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Bank of Communications Co., Ltd. 2018 Annual Report Stock Code: 03328 Bank of Communications Co., Ltd

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Bank of Communications Co., Ltd. 2018 Annual Report Stock Code: 03328 Bank of Communications Co., Ltd withwith Bank of Communications Co., Ltd. 2018 Annual Report Stock Code: 03328 www.bankcomm.com Bank of Communications Co., Ltd. 188 Yin Cheng Zhong Lu, China (Shanghai) Pilot Free Trade Zone, Shanghai, P.R. China COMPANY PROFILE Building the Best Wealth Management Bank 135 Network Outlets Were Awarded Top 1,000 Outlets with Civilized and Standardized Services in the Banking Industry Ranking First in the Industry in Terms of the Number In 2018, Bank of Communications highlighted the strategy of “taking the road of internationalization and integration, building the best wealth management bank” from “BoCom Strategy” and proposed “186”Strategic Landscape The Strategic Goal The Core Essence Building the Best Wealth Creating Shared Value Management Bank and Providing Best Services The Strategic Measures Customer First Technology Empowerment Strive for strong customer base and Strive for strong technical foundation and excellent customer experience excellent business application Road of Internationalization and Talents Engine Integration Strive for strong competencies and Strive for strong non-banking businesses excellent incentive mechanism and excellent international businesses Risk Controls Development of Two Engines Strive for strong comprehensive Strive for strong branches and excellent risk management and excellent risk divisions management strategy Synergies of Two-line Services “Happy Home” Construction Strive for strong online businesses and Strive for strong co-constructing and co- excellent offline businesses sharing system and excellent employee experience The Operating Increasing Increasing Increasing Strategies Active Core Transformation Customers Liabilities Income Reducing Reducing Reducing Cost of Risk Cost of Capital Operating Costs History of Development The “Century-Old Bank” With 110-Year History The Successor of Century-Old National Financial Brand The Forerunner of China’s Financial System Reform Founded in 1908 BoCom is one of the note-issuing banks with the longest history in modern China. 1 April 1987 BoCom reopened after reorganization and became the first nationwide state-owned joint-stock commercial bank in China, with Head Office located in Shanghai. June 2005 BoCom was listed on the Hong Kong Stock Exchange. May 2007 BoCom was listed on the Shanghai Stock Exchange The year of 2015 The State Council approved BoCom’s Plan to Deepened Reformation. The deepened reformation concentrates on three key areas including refining corporate governance mechanism as a large commercial bank, reinforcing operational improvements and promoting transformation and innovating operating model. Bank of Communications steadily implemented reform programs. In recent years, BoCom focused on three key reformation including organizing personnel, the new intelligence transformation project for the Group’s information system (“New 531” project) and the credit risk management. The positive effect of reforms, stimulation of transformation forces and the enhancement of core development indicator are anticipated. The year of 2018 • It was the 110th anniversary of the establishment of Bank of Communications. At a new starting point. Bank of Communications proposed the “186” strategic landscape. • Bank of Communications was honored “Top 500 Global Companies” for the ten consecutive years and was ranked No. 168 in terms of revenue by FORTUNE. It was ranked No. 11 among the global top 1,000 banks in terms of Tier-1 Capital rated by The Banker. Bank of Communications Co., Ltd. Contents Annual Report 2018 H Share Definitions 4 IMPORTANT REMINDERS Corporate Information 5 I. The Board of Directors, the Board of Supervisors and Directors, Supervisors, Senior Management of the Financial Highlights 6 Bank are responsible for the authenticity, accuracy Statement from Chairman and completeness of the Annual Report, free of false of the Board of Directors 8 records, misleading statements or material omissions and assume individual and joint legal responsibilities. Statement from President 14 II. Mr. Peng Chun, Chairman of the Bank, Mr. Wu Wei, Business Profile 18 Principal in charge of accounting and Ms. Lin Zhihong, Head of Accounting Department represent that they Ranking and Rewards 22 are responsible for the authenticity, accuracy and Management Discussion and Analysis 24 completeness of the financial statements in Annual Report. – Macroeconomic and Financial Environment 25 III. The Group’s financial statements that were prepared – Business Review 26 in accordance with China Accounting Standards was audited by PricewaterhouseCoopers Zhong Tian LLP. – Financial Statement Analysis 45 Those prepared in accordance with International – Business Innovation and New Products 68 Financial Reporting Standards was audited by – Risk Management 72 PricewaterhouseCoopers, both with unqualified auditor’s reports issued. – Overview of Major Subsidiaries 79 IV. Pursuant to the Administrative Measures for Securities – Outlook 82 Issuance and Underwriting, in the situation that the proposals of profit distribution and capital contribution BoCom-HSBC Strategic Cooperation 85 from reserve have not been submitted for the approval Changes in Ordinary Shares and from shareholders’ general meeting or approved but not yet executed, listed companies shall issue Shareholdings of Substantial securities after the execution of aforementioned Shareholders 88 proposals. The Bank is in the progress of the public issuance of A share convertible corporate bonds and Information of Preference Shares 95 has not formulated the profit distribution proposal for Directors, Supervisors, the year of 2018, which the Bank will formulate and Senior Management and submit for the approval from the Board of Directors and shareholders’ general meeting of the year of 2018 Human Resource Management 99 at earliest. Report of the Board of Directors 126 V. Prospective statements involved in the report, such as future plans, development strategies do not constitute Report of the Board of Supervisors 133 a real commitment of the Bank to investors. Investors Corporate Governance Report 138 and stakeholders are required to keep sufficient risk awareness and understand the differences among the Corporate Social Responsibilities 158 plan, forecasting and commitment. Significant Events 167 VI. The Group’s operation is mainly exposed to risks including credit risk, market risk, operational risk and Organization Chart 170 compliance risk. The Group took and will continue List of Domestic and Overseas Branches to take various steps to effectively manage risks. For and Major Subsidiaries 172 more details, please refer to section of “Management Discussion and Analysis – Risk Management”. Independent Auditor’s Report 177 Consolidated Financial Statements 183 Notes to the Consolidated Financial Statements 189 Unaudited Supplementary Financial Information 335 This report is prepared in Chinese and English, respectively. Should there be any inconsistency between the Chinese and English versions, the Chinese version will prevail. DEFINITIONS The following terms will have the following meanings in this Report unless otherwise stated: “Articles of Associations” The Articles of Association of Bank of Communications Co., Ltd. as approved by the CBIRC “Bank”, “BoCom” Bank of Communications Co., Ltd. “Basis point” One in ten thousand “BoCom Aviation and Shipping” Bank of Communications Aviation and Shipping Financial Leasing Company Limited “BoCom Asset Management” Bank of Communications Asset Management Co., Ltd. (under establishment) “BoCommLife Insurance” BoCommLife Insurance Company Limited “BoCom Insurance” China BoCom Insurance Co., Ltd. “BoCom International” BoCom International Holdings Company Limited “BoCom International Trust” Bank of Communications International Trust Co., Ltd. “BoCom Investment” BoCom Financial Asset Investment Co., Ltd. “BoCom Leasing” Bank of Communications Financial Leasing Co., Ltd. “BoCom Schroder Fund” Bank of Communications Schroder Fund Management Co., Ltd. “CBIRC” China Banking and Insurance Regulatory Commission “Central and Southern China” Including Henan Province, Hunan Province, Hubei Province, Guangdong Province, Hainan Province and Guangxi Autonomous Region “Company Law” The Company Law of the People’s Republic of China “CSRC” China Securities Regulatory Commission “Eastern China” Includes Shanghai (excluding Head Office), Jiangsu Province, Zhejiang Province, Anhui Province, Fujian Province, Jiangxi Province and Shandong Province “Group” The Bank and its subsidiaries “Head Office” The Group’s Head Office “Hong Kong Listing Rules” The Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited “Hong Kong Stock Exchange” The Stock Exchange of Hong Kong Limited “HSBC” The Hong Kong and Shanghai Banking Corporation Limited “HSBC Group” The HSBC and its subsidiaries and contacts “Ministry of Finance” Ministry of Finance of the People’s Republic of China “Model Code” Model Code for Securities Transactions by Directors of Listed Issuers as set out in the Appendix 10 of the Hong Kong Listing Rules “North Eastern China” Including Liaoning Province, Jilin Province and Heilongjiang Province “Northern China” Including Beijing, Tianjin, Hebei Province, Shanxi Province and Inner Mongolia Autonomous Region “Overseas” Including Hong Kong Branch/Bank of Communications (Hong Kong) Co., Limited, New York Branch, Tokyo Branch, Singapore Branch, Seoul Branch, Frankfurt Branch, Macau Branch, Ho Chi Minh City Branch, San Francisco Branch, Sydney Branch, Taipei Branch,
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