance. Last year, we have posted more stricter revenue policies for the income of the policies. Also that is why last year we have recorded a higher revenue growth for insurance.
For wealth management products, this year, you can see the fee income for wealth management has down by around 24% compared to the same period of last year. One is the risk appetite for customer has changed. People's risk appetite for wealth management and demand for wealth management also declined. Customers are preferred more short-term wealth management products or cash management, wealth management deposit, wealth management product, but less demand for fixed income wealth management products. This structural change also lead to a decline in the fee income for wealth management. For trust products, it's also the same. As you can see that the real estate-related trust product, we are actively reducing the amount which also lead to a decline in the income.
What I want to emphasize is that our capability for wealth management is still growing, and the decline in the fee income for wealth management only shows the changes of customers' risk appetite. With more better performance of the capital market, our performance in fee income can also be improved. Secondly, as for bank card fees. You also see the changes down by around 6% year-on-year, mainly really because of the fee income from credit card. 2 reasons behind the decline of credit card. First one is the transaction volume. This year we are seeing a recovery of transaction volume, but compared to the same period of last year, the transaction volume is still down around 3%. Second reason is because of the new rules on credit card.
It's also have some impact on credit card fees. It's a problem that is facing the whole industry. With the recovery of consumption, we are expecting a better performance for bank card fees. Thirdly, for settlement and clearing down by around 14%. It's also because of the special accounting measure last year. Last year, we also included some of the historical revenues into our fee income for settlement and clearing. If we exclude this one-time and special reason, we are seeing positive growth this year. Overall speaking, we think that last year, fee income has been affected by customers' demand or capital market change. Have seen some negative growth for fee income in the first quarter. If we look ahead, if we look on a Q-on-Q basis, the momentum is showing better performance.
If we exclude the accounting reasons from last year, we are seeing that the performance is better compared to the same period of last year. When the economy recovers, we think that we will see gradual improvement in our fee income.
刚 才 前 两 个 问 题 都 是 关 于 短 期 财 务 数 据 的 问 题 。 我 这 个 问 题 想 请 教 一 下 President Peng， 想 从 中 长 期 的 角 度 看 一 下， CMB 的 这 个 表 现 。 就 从 去 年 四 季 度 还 有 今 年 一 季 度 的 这 个 情 况 来 看， 确 实， 出 现 了 很 多 的 这 个 银 行， 而 且 是 一 个 普 遍 性 的 情 况， 就 是 大 家 的 营 收 出 现 增 长， 里 面 肯 定 有 一 些 周 期 的 因 素， 有 这 个 疫 情 的 冲 动 期 。 但 是 确 实 根 本 上 可 能 应 该 还 是 有 一 些 经 济 产 业 结 构 调 整 带 来 的 影 响 。 然 后 呢， 就 是 开 篇 的 时 候， 刚 刚 那 个 President Peng 回 答 的 那 个 问 题， 其 实 那 也 反 映 了， 其 实 就 因 为 前 面 CMB 的 两 次 转 型 是 非 常 成 功 的， 然 后 得 到 资 本 市 场 的 一 个 认 同， 因 为 CMB 足 够 的 优 秀， 所 以 说 这 次 财 报 出 来 之 后， 资 本 市 场 可 能 显 得 会 更 为 苛 刻 一 些 。 然 后 我 想 请 教 的 问 题 是 这 样 的， 就 是 面 对 目 前 的 这 个 经 济 和 产 业 结 构 的 一 个 调 整， 包 括 科 技 的 这 种 进 步， 从 咱 们 公 司 的 战 略， 包 括 从 业 务 策 略 的 这 个 角 度 上 来 讲， 咱 们 CMB 在 中 长 期 这 个 层 面 上， 有 没 有 一 些 解 决 的 这 种 办 法， 或 者 说 是 应 对 的 这 个 方 案， 然 后 从 而 保 持 我 们 的 这 个 盈 利 能 力 。
好 的 。 这 个 最 后 两 句 没 听 清 楚 ， 但 是 大 致 的 问 题 。 这 次 提 报 出 来 了 ， 的 确 就 是 。 这 个 未 来 。 其 实 财 务 结 构 。
Automobile finance, et cetera. These niche market require us to make more efforts and carry out our planning accordingly. The third direction is that we need to pay special attention to develop key areas business. For instance, Yangtze River, Yangtze River Delta, the Greater Bay Area and et cetera. Internally, we have a calculation that within the CMB's business structure, we have a 4-2-4 structure. Beijing, Shanghai, Shenzhen, these 3 branches contribute to 40% of our business and revenue. The 20% revenue and business were contributed by the Yangtze River Delta and Pearl River Delta, and the rest 40% were contributed by the following branches. Therefore, we'd like to adjust our structure into a new one to enlarge our middle-level customer base and branch strengths to make it into a 4-3-3 construction. 40%, 30% and 30%.
These branches within these areas have shown good growing momentum. However, they have still large room to grow to have more market share within the local market. This will also be one of our importance. The fourth aspect is about risk. Regardless of whatever kind of development, risk is still one of the major topics. We emphasize our value creation chain to increase the volume, to increase the revenue. I think if we can make risks under control, we will deliver a good result in terms of our profitability. In the future, we will definitely maintain our risk preference as always. It is covering in every aspect of our risk management. We will illustrate further and introduce the General Manager of Risk Management Department. Generally, I do not see any large changes in terms of our strategy.
We will continue to take retail as our main focus and to pay special attention to key areas, key business, and to further strengthen our strength, our advantages in retail finance business. I'd like to give the floor to two of my colleagues to further illustrate our consideration of each business line. Thank you. I'd like to make some addition ideas on corporate finance. Just now, as President Peng mentioned, we will stick to the acquisition of quality clients and operation. Firstly, acquiring these kind of clients. We have established a set of practice to acquire these kind of clients. We have make clear list of these clients bank-wise. For instance, to find the connection of these quality clients of our existing clients to deliver this useful information for our frontline relationship managers to reach to these clients.
On the other hand, for the in-depth operation of existing clients, I think we have also delivered good results. We have also make new great breakthrough in the first quarter. We have reached a 50% growth of customer number for daily deposits of over 500,000 RMB. We will continue to give full play of CMB's wholesale finance strengths. We have accumulated six characteristics. That is customer classification and segmentation management, including the strategic client operation under the head office level and branch level, including inclusive finance operation. We have cultivate specific talent teams to operate these different types of clients. The second is the integration of investment banking and commercial banking business. The third is that we seek to our industry-oriented professional operation. For this year, we have act further based on the 14 key industries.
We have carried out in-depth understanding and research to enhance our understanding towards the industry. To take an active participation into the customer's operation and to follow a new principle of one bank for all bank for one client operational mechanism, so that we can realize an in-depth operation of these key customers. Of course, we can also extend our operation throughout the key customers, core customers, industrial chain, supply chain. Of course, we have also made good results in digital transformation for corporate finance. The market and risk business line have extend great coordination with each other. We realize good growth in our customer base. Under the backdrop of quick assets volume growth, we can still guarantee a good risk management condition. In a later period, we will pay further attention to several key areas.
Firstly, according to the national policy, we will strengthen our support to real economy, including manufacturing industry, scitech enterprises, inclusive enterprises, and also cross-border finance business. This is also one of our traditional strengths. And also cater to the enterprise's needs in digitalized transformation and provide relevant comprehensive solution to them. Last month, we have launched a new digital finance platform. We believe by focusing on these key areas and combining what we have developed in terms of our strengths, we can better deliver solutions to these selected customers to outperform ourselves among our peers. This is my introduction.
Under the current market circumstances, I think it's quite a difficult situation for all the wealth management institutions. For CMB, for years of accumulation, we have already formed our systemic advantage, and very importantly, we have a special talents team. Of course, with the market change, we will upgrade our systemic advantage. Specifically, I would like to share with you from the following aspects. The first one, to do a very well management customer base is very important, and also a new acquisition of new customer. Last year, we found combined the advantage from our corporate business line and also to proceed with our integration advantage with our corporate banking, and we targeting as our employees. Define our corporate strategic customer and their very precise marketing and very precise acquisition of new and young customers.
Secondly, after acquiring new customers, how we manage all the customer to maintain the relationship with the customer is very importantly. As you can see, the wealth management customer of CMB last year was over CNY 43 million. In first quarter, we continue to see rapid growth in this wealth management customer growth. We are providing digital services to our customer from... And also providing more complex product mix to our customer. Last year, for equity sales of equity product, even though decline in the whole market, our online sales of equity products have seen double-digit growth last year. As you can see, people, our customer recognize our online and offline integrated service business model. This year, for our customer of PB, some of our customer have seen rapid growth as well as private banking customer. This all reflects the high-end customer, especially private customer.
They trust CMB and are very loyal to the bank. This is also one of our advantage. Secondly, besides customer growth, asset allocation is another important capability for the bank, especially now we are entering a fully NAV area. The institution who can really create value for customer can win the market. The professional ability in asset allocation becomes more and more important. We actually have long-term accumulated experience in that. Our talents are all professionals. We have formed a TREE asset allocation system. With this system, we can understand our customer and to tailor-made an asset allocation plan for our customer, which is accommodate different demands. For investment products, we are improving customer education and help customers to review their assets and try to rebalance their assets.
I think investment is something against human nature. They were importantly by reviewing, we can help to our customer to better allocate their assets in different types and say that we are accompanying our customer through all different cycles. Last year, our customer grew accompanied through all cycles as well by over 16%. As we can see, the thickness of our customer has become even stronger as just now Mr. Li has introduced for mutual fund and for insurance and also for AUM, our market share are all improving. This shows our competitiveness edge is still there and is still improving. Thirdly, for our competitiveness edge in product selection, we are Better and deeper cooperation with other third-party wealth management platforms, including mutual funds, private funds, so as to select better products for our customers. Thank you. Next question, please.
Next question is coming from JP Morgan. Hi. I have two questions. First one, I think just now management has already touched on the wealth management. Just now, thanks for market share is... Customers different risk appetite. You have seen that, yeah. From monthly data or the daily data, are you seeing some trends in purchase in your retail bank structure? The deposit, especially ones carrying high costs flowing down. Do you have some trend to share with us? When do you think we will reach the turning point? Second, for costs, I know that annually you invest a lot in talent and also your IT. That is why your cost-to-income ratio is higher than your peers. Last year, I remember that Mr. Wang said that our cost-to-income ratio may be a downward trend. What is your projection right now?
Are you seeing a flatter cost-to-income ratio because of the slowing growth rate in revenue, or what is your projection on that? I will answer first. First one, newest trend of wealth management. I think there are something new and something old, something unchanged. What has changed is the total amount. What hasn't changed is the customer's risk appetite. I cannot share with you the specific data, but from macro for wealth management, cash related, cash and quasi-cash products still growing. Still we are seeing these are still very low risk appetite products. This has not changed. Just now, your question also mentioned whether you are seeing a trend that deposits turning to financial products. Yes, I'm seeing the translation from deposit to other wealth management products. As we always emphasize that deposit is also one part of our asset allocation.
If there's better product or substitute product such as cash or cash deposit product that we can allocate to our customers, also we will provide this kind of product to our customer. We have seen some of the customers' deposits turn into cash and quasi financial products. For deposit as we can see from the daily, annual growth of our deposit is very strong. At a certain point of time, it's not flat. It doesn't mean that outflow of our AUM, but it's flowing to the cash management products with a low volatility or some of the cash management mutual fund. These are the things that have changed, but I think the customer's risk appetite hasn't changed much. This is to your first question. Secondly, to your cost-to-income ratio.
In first quarter, we are seeing a negative growth of revenue, but fee income continued to grow. I think you are concerned about the rising cost-to-income ratio. I want to assure you that overall speaking for the annual budget, we want to maintain a stable cost-to-income ratio. Last year, we have consecutive 2 years reduction of cost-to-income ratio. This year, our plan is to maintain a stable one. I don't
I think you do not need to be bothered by fluctuations by sequential cost or income ratio. Some of the costs will be shown and will be allocated in first quarter or in only some quarterly disturbance. I don't think you should need to be bothered by that. Thank you. Next question, please. Next question is coming from Mr. Makun Pong. Thank you for giving me this opportunity. I'm very glad to see that no one is concerned about the asset quality. I think my question is from the risk side. For the first quarter, the property loan NPL, the exposure or new NPL formation is slowing down. What is your projection on the property loan? Sorry, I was offline. I want to repeat my question.
Would you please share with us your projection on the risk situation of the property loan? Especially for the first quarter, your provision for loan is much faster than the growth of loan in the first quarter. Whether you want to expose all the risk in your first quarter? This is my question. Mr. Xu Mingjie will answer the question. Thank you very much. Finally comes to a risk. I think that you are more confident about the asset quality of us. I think your questions regarding three aspects. The first one is overall asset quality. Second one for property market. Third one for credit cost. First to credit cost. First quarter, as you can see, the credit cost is around 1% in the first quarter.
Up by 0.22 percentage point from the same period of last year. This is mainly because of the growth of asset size. It's not related to the deterioration of asset quality. I think that when times goes on for the whole year, we are quite confident that credit costs will remain stable. Secondly, for the overall situation and also for the property market. For first quarter, I think shows the following characteristics. The first one, overall asset quality is still sound. Last year, our NPL ratio is 0.95%. It's quite good among the peers. This year, in first quarter, we have seen one rise and five declines. Except from the balance of NPL, up by CNY 2.3 billion. NPL ratio, special mention loan ratio, and amount of special mention loan, overdue loan ratio, and amount are all declining.
We can say asset quality is overly stable. Secondly, for retail asset quality is also stable and the trend is turning better. We are also seeing one rise and five declines. Except the balance of NPL amount has risen by over CNY 200 million. All the others are declining, including NPL ratio, special mention loan ratio and balance, overdue loan ratio, and amount are all declining. Also for microloan, mortgage loan, and credit card loan, the overdue loan amount are all declining. Consumption loan, we have a slight increase, around CNY 100 million for consumption loan NPL. It's a very slight increase. I think one of your concerns is the mortgage, whether we can surpass the test of external environment.
For overdue loan for mortgage is around RMB 6.1 billion, less than the same period of last year. For credit card, I think that risk is declining. All the risk indicators are showing declining trend, including NPL, special mention or overdue loan and balance, all seeing declining trend. We are following very closely on the macro situation. In first quarter. We are seeing recovering signs including transaction volume, and also the indicators for asset quality are turning better. We think the ratios above have rooms to further decline if there is no big deterioration in the economy. It's highly possible that the NPL formation of credit card will be the highest, will reach the peak in first quarter if there is no further deterioration of macro economy.
Certainly, for property market, I think the peak has already passed us. Namely, the NPL formation peak has already passed. If we look at the asset quality, it's now stabilizing. Actually, we have already in-depth study and about the underlying assets relating to property that CMB has. We think that this year, the NPL formation amount will be smaller than what we have last year. We think that within this year, we can expose all the potential NPLs of relating to property market this year. Next year, it will not have negative disturbance or impact on the total overall asset quality of CMB. Property loans are usually project loans. For the disposal of these NPL-related loans usually takes a longer time because it involves different parties.
Since it's very difficult to dispose of them, it may result in even higher NPL ratio for property loans. Overall speaking, our risk culture continue to be prudent and stable as we follow strict classification of risk and to fully expose the potential risk. Also to have the right provision in place for potential risk. To make sure we have sufficient risk buffer in place. Bank is a industry like running a bank is like running a marathon. If we need to run longer, it depends how well you can manage risk. With the efforts we made, we hope that we can create a fortress risk and compliance system to create value for customer. Thank you.
Thank you, Mr. Xu. We'll have the next question. The next question is from Xu Ran from Morgan Stanley. Thank you. I am Xu Ran from Morgan Stanley. I have two questions. The first is about our loan pricing and NIM's expectation. We see from many pressures of many banking peers that loan pricing is still one of the biggest challenge. What is the trend of the loan pricing for CMB in the following quarters, especially in the retail loan perspective? To see from the deposit perspective, we see from external news that many banks have tend to lower the deposit interest rate. Will there be any further space to narrow the cost for CMB? What is your outlook? The second question is that is on the capacity building.
We see that capacity building is one of the important requirements for the bank's operation. For instance, the manufacturing industry loan and for the wealth management capability. We see many of your peers are running after you and trying to catch up with CMB. I'd like to learn from CMB that what CMB has obtained in terms of your strength as you can lead the industry, especially under the environment of the NAV transformation of the WMP. How can we demonstrate our capability to manage this kind of WMP? Thank you.
I'll take the first question of NIM. I think NIM is one of your major interest in today's communication. As we can see in the first quarter report, some of you may figure it's out of your expectation. I recall in the annual conference meeting, I've predicted by then that we are actually facing a downward pressure in terms of the NIM. Year-on-year, our NIM was declined by 25 basis points, which is beyond some of your expectation. Under the group's calibrate, quarter-on-quarter, it is down by 8 basis points. Under the bank's calibrate, the figure is 6 basis points. There will be some difference between the.
Group's caliber and between the bank's caliber as there are some differences among our subsidiaries, which is quite natural. Regardless of quarter-on-quarter or year-on-year comparison, we both see drops because of the reason in SSI, because of the lower asset yield. I've mentioned that loan pricing is influenced by two factors. The LPR cut is one of the reason, which is aroused by both corporate loan and retail loan, such as the residential mortgage loan. That is one of the factor. The second factor is the newly granted loan influence factor. The newly granted loan is extended under the current loan pricing situation, which is a decreasing compared with the same period of last year. Along with the two factors adding together, our overall loan pricing goes down, and the loan yield also decreases. This is the major factor we see.
On the liability side, there are also influences. Our liability cost has increased year-on-year, but the main reason of increase is because of two factors. Firstly, we have taken a deposit product as a part of our wealth management arrangement and provide relevant supply to our customers. To some extent, it will influence our cost and deposit. We also see some other facts showing that there are higher proportion of deposit in our retail AUM. The second influencing factor is about foreign currency. Foreign currency interest rate cost increase. Compared with our banking peers, we do not have a high proportion of foreign currency assets. The deposit cost increased by 13 BPS year-on-year for foreign currency deposit assets. As we exclude the foreign currency factor and just take a look at the RMB deposit, it's not that high.
I think the interest rate hike in the European and the US countries have also cast influence on our portfolio. This will also be one of the factors. These factors adding together leads to the current condition, and I have mentioned in our previous meeting that NIM narrowing is not just what we can see in the first quarter. Is LPR cut, loan repricing. These factors will go through the full year. In the second, third and fourth quarter, these are all the trends we see. It will, comparatively speaking, be lower and be better than that of last year, but they will be still existing in the following quarters. We will not see a quick rebalance of our NIM in the second quarter. That is not what we see.
We have positive attitude towards the long-term development of NIM, and I'd like to share with you some of our perspective regarding the overall trend. First of all, corporate loans pricing. The base is generally consolidated. Even though it is low, but comparatively, it is getting higher. We see an uptick. To see from the nationwide newly loan granted, the figure is RMB 10.6 trillion, which we see that the full year, the figure will be around, like, RMB 24 trillion or so. For the first quarter, it has already taken around 40% of it. We think that the corporate loan yield will be increasing in the following period. Even though the increase will not be sharp, it is still moderately getting higher.
The secondly is that the very challenging external environment is getting better. That is the first trending we see. The second is that deposit cost, which I have mentioned earlier, it is influenced by two factors. On the one hand, some of our saving deposits have been actively allocated to our clients, and we tend to guide our customers to choose those low-volatile, low-risk fixed income or cash management type of wealth management products instead of deposit products. That is one factor. The other factor is that foreign currency influence. According to our overall assessment, we consider we already see the peak of the USD interest rate hike, and the US dollar benchmark rate will continue to maintain at the current level or go down.
For commercial banks, I think the banking peers are developing common sense and a better understanding over the deposit rate. For many commercial banks and suburban and rural commercial banks, their understanding towards having high deposit rate to attract corporate or retail customers' deposit have changed, and they have proactive initiatives to lower their deposit rate to attract deposits from our corporate customers. I think through the self-discipline mechanism developed among the banking industries, we can see some cost cut for the deposit along the market. That is the second trend we see. The third is that to see from the structure. Our asset structure will also be co-correspondingly adjusted. For instance, we have always taken retail loan as one of our major focus.
Objectively, we are subjecting to the change of the market and see some decline in the overall growth of the retail AUM. Indeed, we have to admit the retail AUM growth for last year is moderate. For the first quarter, we still see a good momentum in the growth. Generally speaking, for the first quarter, corporate loan extension will be better than that of retail loan because of the underlying seasonal factors. In the following quarters, we will see a higher proportion and the growth of retail loan. Of course, these will all subject to the external environment factors. However, we are looking forward to the increase of the retail loan proportion, which will lead to the increase of the general revenue, for instance, the credit card loans, et cetera.
Since the beginning of April, we also see some good growth in the credit card business, credit card loan business, which can go beyond our expectation. We also see good recovery in terms of the credit card transaction and credit card consumption. Therefore, this is a positive factor. The fourth factor we witness is that the PBOC's regulation and the monetary policy issued. These will all contribute to the bank's situation to delay the narrower of the NIM. This is contributing to the bank's cost control. In March, for instance, the reserve ratio cut, which is beneficiary to the bank, especially commercial banks. Under these laws and regulations and policies, I think the banks is facing less pressure in the NIM. Therefore, generally speaking, the bank will also be under pressure in terms of the NIM management.
This year might be the hardest year we go through. We can sail through this difficult time and do good job in asset management, pace management, and et cetera, and leverage on our strength in the overall business management, and to overcome the external challenging factors, we can maintain our leading position among the banking industry. It is not an absolute figure, but a relative leading position in the banking industry. For the second question, I will answer to your question according to my understanding. As for capacity building, maybe you are mentioning about the capacity building of wealth management business. For wealth management capacity, it is one of the major topic we pay special attention to. Many financial performance or business performance results behind them are our capacity, are our capability. Take wealth management as an example.
In a short run, the product mix need not too much attention. What really worth mentioning and paying special attention to is our capacity. The short-term financial performance is basically a reflection of some changes of the pro-proportion of our product mix. What's really important is that we are customer-focused. We can always attract our customer and let them be loyal to CMB, and that is supported by the CMB's strength, our capacity. By mentioning capacity, I think there are following aspects. Firstly, our professionalism, that is very essential. For instance, our investment and research capability, our product design capability, asset origination capability, the RM's asset allocation capability. These are all reflections of our professionalism. That is, for a long run, one of our major focus.
Apart from wealth management's professionalism, we have also developed a special indicators evaluation for our wealth management subsidiary. For instance, we have developed indicators to the product yield for our wealth management subsidiaries to compare with its wealth management subsidiary peers to benchmark and see the results, whether it is above the average, whether it is outperforming its peers. This is one of the most important capability. The second aspect is fintech capability. For CMB, I think fintech is one of our special emphasis. We have put our IT input is as many as CNY 14.1 billion, which is 4.5% of our overall revenue. We have developed the OneCloud, the four middle office, and several driving engines, and this is our mechanism that we have adopted.
I think we are the only systematically important bank that has actually fully migrate our business on cloud. It is one of the very important thing that we developed. The two middle office, the data office and tech office, it refers to the case where we can let our employees to leverage on the cloud and make very convenient development to provide better solution and offerings to our clients. The data office refer to in-depth analysis and digging into our underlying database. We can develop very accurate customer portrait and recommend corresponding products to our clients. The four engine, intelligent marketing, finance, operation, engine, et cetera. These are all reflection and demonstration of our fintech capability. For wealth management business, I think it is a great integration of online and offline operation. Human plus digitalization, fintech capability, professionalism, these are all capabilities we developed.
The third aspect is the capability of our internal coordination. We have talked a lot with our banking peers. If you have also communicated with other commercial banks or state-owned banks in the industry, you may find that what differentiates CMB from other bank is that we have strong capability of internal coordination, and it is everywhere. It is lying in every corner of our business, and it is embedded within the gene of CMB and CMBers. We have just mentioned the wealth management sector. It is coordinating well with the asset management, the investment banking, commercial banking, and custody segment, et cetera. That is also reflected in the coordination between departments, between head office and branches, between head office and subsidiaries, et cetera.
We have laid a solid foundation of coordination, and it is still an area we will keep investing, keep strengthening, and to generate actual productivity from it. For instance, the wealth management subsidiaries product increment is highly related to the increment of our AUM, of our custody business. These segments are of strong level of coordination among each other. If one segment is influenced, other segments will also be reflected in terms of their figures. We see some large redemption of the retail AUM in terms of the wealth management sector, and to some extent, that will also lead to the decrease of our AUM, the decrease of growth of our AUM and also the custody business. Therefore, we will continue to strengthen our capability in the level of coordination, in the level of our professionalism, and et cetera.
We do see pressures among the banking industry of the wealth management subsidiaries. It is an industry trend. For CMB, we are one of the entities that experience such kind of challenges. I do see we have secure our leading position as well. Thank you.
Next question, please. Next question is from a individual investor. My question back to wealth management. I follow China Merchants Bank for a very long time. China Merchants Bank place wealth management at a very important place. From first quarter, there are some fluctuations in your fee income, and you have explained some of that. If we take a longer view, CMB seems that doesn't have a very strong advantage in the overall wealth management like Ping An Bank. It's very strong in insurance, and Xingye Bank is very strong in the higher yield of the WMPs. What is CMB's advantage except from very big AUM? What is your strongest advantage except from a large size? It seems that you don't have a special characteristic. In first quarter, against this unfriendly environment, you have seen quite a worse performance.
In the future, how can you build your advantage? How can you build your. Even though I know that wealth management is very related to external environment. How can you relieve the burden or impact coming from the external environment? Thank you. I will try to answer briefly. My understanding. First, thank you very much for your question. I know I actually read your report as someone who is not working in a bank or who is not a professional analyst. You have such a profound and deep understanding of CMB and also for other banks, and you very timely respond to bank's performance. Really, I'm so much impressed by you. I read your report, and...
Our Executive Vice President, who is in charge of the retail side, also highly emphasize your report, and also it has provoked some of our thinkings. What is our strongest point or what is our strongest characteristic? You mentioned our peers. I think one of the major advantage of us, you may not notice that, is asset allocation. It's a kind of strategy. It's not a certain product, but it's a how we do wealth management. We are not selling a one certain product or selling a product. Selling is not our motive. I think the fee income is not a top priority for us. Top priority for us is customer's demand and customer satisfactory. We think that asset allocation is very important.
It's like we are a doctor writing subscriptions for our client, but not a medicine shop selling only medicines to our customer. To be a doctor, you need to fully understand our customer. An asset allocation is not a hollow saying, but it should be supported by product system, by product design system, product origination product, and it should be supported by the professional talents team, and also supported by system. An asset allocation means that you need to have a complex platform of product. Also it should be supported by technology and also by online and offline services. That is why currently for asset allocation, we have a TRE system and I highly agree to the philosophy of asset allocation. I think I really hope that investors can understand our philosophy of asset allocation.
I think this is one of our major principle, but at the same time, we need to balance asset allocation and also the profit growth of the bank. Without profit growth, the bank is not sustainable. Sustainable business model is to strike a balance among customers' demands and the reasonable profit growth of the bank. I think we need to strike a balance of a win-win situation of both creating value for customer and also creating value for the bank. How can we balance that? The key is diversified asset allocation. Allocation in one unique product, that will definitely lead to a problem. If you are strong in sell one certain type of product, but when external environment changes, how can you survive? Asset allocation means that no matter what external environment is, you can survive.
That is why just now I say that fee income of wealth management cannot fully reflect the whole performance of wealth management. I think it should also include a more extensive definition of income contributed from wealth management, including deposit contribution, including other wealth products. It's not a good way to measure the performance of whole overall performance of wealth management by only using the fee income of wealth management. If we take in the contribution from deposit, we are seeing a year-on-year growth of around 8%. If we can do better performance, for better asset allocation, we can wait for a better market. Now our current asset allocation system help us to position better to embrace the spring. Thank you. Just now, Mr. Pang has elaborated on our core competitiveness, namely asset allocation.
For asset allocation, it's very important for us. The precondition is you should believe in asset allocation. In the past two years, we have seen much volatilities in the market, but we continue to expand our base of wealth management customers. We are tapping on different products, including cash management products and equity products to nurture our customers and expand our customer wealth. The base of wealth management customers is quite a tough process. I know in the most difficult time of selling mutual funds, we should insist on allocating equity products to customers. During the same period of time, you know, we are continuing to face market volatility. Very important is the bank from top to down continues to help to allocate equity mutual funds to the customers, even facing a very bad performance of capital market and volatility in the market.
We have seen an increasing share market share of our equity mutual funds. With the continuous efforts, I think many customers, especially the ones who hasn't bank with us before and has been persuaded for us to allocate more to equity products in the worst time of capital market, now they benefit from that and they are very satisfied with the bank's suggestion of asset allocation. Secondly, important is the capability of our RM team. We actually have internal analysis on the market and also internal study of different products and research on product strategy, and at the same time provide online and offline service to empower of our RMs. Because online service empower is also empowering our offline relationship managers. In conclusion, one is from top to down, we need to trust the power of allocation.
Secondly, from different aspect, we are empowering our relationship manager to help them to be more professional. From last year and also this first quarter, we are following our continue our consistent strategies. We think that it's taking effect. When the market is better, we definitely believe we will perform better. Thank you very much. Due to time constraint, now we are going to close our conference. We will have one last question. One last question go to Miss Tingting Ma from Guosheng Securities. Thank you for giving me this opportunity. My question is about the selection of assets. From industry studies can see that the whole industry is facing NIM pressure. You just also mentioned some positive signs on the NIM side.
From CMB's angle, for corporate loans, the asset yield averagely is quite the same of the big state owns and even less than some of our big state own banks. We understand that you have very strict risk management in place, and you have a lower deposit cost, so you choose to allocate to these low-risky assets. Looking ahead, when the whole banking industry is facing NIM pressure, so how can you select the corporate loans? Will you change your risk appetite for corporate loans, especially for customers who can contribute to the bank from other fee income? With this, whether you will change your risk appetite or you increase your asset yield? Thank you. As for asset selection, it also means asset allocation.
A bank asset allocation strategy decides your risk appetite, decides your profit level. For asset allocation, it is should be based on the constraints from capital RWA constraint and also liquidity requirement and some other constraints. We made a highest return on capital plan when we are making annual budget, including how we allocate to investment assets, loan assets and other interbank assets. Your question is mainly on the assets from corporate loans. Annually, we will have a budget for that. Yeah, from this point of time, we can see that the budget is well-proceeded. As for asset yield, I think we can. Every coin has two sides. Just now you mentioned we have a lower deposit cost and also lower risk appetite. We choose the assets which have a lower yield. Yes, it's true.
Secondly, what you have said doesn't reflect only the full picture. We think that service we provide to the customer should not be only loan, but other settlement service, investment banking service. We hope that we can have comprehensive contribution from customer from all aspects, including loan and other investment banking and other transaction banking business. Even though we have a lower loan yield, but it can contribute to deposit and also salary payroll services to contribute to the growth of our retail customer. When we are evaluating contribution from customer, the first ring comes to emphasize on the loan yield. Except from loan yield, you also contribute deposit and also fee-based income. This is how we value the full income contribution from customer. The second aspect is customer, which may be a group company.
They also have subsidiaries, and we evaluate the full contribution from the group from a group level. Thirdly, we also see the contribution from the customer who contribute to our retail business, like whether it's our payroll service customer, whether it contributes to the growth of our retail customer. These are the three major aspects when we are measuring contribution from our corporates. Corporate banking customer also contribute to our retail customer growth by taking our payroll services. Definitely, we will have adjustment in our structure of our corporate banking customer. I will have Mr. Hou Weirong help answer the question. Just now, your question regarding how we can increase our asset pricing capability. What we are trying to do is to levy on our existing advantage and to embrace the challenge from the market. Directions are as follows.
First one is to better optimize our customer structure. In the past, we are very strong in providing service to the large-sized corporate customer. In first quarter, the pricing for those large customers is falling down very rapidly. For those large-sized corporate customer, we are following their supply chain customer surrounding these large ones, so as to have loans to the supply chain companies surrounding the large one, which can ensure higher yield and also maintain a lower risk. Secondly, for group companies, we are kind of looking at its subsidiaries, second level and third level sub-subsidiaries, even though have a lower rating, yield definitely is higher. Thirdly is for in corporate inclusive financing. We set up the corporate inclusive financing department, we designated certain important regions and branches.
Such as debt financing, namely to use our ability for providing digitalized service to cover more micro corporate companies. This is also a way to help to increase our pricing capability. Fourthly, very important to levy on our professionalism to provide services to middle-sized corporate customers. These middle-sized corporate customers have actually posted higher requirement on bank's risk management capability. We mainly focusing on with industries and have deep down knowledge on industry and select the middle-sized customer and to provide loan to them based on our risk management knowledge. For business structure, we are also adjusting our business structure such as for mid and long-term loan, such as for project loan and also M&A loan. The pricing for this kind of loan is also higher. Thirdly, how can we better provide comprehensive service to customer except from loans?
I know that investors may look at the loans growth or from corporate side. You know, for CMB, for us, when we are originating assets, we want to be strong and also be bigger in terms of the capital light business. For corporate side, our philosophy is to meet up customer's demand and provide a proper product to them. Namely, our definition for services we provide to customer can be described as FPA, namely providing both own loans and also other investment banking services loans to our customers. This business can contribute, not only can be shown in interest income, but also fee income. Last year, we have a mutual REIT project, very famous one. We have conducted one. It required the bank to provide a bridge loan to them, but the yield is very low because of very fierce competition.
We have gained the custodian business from the REIT project. This has better help us to have a fee income to make up the shortfall from the loan yield. When we are looking at a comprehensive contribution from customer, sometimes it's not only shown in retail customer, but also it's shown in our retail business unit, such as for developer loan. The competition is very fierce. Our the benefit is shown in our retail side, actually. Overall speaking, we are actively taking measures and to optimize our asset structure and to improve our pricing capability. From these two months, we think that we are seeing better signs. At the same time, very important to seeing comprehensive service to customers so as to generate more revenue from customer.
We are saying we want to go deep down into a lower tier of customer, but we don't want to lower down our risk appetite. By optimizing the product structure we provide that we can such as we can have a better risk return on that. For middle size customer, we are more emphasizing on the tech ones, on the ones who have specific technologies. Such as for inclusive finance, we are more on data financing to have a more standardized product. For corporate side, we also set up the. Just as Mr. Hou said, we set up the inclusive finance department and it's grown way more, quite good. That is why I want to have a more balanced asset structure to strike a balance among risk and profit. Thank you very much.
Due to time constraint, now we are going to close our first quarter results conference. You are very welcome to contact our IR team or to go to our website for further information. Thank you very much for taking time to join today's conference. Thank you. We will try our best to better provide service.