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Delivering Growth and Growth Delivering Excellence Bank of China Limited Delivering Growth and Excellence Annual Report 2010 Annual Report 2010 Stock Code: 3988 Bank of China Limited (a joint stock company incorporated in the People’s Republic of China with limited liability) 1 Fuxingmen Nei Dajie, Beijing, China 100818 Bank of China Limited Tel: (86) 10-6659 6688 Fax: (86) 10-6601 6871 (a joint stock company incorporated in the People’s Republic of China with limited liability) Stock Code: 3988 http://www.boc.cn GLASGOW MOSCOW MANCHESTER DUBLIN HAMBURG BIRMINGHAM ROTTERDAM LONDON DUSSELDORF FRANKFURT AKTOBE BRUSSELS PARIS VANCOUVER LUXEMBOURG ALMATY GENEVA BUDAPEST MILAN TORONTO NEW YORK SEOUL TOKYO ANSAN DAEGU LOS ANGELES YOKOHAMA OSAKA NAGOYA BAHRAIN DUBAI TAIPEI MACAU HONG KONG GRAND CAYMAN BANGKOK MANILA PHNOM PENH HO CHI MINH CITY PANAMA PENANG KLANG KUALA LUMPUR JOHOR BAHRU MUAR SINGAPORE JAKARTA SURABAYA LUSAKA SAO PAULO JOHANNESBURG BRISBANE PERTH SYDNEY MELBOURNE Bank of China Global Network Bank of China is the most internationalised bank in China. After establishing its first overseas branch in London in 1929, the Bank gradually expended its overseas network to major global financial centres including Tokyo, Singapore and New York. At present, the Bank provides comprehensive and quality financial services to customers through its global network across the Chinese mainland, Hong Kong, Macau, Taiwan and 31 overseas countries and regions. GLASGOW MOSCOW MANCHESTER DUBLIN HAMBURG BIRMINGHAM ROTTERDAM LONDON DUSSELDORF FRANKFURT AKTOBE BRUSSELS PARIS VANCOUVER LUXEMBOURG ALMATY GENEVA BUDAPEST MILAN TORONTO NEW YORK SEOUL TOKYO ANSAN DAEGU LOS ANGELES YOKOHAMA OSAKA NAGOYA BAHRAIN DUBAI TAIPEI MACAU HONG KONG GRAND CAYMAN BANGKOK MANILA PHNOM PENH HO CHI MINH CITY PANAMA PENANG KLANG KUALA LUMPUR JOHOR BAHRU MUAR SINGAPORE JAKARTA SURABAYA LUSAKA SAO PAULO JOHANNESBURG BRISBANE PERTH SYDNEY MELBOURNE Bank of China was formally established in February 1912 following the approval of Dr. Sun Yat-sen. From 1912 to 1949, the Bank served consecutively as the country’s central bank, international exchange bank and specialist foreign trade bank, and fulfilled its commitment to serving the public and developing China’s financial services sector. Prudent management and progressive reforms resulted in many significant achievements across the Bank’s diversified business operations. After the founding of the People’s Republic of China, with a long history in acting as the state-designated specialist foreign exchange bank, Bank of China became China’s important opening-up window to the world and the key foreign exchange financing channel. Transformed from a specialist foreign exchange bank into a state-owned commercial bank in 1994, Bank of China began a joint stock restructuring in 2003, which resulted in Bank of China Limited being incorporated in August 2004 and listed on the Hong Kong Stock Exchange and the Shanghai Stock Exchange in June and July 2006 respectively, becoming the first Chinese commercial bank listed in domestic and overseas capital markets. As the most international and diversified bank in China, Bank of China provides a comprehensive range of financial services to customers across the Chinese mainland, Hong Kong, Macau, Taiwan and 31 overseas countries and regions. The Bank’s core business is commercial banking, including corporate banking, personal banking and financial markets services. BOCI, one of its wholly-owned subsidiaries, is the Bank’s investment banking arm. BOCG Insurance and BOC Insurance run the Bank’s insurance business. BOCG Investment, a wholly owned subsidiary, undertakes the Bank’s direct investment and investment management business. BOCIM, its controlling subsidiary, operates the Bank’s fund management business. BOC Aviation is in charge of the Bank’s aircraft leasing business. Bank of China has upheld the spirit of “pursuing excellence” throughout its near hundred-year history. It is widely recognised within the industry and by its customers for its prudent operations, principle of integrity and customer-centric business concepts. With historical opportunities now arising, Bank of China will actively promote its innovative, transformative and cross-border approaches to development and remain focused on its goal of becoming a premier international bank. Table of Contents 1 Development Strategy 2 Investment Value Proposition 3 Financial Highlights 5 Honours and Awards 6 Corporate Information 9 Message from the Chairman 11 Message from the President 14 Message from the Chairman of the Board of Supervisors 17 Management Discussion and Analysis 17 – Financial Review 39 – Business Review 60 – Risk Management 73 – Organisational Management, Human Resources Development and Management 75 – Corporate Social Responsibilities 77 – Outlook 78 Changes in Share Capital and Shareholdings of Substantial Shareholders 87 Directors, Supervisors and Senior Management 105 Corporate Governance 121 Report of the Board of Directors 127 Report of the Board of Supervisors 131 Significant Events 137 Independent Auditor’s Report 139 Consolidated Financial Statements 368 Unaudited Supplementary Financial Information 373 Supplementary Information – Financial Statements Prepared in Accordance with CAS 374 Reference for Shareholders 377 Organisational Chart 378 List of Operations 382 Definitions Development Strategy Strategic Goal To be a leading international bank, delivering growth and excellence Strategic Positioning To be a large multinational banking group with a diversified and integrated cross-border business platform, based on a core business of commercial banking Focusing on commercial banking while developing diversified business With the commercial banking business acting as the central focus of the Group’s development strategy, the Bank will improve its core competitiveness by expanding its business network, enlarging its customer base, promoting product innovation and enhancing brand recognition. Based on the underlying principle of unifying its strategy, brand, customers and channels, the Bank will make full use of the competitive advantages of its diversified services and capitalise on the synergies offered by its diversified business platform, providing its customers with a comprehensive and high quality financial services offering, including investment banking, investment funds, insurance, proprietary investment and leasing. Focusing on the domestic market while integrating the development of domestic and overseas businesses The Bank will accelerate the development of its domestic businesses so as to develop a larger and stronger local presence. At the same time, it will take advantage of business opportunities arising from economic globalisation and the increasingly closer links between China and the world economy. The Bank will proactively expand its cross-border operations and extend its service coverage in line with customer needs, so as to achieve integrated development of its domestic and overseas operations. Becoming a large-sized banking group with a sustainable long-term development strategy The Bank will expand the scale of its business while enhancing risk management and focusing on structural optimisation. At the same time, the Bank will further streamline business processes, improve operational efficiencies, accelerate channel development and emphasise the development of its professional workforce, thereby strengthening the foundation for further growth and enhancing long-term profitability and business sustainability. BOC 2010 Annual Report 1 Investment Value Proposition Unique competitive advantages EPS & DPS • The only bank in China with a century old history RMB of continuous operation 0.4 • One of the biggest commercial banks in China • The most internationalised and diversified bank in 0.3 China • Strong home market presence and high-quality 0.2 customer base 0.1 • Leader in foreign exchange businesses with strong product innovation 0 • Leader in fee-based business and non-interest 2006 2007 2008 2009 2010 income EPS DPS Robust business growth • Assets scale exceeded RMB10 trillion with a continuously optimised assets and liabilities structure • Fast expansion of domestic business Asset Quality • Rapid development of fee-based business and % increasing contribution of non-interest income 5 200 • First mover and leader in cross-border and overseas RMB businesses 4 160 • Accelerated development in overseas operations 3 with solid diversified business platform 2 120 Excellent financial results 1 0 80 • Profit for the year reached RMB109.691 billion, up 2006 2007 2008 2009 2010 28.52% year on year NPL ratio Allowance for loan impairment • ROE and ROA increased to 18.87% and 1.14%, losses to NPL respectively • Core CAR and CAR held at 10.09% and 12.58%, respectively • Continuously improving asset quality Proficient business management Total Shareholder Return % • High-standard corporate governance based on 150 continuously improving governance mechanism • Centralised, independent, professional risk 100 management system and technology • Outstanding and professional staff and 50 experienced management team • Continuously improving service channel and 0 constantly enhancing technology foundation -50 Strong commitment to shareholders 2006.6 2007 2008 2009 2010 H ShareA Share • Steady growth of shareholders return • Committed to corporate social responsibilities Source: Bloomberg 2 2010 Annual Report BOC Financial Highlights Note: The financial information in this report has been prepared in accordance with International Financial Reporting
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