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Annual Report 2013 Annual Report 2013 China Construction Bank Corporation (A joint stock company incorporated in the People’s Republic of China with limited liability) Stock Code: 939 CONTENTS Corporate Introduction 2 1 Financial Highlights 3 2 Corporate Information 5 3 Chairman’s Statement 7 4 President’s Report 9 5 Management Discussion and Analysis 11 5.1 Financial Review 11 5.2 Business Review 26 5.3 Risk Management 44 5.4 Capital Management 53 5.5 Prospects 56 6 Corporate Social Responsibilities 58 7 Changes in Share Capital and Particulars of Shareholders 60 8 Profiles of Directors, Supervisors and Senior Management 63 9 Corporate Governance Report 76 10 Report of the Board of Directors 94 11 Report of the Board of Supervisors 99 12 Major Issues 101 13 Independent Auditor’s Report 104 14 Financial Statements 105 15 Unaudited Supplementary Financial Information 237 16 Rankings and Awards 240 17 Organisational Structure 242 18 Branches and Subsidiaries 244 Definitions 251 CORPORATE INTRODUCTION China Construction Bank Corporation, established in October 1954 and headquartered in Beijing, is a leading large-scale joint stock commercial bank in Mainland China with world-renowned reputation. 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 2013, the Bank’s market capitalisation reached US$187.8 billion, ranking 5th among listed banks in the world. With 14,650 branches and sub-branches in Mainland China, the Bank provides services to 3,065,400 corporate customers and 291 million personal customers, and maintains close cooperative relationships with a significant number of high-end customers and leading enterprises of strategic industries in the Chinese economy. The Bank maintains overseas branches in Hong Kong, Singapore, Frankfurt, Johannesburg, Tokyo, Osaka, Seoul, New York, Ho Chi Minh City, Sydney, Melbourne, Taipei and Luxembourg, and owns various subsidiaries, such as CCB Asia, CCB International, CCB London, CCB Russia, CCB Dubai, CCB Europe, CCB Principal Asset Management, CCB Financial Leasing, CCB Trust and CCB Life. The Bank upholds its “customer-centric, market-oriented” business concept, adheres to its development strategy of “integration, multifunction and intensiveness”, and strives to provide customers with premium and all-round modern financial services by accelerating innovation of products, channels and service modes. With a number of core business indicators leading the market, the Bank vigorously promotes the development of emerging businesses including electronic banking, private banking, credit cards, cash management, and pension, while maintaining its traditional businesses advantages in infrastructure and housing finance. The Bank constantly optimises business and management processes, and increases investments in the construction of fundamentals like information systems, aiming to enhance its capability of risk prevention and market competitiveness. The Bank advocates fulfilment of citizen responsibilities as its corporate mission and pro-actively combines business development with undertaking of social responsibilities, dedicated to building a bank with sustainable development that serves the general public, improves people’s livelihood, promotes low carbon and environmental protection. We have included in this report certain forward-looking statements with respect to our financial position, operating results and business development. We use words such as “will”, “may”, “expect”, “try”, “strive”, and similar expressions to identify forward-looking statements. These statements are based on current plans, estimates and projections. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct, and you are cautioned not to place undue reliance on such statements. Readers are cautioned that a number of factors could cause actual results to differ, in some instances materially, from those anticipated or implied in any forward-looking statements. These factors include, among others: changes in general economic conditions in the markets in which the Group operates, changes in the government’s adjustments and control policies and in laws and regulations, and factors specific to the Group. The forward-looking statements contained herein do not constitute the Group’s substantive commitment to investors, and investors are therefore cautioned to investment risks. We proactively took measures to effectively manage various risks. For more information, please refer to “Management Discussion and Analysis – Risk management” in this annual report. 2 1 FINANCIAL HIGHLIGHTS The financial 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) 2013 2012 Change (%) 2011 2010 2009 For the year Net interest income 389,544 353,202 10.29 304,572 251,500 211,885 Net fee and commission income 104,283 93,507 11.52 86,994 66,132 48,059 Other operating income 17,313 15,824 9.41 7,837 8,148 9,370 Operating income 511,140 462,533 10.51 399,403 325,780 269,314 Operating expenses (188,185) (171,081) 10.00 (144,537) (121,366) (105,146) Impairment losses (43,209) (40,041) 7.91 (35,783) (29,292) (25,460) Profit before tax 279,806 251,439 11.28 219,107 175,156 138,725 Net profit 215,122 193,602 11.12 169,439 135,031 106,836 Net profit attributable to equity shareholders of the Bank 214,657 193,179 11.12 169,258 134,844 106,756 As at 31 December Gross loans and advances to customers 8,590,057 7,512,312 14.35 6,496,411 5,669,128 4,819,773 Allowances for impairment losses on loans (228,696) (202,433) 12.97 (171,217) (143,102) (126,826) Total assets 15,363,210 13,972,828 9.95 12,281,834 10,810,317 9,623,355 Deposits from customers 12,223,037 11,343,079 7.76 9,987,450 9,075,369 8,001,323 Total liabilities 14,288,881 13,023,283 9.72 11,465,174 10,109,157 9,064,315 Total equity attributable to equity shareholders of the Bank 1,065,951 941,668 13.20 811,140 697,047 555,495 Qualifying common share capital 250,011 250,011 – 250,011 250,011 233,689 Total capital after deductions1 1,316,724 1,093,365 N/A 924,505 762,704 608,253 Risk-weighted assets1 9,872,790 7,637,705 N/A 6,760,117 6,015,329 5,197,545 Per share (In RMB) Basic and diluted earnings per share 0.86 0.77 11.69 0.68 0.56 0.45 Final cash dividend proposed after the reporting period 0.30 0.268 11.94 0.2365 0.2122 0.202 Net assets per share 4.30 3.80 13.16 3.27 2.80 2.39 1. At the end of 2013, capital adequacy ratio was calculated in accordance with the Measures for Capital Management of Commercial Banks (Trial) promulgated by the CBRC in June 2012. From 2009 to the end of 2012, capital adequacy ratio was calculated in accordance with the Measures for the Management of Capital Adequacy Ratios of Commercial Banks and the relevant regulations issued by the CBRC. 2. Accounting Standards for Business Enterprises No.9 – Employee Benefit was promulgated by the MOF in January 2014. Considering constantly insignificant differences between PRC GAAP and IFRS, the Group early adopted such standard in 2013 and made retrospective adjustments to the comparative figures. For more information, please refer to Note “Significant Accounting Policies and Accounting Estimates” in the “Financial Statements”. 3 1 Financial Highlights Financial ratios (%) 2013 2012 Change +/(-) 2011 2010 2009 Profitability indicators Return on average assets1 1.47 1.47 – 1.47 1.32 1.24 Return on average equity 21.23 21.98 (0.75) 22.51 22.61 20.87 Net interest spread 2.56 2.58 (0.02) 2.57 2.40 2.30 Net interest margin 2.74 2.75 (0.01) 2.70 2.49 2.41 Net fee and commission income to operating income 20.40 20.22 0.18 21.78 20.30 17.84 Cost-to-income ratio2 29.65 29.60 0.05 29.93 31.55 33.05 Loan-to-deposit ratio 70.28 66.23 4.05 65.05 62.47 60.24 Capital adequacy indicators Common Equity Tier 1 ratio3, 4 10.75 11.32 N/A 10.97 10.40 9.31 Total capital ratio3 13.34 14.32 N/A 13.68 12.68 11.70 Total equity to total assets 6.99 6.80 0.19 6.65 6.49 5.81 Asset quality indicators Non-performing loan ratio 0.99 0.99 – 1.09 1.14 1.50 Allowances to non-performing loans 268.22 271.29 (3.07) 241.44 221.14 175.77 Allowances to total loans 2.66 2.69 (0.03) 2.64 2.52 2.63 1. Calculated by dividing net profit by the average of total assets at the beginning and end of the year. 2. Operating expenses (after deductions of business taxes and surcharges and other business costs) divided by operating income (after deduction of other business costs). 3. At the end of 2013, capital adequacy ratio was calculated in accordance with the Measures for Capital Management of Commercial Banks (Trial) promulgated by the CBRC in June 2012. From 2009 to the end of 2012, capital adequacy ratio was calculated in accordance with the Measures for the Management of Capital Adequacy Ratios of Commercial Banks and the relevant regulations issued by the CBRC. 4. From 2009 to the end of 2012, Common Equity Tier 1 ratio listed is calculated in accordance with the Measures for the Management of Capital Adequacy Ratios of Commercial Banks and the relevant regulations issued by the CBRC.
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