• Abstract and Figures
• Public Full-text

~--3~, 0+/.02 ywwz ADHGLDKGIF .=<@>6 BIC -A24994;24 +1;8 <5 ,67;1 /7:7>43 CH PUOTY XYUJQ JUSVHT\ OTJUWVUWHYLK OT YNL FLUVRL]X GLVZIROJ UM ENOTH [OYN ROSOYLK ROHIOROY\D 1>;58 *;67} zwx|{{ Bank of China Bank of China was formally established in enhanced its strengths and influence in the February 1912 pursuant to the approval of Mr. international and domestic markets, bringing Sun Yatsen. In the following 37 years until the additional splendor to its century-old brand. founding of the People’s Republic of China in 1949, the Bank served as the central bank, Bank of China is one of the major domestic international exchange bank and specialized financial service providers. Its business scope foreign trade bank of the country. As the pillar of covers commercial banking, investment banking the country’s financial industry during a period and insurance. Members of the Group include of turmoil in history, Bank of China was BOCHK, BOCI, BOCG Insurance and other committed to serving the public and developing financial institutions. The core business of the the nation’s financial industry and achieved Bank is commercial banking which includes significant developments in many areas of its corporate banking, personal banking and business operations through prudent financial markets. In terms of tier one capital, it management and progressive reforms. After the ranked 17th among the world’s top 1,000 banks founding of the People’s Republic of China, by “The Banker” magazine in 2006. Bank of China became the state-designated specialized foreign exchange and foreign trade With a history of almost a hundred years in the bank. Having maintained and promoted its financial industry of China, Bank of China is strong entrepreneurial spirit, the Bank well-known for its continuous business contributed substantially to the development of innovations and the development of many the country’s foreign trade and the national “firsts” in the domestic banking industry, while economy. paying regard to the needs for prudence in its operations. It is widely recognized and In 1994 and following the entrenchment of the commended by its peers and customers in reform of the financial sector, Bank of China was international settlement, foreign exchange, converted from a specialized foreign exchange trade finance, etc. Bank of China is also the most and foreign trade bank into a wholly state- internationalized bank in China. BOC London owned commercial bank providing Branch, the first overseas branch of Chinese comprehensive and high quality banking banks, was established in 1929. After that, the services. Bank successively opened branches in global financial centers, and has built up its In 1994 and 1995, Bank of China became a note institutional network in 27 countries and issuing bank in Hong Kong and Macau, regions. It was the first among Chinese banks to respectively. recruit international experts and to introduce modern business management concepts into its On 26 August 2004, Bank of China Limited was operations with a view to becoming a premier formally incorporated in Beijing as a state- international bank. controlled joint stock commercial bank, representing a new chapter in its history and As the sole banking partner of the Beijing 2008 signaling a huge step forward in becoming a Olympic Games, Bank of China will offer modern joint stock commercial bank with sound efficient and high quality financial services to corporate governance practices. On 1 June domestic and foreign customers. It will promote 2006, Bank of China was listed on the Hong and spread the Olympic spirits and contribute to Kong Stock Exchange (stock code: 3988) and the success of this magnificent sports event, 10597-2 (BOC - H Share) \ 23/03/2007 \ M03 \ P.2 shortly after, on the Shanghai Stock Exchange thereby improving its corporate image and its (stock code: 601988) on 5 July 2006. The listings value to the community. in Hong Kong and Shanghai have further Financial Highlights Delivering Growth and Excellence Bank of China Annual Report 2006 Financial Highlights On 26 August 2004, the Bank converted its form of ownership into a state controlled joint stock commercial bank and Financial Highlights Bank of China Limited was formed and registered in Beijing. On 1 June and 5 July 2006, the Bank’s shares were successfully listed on the Hong Kong Stock Exchange and the Shanghai Stock Exchange, respectively, being the first Financial Highlights Note: This report is prepared based on the Accounting Standards for Business Enterprises, the Accounting System for Financial Institutions (2001) and other relevant accounting regulations applicable to the Group. bank in China dual-listed in the international and domestic capital markets. Unit: RMB million Note 2006 2005 2004 2003 Note 1. The results of operations and related financial ratios for the year 2003 were adjusted to exclude the net gains of RMB7.154 billion on the disposal of BOCHK Holdings’ shares. Note 2. Operating income comprises net interest income and non-interest income. Non-interest income includes net fee and commission income, net trading (losses)/gains, investment gains/(losses) and other operating income (note 1) (net). Note 3. The non-routine profit/loss was calculated in accordance with the requirements “Question & Answer No. 1 Concerning Disclosure Convention for Companies Offering Shares to the Public — Non-routine Profit/Loss (revised Results of operations Net interest income 120,707 100,405 84,985 71,904 2004)”. Non-interest income 16,921 15,623 19,752 13,781 Note 4. Debt securities include available-for-sale securities, held-to-maturity securities, securities classified as loans and receivables, trading and other securities at fair value through profit or loss. Operating income 2 137,628 116,028 104,737 85,685 Note 5. Average number of ordinary shares in issue represents the weighted average number of ordinary shares in issue during the period. Operating and administrative expenses (53,614) (45,604) (41,915) (34,041) Business tax and surcharges (6,462) (5,680) (4,981) (3,972) Note 6. Earnings per share (weighted average) = net profit ÷ average number of ordinary shares; average number of ordinary shares is calculated with the number of days as the weight in accordance with the “Preparation Operating profit 77,552 64,744 57,841 47,672 Conventions of Information Disclosure by Companies Offering Securities to the Public No. 9 — the Calculation and Disclosure of Return on Net Assets and Earnings per Share” promulgated by the CSRC. Non-operating income, net 1,044 1,381 532 179 Note 7. Dividend per share = total dividend ÷ number of ordinary shares in issue at the year-end. Impairment losses (11,587) (10,985) (23,797) (16,432) Profit before tax 67,009 55,140 34,576 31,419 Note 8. Net assets per share = total shareholders’ equity at the year-end ÷ number of ordinary shares in issue at the year-end Profit after tax 47,152 32,597 25,246 24,743 Note 9. Adjusted net assets per share = (total shareholders’ equity at the year-end – accounts receivable above 3 years – prepaid expenses – long-term prepaid expenses) ÷ number of ordinary shares in issue at the year-end. It is Net profit 41,892 27,492 20,932 21,553 computed according to the “Standards Concerning the Contents and Formats of Information Disclosure by Companies Offering Securities to the Public No. 2 — Contents and Formats of Annual Report (revised 2005)” Total dividend 10,154 14,112 14,200 N/A promulgated by the CSRC. Net profit after deducting the non-routine items 3 39,822 26,174 20,310 21,542 Note 10. Return on average total assets = profit after tax ÷ average total assets. Average total assets = (total assets at the beginning of the year + total assets at the year-end) ÷ 2 Balance sheet items Note 11. Return on average equity (excluding minority interests) = net profit ÷ average shareholders’ equity. Average shareholders’ equity = (shareholders’ equity at the beginning of the year + shareholders’ equity at the year-end) ÷ Total assets 5,325,273 4,742,806 4,270,443 3,979,965 2. As there were a number of financial restructuring transactions directed by the PRC government during 2003, the financial data of the year are not comparable with those of 2002. Therefore, return on average equity of Loans and advances to customers, net 2,337,513 2,151,893 2,071,693 1,921,131 2003 is calculated based on the year-end shareholders’ equity. Debt securities 4 1,879,418 1,669,591 1,309,479 1,092,187 Total liabilities 4,907,459 4,480,186 4,037,705 3,750,489 Note 12. Return on average equity (including minority interests) is calculated according to the “Guidelines on the Corporate Governance and Supervision of State-owned Commercial Banks” (Yinjianfa [2006] No. 22). Deposits from customers 4,095,422 3,703,777 3,342,477 3,035,956 Note 13. Net interest spread = average yield of interest-earning assets – average cost of interest-bearing liabilities. Average yield of interest-earning assets = interest income ÷ average balance of interest-earning assets. Average Total Shareholders’ equity 388,254 233,842 205,351 203,752 cost of interest-bearing liabilities = interest expense ÷ average balance of interest-bearing liabilities. Average balances are the daily average balances derived from the Bank’s management accounts (unaudited). Number of ordinary shares in issue Note 14. Net interest margin = net interest income ÷ average balance of interest-earning assets. Average balance is daily average balance derived from the Bank’s management accounts (unaudited). Average (shares, million) 5 236,055 186,425 186,390 186,390 Note 15. Loan to deposit ratio = balance of loans and advances to customers at the year-end ÷ balance of deposits from customers at the year-end.

Load more

  300

Copy Link