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283936 (H Share Eng).Indb Bank of Communications Co., Ltd. 2011 Annual Report Stock Code: 03328 No. 188, Yin Cheng Zhong Lu, Shanghai P.R. China Cheng Zhong Lu, Shanghai P.R. Yin No. 188, www.bankcomm.com Bank of Communications Co., Ltd. Company Profi le Founded in 1908, Bank of Communications Co., Ltd. is one of the oldest banks in China as well as one of the note-issuing banks in modern China. The Bank was listed on the Hong Kong Stock Exchange in June 2005 and on the Shanghai Stock Exchange in May 2007. The Bank currently has 155 domestic branches, comprising 30 provincial branches, 7 branches directly managed by the Head Offi ce and 118 managed by provinces. It has also established 2,637 operating locations in 173 cities and 112 counties nationwide. In addition, the Bank has set up 12 overseas institutions, comprising branches in Hong Kong, New York, Tokyo, Singapore, Seoul, Frankfurt, Macau, Ho Chi Minh City, Sydney and San Francisco, representative offi ce in Taipei and Bank of Communications (UK) Co., Ltd. According to the “Top 1000 World Banks 2011” published by the British magazine “The Banker”, the Bank was ranked number 35 based on its Tier 1 Capital. For the fi rst time, the Bank was also ranked among the top 25 banks worldwide in terms of profi t before tax with a ranking of number 24. The Bank is one of the major fi nancial services providers in China. The Bank’s business scope includes commercial banking, securities services, trust services, fi nancial leasing, fund management, insurance and offshore fi nancial services. Its wholly-owned subsidiaries include BOCOM International Holdings Company Limited, China BOCOM Insurance Co., Ltd and Bank of Communications Finance Leasing CO., Ltd. Subsidiaries controlled by the Bank include Bank of Communications Schroder Fund Management Co., Ltd, Bank of Communications International Trust Co., Ltd, BoCommLife Insurance Company Limited, Dayi Bocom Xingmin Rural Bank, Zhejiang Anji BOCOM Rural Bank Ltd and Xinjiang Shihezi BOCOM Rural Bank. In addition, the Bank is also the largest shareholder of Jiangsu Changshu Rural Commercial Bank Co., Ltd. The Bank’s development strategy is to become “a fi rst class listed universal banking group focusing on international expansion and specialising in wealth management” (hereinafter referred to as “BoCom Strategy”). Bank of Communications Co., Ltd. Contents Annual Report 2011 H Share Financial Highlights 2 Corporate Information 4 Awards 6 Chairman’s Statement 8 President’s Statement 16 Management Discussion and Analysis 23 Changes in Share Capital and Substantial Shareholders 61 Directors, Supervisors, Senior Management and Human Resource Management 66 Report of the Board of Directors 78 Report of the Supervisory Committee 86 Corporate Governance Report 93 Corporate Social Responsibilities 107 Other Events 109 Independent Auditor’s Report 113 Consolidated Financial Statements 114 Notes to the Consolidated Financial Statements 120 Supplementary Unaudited Financial Information 249 List of Branches 256 Defi nitions 264 Financial Highlights Net interest income Net profit (excluding Total assets non-controlling interests) in millions of RMB in millions of RMB in millions of RMB 120,000 60,000 5,000,000 4,611,177 102,601 50,735 100,000 50,000 4,000,000 3,951,593 84,995 80,000 40,000 39,042 3,309,137 3,000,000 65,862 66,668 2,678,249 30,118 60,000 30,000 28,524 53,943 2,105,524 2,000,000 20,323 40,000 20,000 1,000,000 20,000 10,000 0 0 0 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 Returns on average assetsReturns on average Impaired loans ratio shareholders’ equity %% % 1.20 1.19 1.2 25 2.5 1.07 1.08 1.01 20.87 20.52 2.05 1.0 20.20 19.49 20 18.85 2.0 1.92 0.8 1.36 15 1.5 0.6 1.12 10 1.0 0.86 0.4 5 0.5 0.2 0.0 0 0.0 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 Provision coverage of Cost to income ratio impaired loans Capital adequacy ratio % % % 40 300 15 14.44 13.47 35 34.38 256.37 32.63 12.36 12.44 31.74 32.11 250 12.00 30.19 12 30 200 25 185.84 9 151.05 20 150 116.83 6 15 100 95.63 10 3 50 5 0 0 0 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2 Bank of Communications Co., Ltd. Financial Highlights (Continued) Description 2011 2010 2009 2008 2007 Full year results (in millions of RMB) Net interest income 102,601 84,995 66,668 65,862 53,943 Profi t before tax 65,451 49,954 38,301 35,953 31,242 Net profi t (excluding non-controlling interests) 50,735 39,042 30,118 28,524 20,323 As at the end of the year (in millions of RMB) Total assets 4,611,177 3,951,593 3,309,137 2,678,249 2,105,524 Includes: loans and advances to customers 2,561,750 2,236,927 1,839,314 1,328,590 1,104,490 Total liabilities 4,338,389 3,727,936 3,144,712 2,532,649 1,976,872 Includes: customer deposits 3,283,232 2,867,847 2,372,055 1,865,815 1,555,599 Shareholders’ equity (excluding non-controlling interests) 271,802 222,773 163,848 145,167 128,234 Per share (in RMB) Earnings per share (excluding non-controlling interests)1 0.82 0.66 0.53 0.51 0.37 Net assets per share (excluding non-controlling interests) 4.39 3.96 3.34 2.96 2.62 Major fi nancial ratios % Return on average assets2 1.19 1.08 1.01 1.20 1.07 Return on average shareholders’ equity3 20.52 20.20 19.49 20.87 18.85 Cost-to-income ratio4 30.19 32.11 32.63 31.74 34.38 Impaired loans ratio5 0.86 1.12 1.36 1.92 2.05 Provision coverage of impaired loans6 256.37 185.84 151.05 116.83 95.63 Capital adequacy indicators % Core capital adequacy ratio 9.27 9.37 8.15 9.54 10.27 Capital adequacy ratio 12.44 12.36 12.00 13.47 14.44 Notes: 1. Earnings per share of the prior years has been restated according to the International Financial Reporting Standards (the “IFRSs”) due to the bonus shares issued during the Reporting Period. 2. Calculated by dividing net profi t of the Reporting Period by the average of total assets at the beginning and the end of the Reporting Period. 3. Calculated by dividing net profi t (excluding non-controlling interests) of the Reporting Period by the average of shareholders’ equity (excluding non-controlling interests) at the beginning and the end of the Reporting Period. 4. Refers to certain operating expenses as a percentage of certain net operating income. 5. Calculated by dividing the outstanding balance of impaired loans by the outstanding balance of loans and advances to customers before impairment allowances at the end of the Reporting Period. 6. Calculated by dividing the outstanding balance of impairment allowances by the outstanding balance of impaired loans at the end of the Reporting Period. Annual Report 2011 H Share 3 Corporate Information LEGAL NAME SUPERVISORY COMMITTEE 交通銀行股份有限公司 Hua Qingshan (Chairman) Bank of Communications Co., Ltd. Jiang Yunbao Jiang Zuqi LEGAL REPRESENTATIVE Gu Huizhong Hu Huaibang Guo Yu Yang Fajia BOARD OF DIRECTORS Chu Hongjun Executive Directors Li Jin Hu Huaibang (Chairman) Yan Hong Niu Ximing (Vice Chairman and President) Liu Sha Qian Wenhui Chen Qing Wang Bin Note Shuai Shi Du Yarong Non-executive Directors Zhang Jixiang COMPANY SECRETARY Hu Huating Du Jianglong Du Yuemei Peter Wong Tung Shun AUTHORISED REPRESENTATIVES Anita Fung Yuen Mei Qian Wenhui Ma Qiang Du Jianglong Lei Jun INVESTOR SERVICES Independent Non-executive Directors Address: No.188 Yincheng Zhong Road, Eric Li Ka-cheung Pudong New District, Shanghai, the PRC Gu Mingchao (200120) Wang Weiqiang Tel: 86-21-58766688 Peter Nolan Fax: 86-21-58798398 Chen Zhiwu E-mail: [email protected] Choi Yiu Kwan Website: www.bankcomm.com PRINCIPAL PLACE OF BUSINESS IN HONG KONG Address: 20 Pedder Street, Central, Hong Kong Tel: 852-29738861 Note: On 23 March 2012, Mr. Wang Bin resigned as Executive Director and Vice President of the Bank due to job-redesignation. 4 Bank of Communications Co., Ltd. Corporate Information (Continued) NEWSPAPERS AND WEBSITES FOR SHARE REGISTRARS AND TRANSFER INFORMATION DISCLOSURE OFFICE A Share: China Securities Journal, A Shares: China Securities Depository and Shanghai Securities News, Clearing Corporation Limited, Securities Times Shanghai Branch Website of the Shanghai Stock Exchange 3/F, China Insurance Building, www.sse.com.cn No.166 Lujiazui Dong Road, H Share: Website of The Stock Exchange of Pudong New District, Shanghai, PRC Hong Kong Limited H Shares: Computershare Hong Kong Investor www.hkexnews.hk Services Limited, Room 1712–1716, PLACES WHERE THE ANNUAL REPORT 17/F, Hopewell Centre, ARE AVAILABLE 183 Queen’s Road East, Hong Kong Head Offi ce of the Bank and principal business locations LISTING INFORMATION A Shares: Place of Listing: Shanghai Stock Exchange AUDITORS Stock Name: Bank of Communications International: Deloitte Touche Tohmatsu Stock Code: 601328 PRC: Deloitte Touche Tohmatsu CPA Ltd. H Shares: Place of Listing: The Stock Exchange of Hong Kong Limited HONG KONG LEGAL ADVISER Stock Name: BANKCOMM DLA Piper UK LLP Stock Code: 03328 PRC LEGAL ADVISER OTHER INFORMATION King & Wood Date of initial business registration: 30 March 1987 Date of latest change of business registration: A SHARES SPONSORS 11 November 2011 UBS Securities Co.
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