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2016 ANNUAL REPORT Address: No. 10 East Yanghe Road, Jiangbei District, Chongqing, China Mail Box: 400020 www.cqrcb.com 2016 Annual Report CHONGQING RURAL COMMERCIAL BANK Stock Code: 3618 * The Bank holds a financial license number B0335H250000001 approved by China Banking Regulatory Commission and was authorised by the Administration for Industry and Commerce of Chongqing to obtain a corporate legal person business license with a unified social credit code 91500000676129728J. The Bank is not an authorised institution in accordance with the Hong Kong Banking Ordinance (Chapter 155 of Laws of Hong Kong), not subject to the supervision of the Hong Kong Monetary Authority, and not authorised to carry on banking/deposit-taking business in Hong Kong. Content 1. Financial Summary 2 2. Company Information 5 3. Chairman’s Statement 9 4. President’s Statement 11 5. Management Discussion and Analysis 13 (1) Financial Review 13 (2) Business Operation 45 (3) Financial Business in County Area 69 (4) Risk Management 73 (5) Internal Audit 82 (6) Outlook 83 6. Corporate Social Responsibility 84 7. Changes in Share Capital and Particulars of Shareholders 85 8. Corporate Governance Report 91 9. Directors, Supervisors and Senior Management 112 10. Report of the Board of Directors 131 11. Report of the Board of Supervisors 144 12. Major Events 147 13. Independent Auditor’s Report 149 14. Financial Statements 157 15. Unaudited Supplementary Financial Information 284 16. Organization Chart 288 17. Branches and Subsidiaries 289 18. Definitions 295 Annual Report 2016 1 Financial Summary The financial information of the Group set forth in this annual report is prepared on a consolidated basis in accordance with the International Financial Reporting Standards and expressed in RMB unless otherwise stated. For the year ended 31 December Comparison between (Expressed in RMB million, 2016 and unless otherwise stated) 2016 2015 2015 2014 2013 2012 Rate of Changes Operating results (%) Net interest income 19,404.7 20,166.5 (3.78) 18,348.7 15,703.2 13,092.2 Net fee and commission income 2,118.4 1,494.9 41.71 1,069.6 679.7 435.7 Operating income 21,661.7 21,889.0 (1.04) 19,802.4 16,315.8 13,653.3 Operating expenses (8,451.0) (9,076.1) (6.89) (8,400.8) (7,207.8) (6,074.8) Impairment (loss) of assets (2,676.5) (3,236.0) (17.29) (2,297.2) (1,181.3) (511.4) Profit before tax 10,644.8 9,587.4 11.03 9,109.8 7,916.7 7,067.8 Net profit 8,001.3 7,227.8 10.70 6,813.1 6,015.1 5,377.7 Net profit attributable to equity holders of the Bank 7,944.7 7,223.3 9.99 6,828.5 5,991.0 5,361.5 Based on per share (RMB) Changes Net assets per share attributable to equity holders of the Bank 5.66 5.03 0.63 4.45 3.90 3.43 Basic earnings per share 0.85 0.78 0.07 0.73 0.64 0.58 Profitability indicators (%) Changes Average return on assets(1) 1.05 1.08 (0.03) 1.22 1.28 1.38 Weighted average return on shareholders’ equity(2) 15.99 16.38 (0.39) 17.06 17.27 17.81 Net interest spread(3) 2.57 2.99 (0.42) 3.14 3.19 3.26 Net interest margin(4) 2.74 3.20 (0.46) 3.37 3.41 3.50 Net fee and commission income to operating income 9.78 6.83 2.95 5.40 4.17 3.19 Cost-to-income ratio(5) 35.95 34.69 1.26 35.74 37.66 37.70 2 CHONGQING RURAL COMMERCIAL BANK Financial Summary As at 31 December Comparison between (Expressed in RMB million, 2016 and unless otherwise stated) 2016 2015 2015 2014 2013 2012 Rate of Changes Scale indicators (%) Total assets 803,157.7 716,805.2 12.05 618,889.0 502,446.0 433,827.1 Among which: loans and advances to customers, net 288,116.4 257,540.9 11.87 233,520.2 198,150.6 167,614.9 Total liabilities 748,967.9 668,517.4 12.03 576,040.6 465,556.7 401,611.4 Among which: deposits from customers 518,185.9 470,228.2 10.20 409,719.8 347,883.4 294,510.5 Share capital 9,300.0 9,300.0 – 9,300.0 9,300.0 9,300.0 Equity attributable to equity holders of the Bank 52,593.2 46,762.8 12.47 41,425.9 36,251.4 31,906.9 Non-controlling interests 1,596.6 1,525.0 4.70 1,422.5 637.9 308.8 Total equity 54,189.8 48,287.8 12.22 42,848.4 36,889.3 32,215.7 Assets quality indicators(6)(%) Changes Non-performing loan ratio 0.96 0.98 (0.02) 0.78 0.80 0.98 Allowances to non-performing loans 428.37 420.03 8.34 459.79 430.60 350.60 Allowances to total loans 4.10 4.11 (0.01) 3.58 3.46 3.42 Capital adequacy indicators (%) Changes Core Tier 1 capital adequacy ratio(7) 9.85 9.88 (0.03) 10.12 11.85 11.30 Tier 1 capital adequacy ratio(7) 9.86 9.89 (0.03) 10.12 11.85 11.30 Capital adequacy ratio(7) 12.70 12.09 0.61 12.45 13.64 13.22 Total equity to total assets 6.75 6.74 0.01 6.92 7.34 7.43 Other indicators (%) Changes Loan-to-deposit ratio(8) 57.98 57.12 0.86 59.11 59.00 58.93 Annual Report 2016 3 Financial Summary (1) Representing the net profit for the year (including profit attributable to non-controlling interests) as a percentage of the average balance of total assets at the beginning and the end of the year. (2) Representing the net profit for the year (including profit attributable to non-controlling interests) as a percentage of the weighted average balance of shareholders’ equity for the year, calculated according to the requirements of “Rules on the Preparation and Submission of Information Disclosed by Companies that Offer Securities to the Public No. 9 – Calculation and Disclosure of Return on Net Assets and Earnings Per Share” (Revision 2010) issued by CSRC. 2016 and 2015 represent the net profit attributable to equity holders of the Bank as a percentage of the weighted average balance of shareholders’ equity for the year. 2014, 2013 and 2012 (3) Calculated as the difference between the average yield rate on total interest-earning assets and the average cost rate on total interest-bearing liabilities. (4) Calculated by dividing net interest income by average interest-earning assets. (5) Calculated by dividing total operating expenses (excluding taxes and surcharges) by operating income. (6) Non-performing loan ratio, allowances to non-performing loans and allowances to total loans were calculated on basis of the contractual amount of loans. (7) Calculated in accordance with the “Regulation Governing Capital of Commercial Banks (Provisional)” promulgated by the CBRC. (8) The calculation criteria of loan-to-deposit ratio: the loan-to-deposit ratio was calculated on basis of the contractual amount of loans. Basis of preparation of certain financial indicators Under the IFRSs, the restructuring of the Bank was accounted for as an acquisition of the business from the 39 Rural Credit Unions and Chongqing Rural Credit Cooperative Union (the “CRCU”) by the Bank on 27 June 2008 instead of merger accounting due to the fact that there were no same party or parties ultimately controlling the 39 Rural Credit Unions, CRCU and the Bank before and after the restructuring. 4 CHONGQING RURAL COMMERCIAL BANK Company Information Basic Information Legal name and abbreviation in Chinese 重慶農村商業銀行股份有限公司 (abbreviated as 「重慶農村商業銀行」) Legal name and abbreviation in English Chongqing Rural Commercial Bank Co., Ltd. (abbreviated as Chongqing Rural Commercial Bank) Legal Representative LIU Jianzhong Authorised Representatives LIU Jianzhong XIE Wenhui Company Secretary MOK Ming Wai (appointed on 18 March 2016) YUNG Mei Yee (resigned on 18 March 2016) Registered address and postcode No. 36 Jinshamen Road, Jiangbei District, Chongqing, the PRC 400023 Principal place of business in Hong Kong 36/F, Tower Two, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong Company’s website www.cqrcb.com Email address [email protected] Listing stock exchange, stock name The Stock Exchange of Hong Kong Limited and stock code Stock name: CQRC Bank Stock code: 3618 Date of first incorporation and registration 27 June 2008 authority Administration for Industry and Commerce of Chongqing, the PRC Unified social credit code of corporate 91500000676129728J legal person business license Financial license institution number The Bank holds a financial license number B0335H250000001 approved by CBRC Annual Report 2016 5 Company Information Auditors PricewaterhouseCoopers Certified Public Accountants 22/F, Prince’s Building, Central, Hong Kong PricewaterhouseCoopers Zhong Tian LLP 11/F, PricewaterhouseCoopers Center, 2 Corporate Avenue, 202 Hu Bin Road, Huangpu District, Shanghai, the PRC Legal advisor as to PRC laws Zhonghao Law Group (Chongqing) Firm 22/F, Metropolitan Tower 68 Zourong Road, Yuzhong District, Chongqing Legal advisor as to Hong Kong laws Clifford Chance 27th Floor, Jardine House, 1 Connaught Place, Central, Hong Kong H Share Registrar Computershare Hong Kong Investor Services Limited Rooms 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wan Chai, Hong Kong Domestic Share Registrar China Securities Depository and Clearing Co., Ltd. 17 Taipingqiao Avenue, Xicheng District, Beijing, the PRC 6 CHONGQING RURAL COMMERCIAL BANK Company Information Awards and ranking in 2016 • The Bank ranked No.
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