Dear investors, analysts, friends from the media, good morning. Welcome to CMB 2021 annual results announcement. I am First EVP and Secretary of the Board, Wang Liang, also the host of today's conference. In the special pandemic situation, this year, we will continue to webcast the annual results announcement. We have attendees as follows. Sitting on the studio, we have Chairman Mr. Miao Jianmin, President Mr. Tian Huiyu, EVP Mr. Wang Jianzhong, EVP Mr. Li Delin, EVP Mr. Zhu Jiangtao, and CIO Mr. Jiang Chaoyang. We have also independent Mr. Hong Xiaoyuan and Independent Director Mr. Tian Hongqi, and also relevant department heads of the CMB head office joining us today. Of CMB, I would like to extend a warm welcome to your participation, and thank you for your long interest and investment in CMB. Today's conference will be divided into two sessions.
The first session will be given by Chairman Miao and President Tian, and they will introduce the company's 2021 results. It takes around 30 minutes. The second session is the Q&A session. It takes around 1.5 hours. The meeting is expected to conclude at 11:30 A.M. The conference will be provided by English simultaneous interpretation. Now, let's give the floor to Chairman Miao and President Tian on the introduction of CMB 2021 results.
Good morning. Good day today. As we just end the lockdown for Shenzhen for the past week, so the senior management were able to meet you in the studio. Otherwise, we will be joining the conference at our own place. Today, I will introduce about our 2021 performance, and it will be divided into three parts.
First, it's about my introduction in the 2021 results, and then President Tian will introduce operational information in detail, and then I will briefly introduce our strategy and outlook to 2022. In the year 2021, CMB is under the impact of pandemic, is faced with strict regulatory requirements, and is faced with some exposed risks in the industries. We have stick to the light operation bank strategic positioning, up direction, and one body with two wing strategic positioning and focus on three ability construction, which is wealth management, fintech and risk management, and dynamically develop balance, quality and efficiency and scale, and to build ourselves as the best value creation bank driven by innovation with leading model and distinctive features. Our efforts mainly showcase in the following five aspects.
We record faster revenue and income growth rate with enhanced operational efficiency. Net operating income surpassed RMB 330 billion, up by 14% back to double-digit growth. Net income recorded RMB 119.9 billion, up by 23%, which marks a 6-year record high. ROAE and ROAA was respectively 16.9% and 1.36%, up by 1.23 percentage point and 0.13 percentage point. At the same time, we continue to optimize our balance sheet, maintain our core strength with low funding costs, and our interest-bearing liabilities average cost ratio was 1.59%, down by 14 basis points, greatly offsets lower assets returns pressure. Our NIM for the year was recorded 2.48%, slightly declined but remained to be stable and industry leading.
Non-interest income was recorded RMB 127.3 billion, up by 20% and accounting for 38% in total net income, 2.14 percentage points higher year-on-year. Cost income ratio began to decrease after 5 years of increase, achieved 33.11%, down by 0.22 percentage points. Our capital has realized endogenous growth. For 9 years, we haven't sought common stock financing, yet all capital ratio continued to increase. Under the advanced approach, CET1, Tier 1 and capital adequacy ratio were 12.66%, 14.94%, and 17.48%, up by 0.7, 0.37, 0.96, and 0.94 percentage points compared with the end of last year.
Under the weighted approach, the three figures were 11.17%, 13.1%, 14.71%, up by 0.49, 1.03, and 0.92 percentage points compared with the end of last year. We record improved asset quality with stronger risk compensation capability. Faced with repeated pandemic outbreak and economic downturn, the company stay calm, compliant and proactive to realize more stable asset and stronger risk compensation capability. We continue to improve our asset quality and NPL balance and ratio both decrease. Among which NPL ratio was 0.91%, down by 0.16 percentage points, which is the first time over the past seven years that we brought NPL ratio to one percent level lower.
Allowance coverage ratio 483.87%, up by 46.19 percentage points with stronger risk compensation capability. Credit cost 0.7%, down by 0.28 percentage point compared with the end of last year. Thirdly, we actively support real economy and steadily build up our balance sheet. Total assets CNY 9.25 trillion, up by 10.62% compared with the end of last year. Total loans and advances CNY 5.57 trillion. Total customer deposits CNY 6.35 trillion. 10.76% and 12.77% increase respectively. The percentage of retail loan was 53.64%, up by 0.33 percentage point compared with the end of last year.
We have made full use of our credit resources and diversified fundraising capability to satisfy our corporate customers comprehensive and multilevel financial needs. We uphold the philosophy of integrated IB and CB service to help develop real economy. Corporate clients FPA continues its rapid growth, among which non-traditional financing balance accounted for 47%, up by 1.17 percentage points. Inclusive SME total loan totaled CNY 601 billion, up by 18.22%, higher than the growth rate of the company's corporate loan by 7.19 percentage points. In 2020 to 2021, loans under deferred payment of principal and interest totaled CNY 195 billion, among which 2020 accounts for CNY 43 billion. Fourthly, we enhance our investment in tech and build us into a digital bank.
The year-round IT investment is CNY 13.3 billion, up by 11.58%, representing 4.37% of the company's net revenue. Fintech projects supported by the Fintech fund totaled 2,665, of which 1,961 has been brought online, becoming our new incubator investor. Talent structure is further transformed and will be further adaptable to a digital bank. We have totaled 10,000 research personnel, up by 13%. Fifthly, we have deepened the implementation of ESG philosophy. We strengthen the ESG top-level design and include to fulfill green finance, ESG, and other responsibility into the board's strategic committee. We greatly promote the development of green finance and green loan totaled CNY 263 billion, up by 26%, higher than the growth rate of corporate loan by 19 percentage points.
We have actively participated into public welfare and charity work. We have make outstanding charitable contribution in our fight against COVID-19 and has won the China Charity Award from the Ministry of Civil Affairs. Our overall ESG performance was highly recognized by major international credit rating agencies. Our MSCI ESG rating is increased from BBB to A, among the highest level of the China banking history. This is my brief introduction of the 2021 results. Now let's give the floor to President Tian on the detailed operational information of the company.
Thank you, Chairman. 2021 is the first year for the company to construct the extensive wealth management cyclic chain of value. We stick to the light operation bank and, make exploration to the 3.0 operational model and to follow the direction of becoming less capital-heavy, less cycle sensitive, to steadily develop in the following five aspects.
We uphold strategic direction. Business model begins to showcase its advantages. Core indicators of extensive wealth management remain fast growth. Retail AUM CNY 10.78 trillion, up by 20%. Among which PB clients AUM CNY 3.4 trillion, up by 22%, ranking the top in the industry. Corporate clients FPA CNY 4.9 trillion, up by 16%. Asset management business totaled CNY 4.31 trillion, up by 14.9%. Asset custody business totaled CNY 20 trillion with balance ranking No. 2 and increment ranking No. 1 in the industry with an increase of 21%. Year-round extensive wealth management business revenue recorded CNY 52 billion, up by 33%, representing 16% in the net operating revenue. Customers' deposit achieved larger volume, higher quality and lower cost. Customer deposit increased by 12%.
Despite fast growth, our deposit interest rates increased by 1.3% only. Low cost core deposit continue its growth. Its daily average balance was CNY 5 trillion, up by 18%, accounting for 87% of the customer's deposits daily average balance, up by 5.13 percentage points. Demand deposit daily average balance accounted for 64.9% of the total deposit, up by 4.11 percentage points. Customer's deposit average cost ratio 1.41%, down by 14 bps. Thirdly, we continue to optimize our loan structure. Retail loan continues its steady growth, representing a higher proportion of total loans and adjusts its structure. Retail loan total CNY 2.94 trillion, up by 11%, accounted for 55% of the total, up by 0.11 percentage points. Residential mortgage loan steadily grow.
Under the premise of controllable risk, we accelerated investment in SME loan and consumer loan, which is increased by 18% and 31% respectively. Credit card loan increased by 12%. We see larger proportion of medium to low-risk assets which optimize client base and asset structure. We focus on new growth engines, quality manufacturing, and green finance and independent innovation industries. Total corporate loan was CNY 1.88 trillion, up by 7%. Loans extended to manufacturing and strategic emerging industry have grown rapidly with growth rate of 16% and 27%. Secondly, we are driven by value creation and achieve both quality and quantity growth in client base. Total amount of retail clients, 173 million, up by 13 million, up by 9.49%.
Medium to high-level clients continue to grow with a high base, among which clients of Golden Sunflower and the above level achieved 3.6 million, up by 18.38%. PB clients, 120K, up by 22.09%. We speed up the structural adjustment of corporate clients and focus on the acquisition and operation of quality clients and increase our service capability. Corporate clients totaled 2.31 million, up by 55K. New corporate depositors totaled 380K, contributing daily average deposit of CNY 200 billion. Corporate value clients grew steadily and rapidly. Newly acquired clients with daily average deposits of CNY 500K above achieved 22.9K, a historic high of increment. Corporate payment collection active user number and total volume increased by 16% and 21% respectively.
We further deepen the customized segmentation-based operation and the integrated IB plus CB transformation to build up differentiated competitiveness strength, and to let more clients choose CMB as their principal bank and their first bank to approach. HQ-level strategic clients totaled 326, with daily average balance of RMB 979 billion, up 19%. Branch level strategic clients, 8,674, with daily average balance of RMB 594 billion. Supply chain business has upgraded to a new model, offering service to one enterprise and its industrial chain through national layout. We have built an AI plus manual integrated service model. Withholding tax and utility fee transaction customers increased by 118K, with transaction volume increased by 42%.
Transaction banking focuses on industrial chain and the corporate clients digital transformation and upgrade. CBS plus treasury management platform has served 38,000 group customers and 144K member companies. Account transaction number totaled 42 million, up by 58.96%. Investment banking developed its capability to provide systematic service to the capital market, releasing 200 M&A projects year-round. Bills business further deepened its digitalized capability with clients number increased by 20% to 144K. Bill discounting business volume ranked second in the market, which is CNY 1.25 trillion. For global market business, we have actively grasped the market opportunity in complicated environment. Business on behalf of corporate customers, transaction volume amounted to CNY 217 billion, up by 27%.
Thirdly, we seek openness and integration, displaying stronger flywheel effect. We have continued to promote a mutual connection and communication between different business units and promote flywheel effect. We take the lead to introduce wealth management products from eight wealth management subsidiaries into our retail product metrics. We have invited 87 asset managers into the Zhao Cai Hao, providing 140 million times of wealth management service to around 9 million retail clients, among which AUM achieved CNY 2 million. For wholesale finance, we make efforts to interact with the direct financing market. We extend networking with broker-dealers, fund managers, PEs, and enrich the resources of clients and projects as well as our approaches to services. We strengthen internal integration and speed up the three flywheels rotation.
We launched a new wealth management product, Zhao Zhao Bao, and to connect customers' daily payment and wealth management demand, which has a total customer base of 15 million and a position volume of CNY 135 billion. We have deepened the integrated customer acquisition operation of debit and credit card. Clients holding the two cards accounted for 62% of the cardholders in total number, up by 1.91 percentage points. We have newly increased payroll service corporate clients by 148,000. We have explored new PB service model that integrate corporate and retail business, providing comprehensive solution covering personal, family, corporate, and social needs, catering to their demand. We have ranked first in the industry in terms of the custody number and the scale of newly issued mutual funds and to coordinate to make our custody business stronger.
Wholesale finance has introduced bond assets to the wealth management subsidiary, totaling CNY 198 billion. Our affiliate companies has contributed FPA totaling CNY 7,780 billion. CMB Wealth Management has catered to the differentiated needs of the company's clients with a total of WMP balance of CNY 2.78 trillion. CMB International has newly increased cooperative projects with the bank by 122, realizing 100% coverage of account opening for lead investment projects, 77% for co-investing projects. The CMB fund, China Merchants Fund, non-monetary mutual funds management scale has ranked number 7 in the industry. Fourthly, we seek to be driven by tech. We continue to enhance our man plus digitalization capability. Our CMB app and CMB Live app's MAU achieved 111 million.
Over 28 scenarios, MAU has surpassed 10 million. Our RM, through the application's connection and dialogue function, has established online operation relationship with our clients, with transaction volume increased by 18%. For corporate business, we have integrated customer demand scenarios and increased our online operated and automation capability. We have basically migrate regular corporate business online, except for the first time of account opening in bank counters. Basic level clients active ratio increased by 5.27 percentage point. We have migrated 67% of the corporate financing business procedure online. We have continued to promote the application of fintech in all risk area. We further improve the risk of smart risk control platform, optimize the risk model, and enhance our capability of risk management in trading risk, credit risk, and market risk.
We continue to deepen the transformation of our tech structure and to establish a new digital tech system that is adaptable to the extensive wealth management cyclic chain of value. Both host machine and application migration to the cloud have surpassed 75%. We have a total issued share components of 226,811. We have increased the data middle office capability, and we have increased to enhance the AI and RPA application to further lower the cost and increase efficiency. We have replaced 6,000 staff's manual work. We have support the fast development and deployment relying on the tool platform, Conch RPA, covering over 2,000 business scenarios. Fifthly, we seek steady operation with comprehensive coverage of the risk management.
We will continue to be strict in customer onboarding and strictly classify the assets, enhance the efforts on the NPL disposal, and further enhance our asset structure. NPL to loans overdue for 90 days was the ratio was 1.45%. Retail loan has adopted stricter classification. Due to the adverse effects of the adjustment to timing of recognizing credit card loan as overdue loans and downgrading all retail loans overdue for more than 60 days to NPL, the balance of overdue loans rose slightly. NPL formation ratio 0.95%, down by 0.31 percentage point. Corporate loan, retail loan, and credit card loans NPL formation balance has record decrease year on year. We continue to seek to prudent and steady allowance provision policy and strengthen our efforts in the disposal of NPL.
Year-round ECL CNY 665 billion, up by 1.68%. ECL of total loan and advances CNY 37 billion. Considering the global pandemic outbreak and uncertain economic situation, we have made forward-looking and prudent provisions for the expected credit loss. The ECL of other type assets was CNY 28 billion, and the ECL of some other types of assets has increased correspondingly. We have made active disposal of NPL with a total disposal amount for the year of CNY 50 billion, 23 billion were written off, and 13 billion was recovered by collection. We pay a high attention to real estate industry, local government financing platforms, risk prevention, and strengthen risk investigation and early warning management with asset quality generally stable.
We continue with the overall strategy of total volume control, focus on certain customers and regions, adjustment of structure and strict management, and conduct comprehensive risk investigation in a timely manner. We uphold commercial principles to carry our business in selected areas, placing emphasis on self-compensation in local government financing platform business. The risk balance of under the broader category, CNY 261 billion, with NPL ratio 0.63%. The balance of risk exposure of our business remain to be stable. Looking ahead to 2022, under the impact of pandemic unseen in a century, the changes unseen in a century will evolve, and the external environment will become more complicated. The domestic economic development is facing triple pressures of shrinking demand, supply shortage, and weakening prospects.
The international market is confronted with challenges such as the China-US monetary policy divergence and et cetera. Under such circumstances, the company will maintain its strategic determination, stick to the three unchanged, which is the president assuming responsibility under the leadership of the board, and still maintain to become customer-centric and creating value for customers. We will strengthen the implementation of strategies, take the enhancement of the three capabilities in wealth management, fintech and risk management, and build a 3.0 model as a major task in implementing the 14th Five-Year Plan. Thirdly, insist on model transformation and build on wealth management capability. We will continue to expand our customer base, enhance our asset allocation for customers and product portfolio, and become the preferred bank for clients' wealth management.
We will push ahead the Original Aspiration Plan, focus on experience improvement of both clients and our employees, and systematically upgrade the wealth management capabilities. Secondly, we will speed up the comprehensive application of fintech to support business transformation. We will maintain our investment to fintech and uphold the fault tolerance philosophy to encourage fintech innovation. Speed up the digital operation model construction and further enhance the underlying tech foundation of digital application. Promote the construction of cloud platform and enhance tech middle office and data middle office capability. Thirdly, we seek a prudent, reasonable, proactive and comprehensive risk culture, enhance risk management capability to realize high-quality development. We will reasonably control the growth of RWA, increase our capability of category asset allocation, and further construct the 6R Risk Management System and to consolidate the consolidated centralized risk management system from the perspective of customers.
We will continue to open and integrate and to construct the integrated service of ICPT to start from the customer's operational logic and to provide differentiated targeted service covering clients from different stages, different industries with different features, and thereby forming the unique integrated service characteristics of ICPT. In line with the trend of ecological operation of strategic customers, we will maximize customer value, explore system and mechanism innovation with project-based approach as the core, and integrate internal resources in order to plan for the overall layout of customer operation. We will increase our efforts to cultivate and support the specialized, competitive, distinguished, and innovative enterprises, promote the steady growth of inclusive SME finance and to pay special attention and to support the development of green finance, optimize green finance risk management capability and to assist in the implementation of the state's carbon peaking and carbon neutrality goals.
Thank you all. Now let's move on to the Q&A session.