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2009 Annual Report

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2009 Annual Report C M Y CM MY CY CMY K China Construction Bank Corporation Annual Report 2009 Total assetsFinancial(In millions of RMB) Highlights 9,623,355 2008:7,555,452 27.37% Net profi t (In millions of RMB) 106,836 2008:92,642 15.32% Net fee and commission income (In millions of RMB) 48,059 2008:38,446 25.00% 17.84 Net fee and commission income to operating income (%) 2008:14.25 3.59 8 Financial Highlights 20.87Return on average equity (%) 2008:20.68 0.19 Basic and diluted earnings per share (RMB) 0.46 2008:0.40 15.00% Net assets per share (RMB) 2.39 2008:2.00 19.50% Non-performing loan ratio (%) 1.50 2008:2.21 0.71 Allowances to non-performing loans (%) 175.77 2008:131.58 44.19 9 Contents 4 Financial Highlights 6 Corporate Information 12 Chairman’s Statement 15 President’s Report 21 Management Discussion and Analysis 22 Financial Review 43 Business Review 71 Risk Management 80 Prospects 81 Corporate Social Responsibility 84 Changes in Share Capital and Particulars of Shareholders 87 Corporate Governance Report 102 Profi les of Directors, Supervisors and Senior Management 118 Report of the Board of Directors 122 Report of the Board of Supervisors 125 Major Issues 128 Independent Auditor’s Report 129 Financial Statements 228 Unaudited Supplementary Financial Information 231 Organisational Structure 232 Branches and Subsidiaries 236 Defi nitions Progress with our customers, Introduction prosper with Headquartered in Beijing, China Construction Bank Corporation the society has an operation history of over 50 years. The Bank was listed on Hong Kong Stock Exchange in October 2005 (stock code: 939) and listed on the Shanghai Stock Exchange in September 2007 (stock code: 601939). At the end of 2009, the market capitalisation of the Bank reached about US$201,400 million, ranking 2nd among listed banks in the world. The Bank had a network of 13,384 branches and sub-branches in Mainland China, maintained overseas branches in Hong Kong, Singapore, Frankfurt, Johannesburg, Tokyo, Seoul, New York and Ho Chi Minh City, and a representative office in Sydney, and established multiple subsidiaries, such as CCB Asia, CCB International, CCB London, CCB Principal Asset Management, CCB Financial Leasing, and Jianxin Trust. A total of about 300,000 associates provide comprehensive fi nancial services to its customers. China Construction Bank Corporation Annual Report 2009 Financial Highlights The fi nancial information set forth in this annual report is prepared on a consolidated basis in accordance with the IFRS, and expressed in RMB unless otherwise stated. (Expressed in millions of RMB unless otherwise stated) 2009 2008 Change (%) 2007 2006 2005 For the year Net interest income 211,885 224,920 (5.80) 192,775 140,368 116,551 Net fee and commission income 48,059 38,446 25.00 31,313 13,571 8,455 Other operating income 9,370 6,381 46.84 (3,371) (2,346) 3,708 Operating income 269,314 269,747 (0.16) 220,717 151,593 128,714 Operating expenses (105,146) (99,193) 6.00 (92,327) (66,662) (58,092) Impairment losses (25,460) (50,829) (49.91) (27,595) (19,214) (15,258) Profi t before tax 138,725 119,741 15.85 100,816 65,717 55,364 Net profi t 106,836 92,642 15.32 69,142 46,319 47,096 Net profi t attributable to equity shareholders of the Bank 106,756 92,599 15.29 69,053 46,322 47,103 As at 31 December Net loans and advances to customers 4,692,947 3,683,575 27.40 3,183,229 2,795,976 2,395,313 Total assets 9,623,355 7,555,452 27.37 6,598,177 5,448,511 4,585,742 Deposits from customers 8,001,323 6,375,915 25.49 5,329,507 4,721,256 4,006,046 Total liabilities 9,064,335 7,087,890 27.88 6,175,896 5,118,307 4,298,065 Total equity attributable to equity shareholders of the Bank 555,475 465,966 19.21 420,977 330,109 287,579 Issued and paid-in capital 233,689 233,689 — 233,689 224,689 224,689 Core capital 491,452 431,353 13.93 386,403 309,533 284,307 Supplementary capital 139,278 86,794 60.47 83,900 68,736 64,584 Total capital base after deductions 608,233 510,416 19.16 463,182 374,395 348,104 Risk-weighted assets 5,197,545 4,196,493 23.85 3,683,123 3,091,089 2,562,153 Per share (In RMB) Basic and diluted earnings per share 0.46 0.40 15.00 0.30 0.21 0.24 Interim cash dividend declared during the year — 0.1105 — 0.067 — NA Final cash dividend proposed after the balance sheet date 0.202 0.0837 141.34 0.065 0.092 0.015 Special cash dividend declared during the year — — NA 0.072716 — NA Net assets per share 2.39 2.00 19.50 1.81 1.47 1.28 4 Financial Highlights 2009 2008 Change +/(-) 2007 2006 2005 Financial ratios (%) Profi tability indicators Return on average assets1 1.24 1.31 (0.07) 1.15 0.92 1.11 Return on average equity 20.87 20.68 0.19 19.50 15.00 21.75 Net interest spread 2.30 3.10 (0.80) 3.07 2.69 2.70 Net interest margin 2.41 3.24 (0.83) 3.18 2.79 2.78 Net fee and commission income to operating income 17.84 14.25 3.59 14.19 8.95 6.57 Cost-to-income ratio 39.04 36.77 2.27 41.83 43.97 45.13 Loan-to-deposit ratio 60.24 59.50 0.74 61.40 60.87 61.37 Capital adequacy indicators Core capital adequacy ratio2 9.31 10.17 (0.86) 10.37 9.92 11.08 Capital adequacy ratio2 11.70 12.16 (0.46) 12.58 12.11 13.59 Total equity to total assets 5.81 6.19 (0.38) 6.40 6.06 6.27 Asset quality indicators Non-performing loan ratio 1.50 2.21 (0.71) 2.60 3.29 3.84 Allowances to non-performing loans 175.77 131.58 44.19 104.41 82.24 66.78 Allowances to total loans 2.63 2.91 (0.28) 2.72 2.70 2.57 1. Calculated by dividing net profi t by the average of total assets at the beginning and end of the year. 2. Calculated in accordance with the guidelines issued by the CBRC. 5 China Construction Bank Corporation Annual Report 2009 Corporate Information Legal name and abbreviation in Chinese 中國建設銀行股份有限公司 (abbreviated as “中國建設 銀行”) Legal name and abbreviation in English China Construction Bank Corporation (abbreviated as “CCB”) Legal representative Guo Shuqing Authorised representatives Zhang Jianguo Chan Mei Sheung Secretary to the Board Chen Caihong Contact Address: No. 25, Financial Street, Xicheng District, Beijing Telephone: 86-10-66215533 Facsimile: 86-10-66218888 Email: [email protected] Company secretary Chan Mei Sheung Qualifi ed accountant Yuen Yiu Leung Registered address and postcode No. 25, Financial Street, Xicheng District, Beijing 100033 Internet website www.ccb.com Email address [email protected] Principal place of business in Hong Kong 44–45/F, Tower One, Lippo Centre, 89 Queensway, Admiralty, Hong Kong Newspapers for information disclosure China Securities Journal and Shanghai Securities News Website of the Shanghai Stock Exchange www.sse.com.cn for publishing the annual report prepared in accordance with PRC GAAP Website of Hong Kong Stock Exchange www.hkex.com.hk for publishing the annual report prepared in accordance with IFRS Place where copies of this annual report Board of directors offi ce of the Bank are kept Listing stock exchanges, stock abbreviations A-share: Shanghai Stock Exchange and stock codes Stock abbreviation: 建設銀行 Stock code: 601939 H-share: The Stock Exchange of Hong Kong Limited Stock abbreviation: CCB Stock code: 939 6 Corporate Information Date and place of fi rst incorporation 17 September 2004 State Administration for Industry & Commerce of the People’s Republic of China Registration number of the corporate 1000001003912 legal person business license Organisation code 10000444-7 Financial license institution number B0004H111000001 Taxation registration number 京稅證字 110102100004447 Certifi ed public accountants KPMG Huazhen Address: 8/F, Offi ce Tower E2, Oriental Plaza, Dongcheng District, Beijing KPMG Address: 8/F, Prince’s Building, 10 Chater Road, Central, Hong Kong Legal advisor as to PRC laws Beijing Commerce & Finance Law Offi ces Address: 6/F, NCI Tower, A12 Jianguomenwai Avenue, Beijing Legal advisor as to Hong Kong laws Freshfi elds Bruckhaus Deringer Address: 11/F, Two Exchange Square, Central, Hong Kong A-share registrar China Securities Depository and Clearing Corporation Limited, Shanghai Branch Address: 36/F, China Insurance Building, 166 East Lujiazui Road, Pudong New District, Shanghai H-share registrar Computershare Hong Kong Investor Services Limited Address: Rooms 1712–1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong 7 China Construction Bank Corporation Annual Report 2009 RANKINGS AND AWARDS Ranked 12th in the “Top 1000 World Banks” Ranked 9th in the “Top 500 Global Financial Brands” Fortune Ranked 125th among the “Fortune Global 500” Financial Times Ranked 13th among the “FT Global 500” Ranked 23rd in the “World’s 2000 Biggest Public Companies 2009” Ranked 3rd among the “Top 300 Asian Banks” One of the “Most Profi table Banks in China” China Enterprise Confederation Ranked 6th among the “Top 500 Enterprises of China” Ranked 2nd among the “200 Biggest Emerging Market Banks” Best Corporate Lending, Domestic Bank Best Mortgage Loans Bank Ranked 3rd in the “Asian Bank Competitiveness Rankings” Best Customer Satisfaction Bank in Asia Excellent Financial Management Bank of the Year Excellent Private Banking Team of the Year Best Bank in China 8 Corporate Information Best Domestic Bank in China Best Retail Bank in China World Finance Best Banking Group 2009, China and Hong Kong Achievement Award for Risk Management in China The Asset China’s Most Promising Companies 2009 (Banking & Finance Group) Best Subcustodian Bank, China International Society of Six Sigma The Asia-Pacifi c Six Sigma Leadership Award Professionals (ISSSP) Corporate Governance Asia Recognition Award 2009 Best Risk Management Bank Award in China Best Chinese E-bank Award Silver Award in
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