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Annual Report Bank of Kunlun Corporation Limited Bank of Kunlun Corporation Limited

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Annual Report Bank of Kunlun Corporation Limited Bank of Kunlun Corporation Limited Annual Report Bank of Kunlun Corporation Limited Bank of Kunlun Corporation Limited Company Profile Formerly known as Karamay City Commercial Bank, Bank of Kunlun was established in 2006 after the restructuring of Karamay Urban Credit Cooperative. In April 2009, China National Petroleum Corporation (CNPC) took control of Karamay City Commercial Bank through sizable capital injection. In April 2010, the Bank was officially renamed Bank of Kunlun. Upon the restructuring, the Bank has pursued a business strategy featuring integration of industry with finance, differentiated operation and characteristic development. Since the restructuring, with the support of regulatory authorities, local governments, shareholders and communities, the Bank has accelerated business and market development and strengthened business management by focusing on the business strategy with integration of industry and finance, following the development layout of “based in Xinjiang, relying on petroleum, China-oriented and going global” and centering on customer service, market orientation and mechanism construction. With increasing development strength, we have rapidly developed from a regional urban bank into a distinct commercial bank with nationwide influence. The assets increased from RMB 21.6 billion in 2009 to RMB 293.2 billion in 2016, with a compound annual growth rate of 45.2%. Total profit increased from RMB 89 million to RMB 3.028 billion with a compound annual growth rate of 65.51%. The Bank has established 9 branches in such provinces and municipalities as Xinjiang,Shaanxi, Heilongjiang and Beijing and developed held shares in Leshan and Tacheng township banks. The Bank has 83 branches, nearly 8 times the number before the restructuring and 2,971 employees in total. With 25,000 corporate customers and 2.22 million bank cards issued, the Bank is still expanding its market and has become one of the fastest-growing commercial banks in China. The primary business has been developing rapidly. For the purpose of development of business, the Bank formulated a financial service scheme covering the whole oil and gas industry chain, created the exclusive brand “Kunlun Express” and built a product system as “five programs and three loans” characterized by the integration of industry and finance, with customers from the integration accounting for 36% and the business scale exceeding 37%, gradually highlighting the effect of collaborative development of the industry and finance. Retailing business and savings deposits grew rapidly and credit loans for the CNPC employees boomed. The Bank has established good cooperative relationships with oil sector and CNPC sales enterprises and paid payroll to 450,000 employees on behalf of CNPC. For the financial market business, the Bank started from single fund- providing, constantly enriching the variety of the business, expanding the scale of assets and playing a significant role in the profit growth and liquidity safety of the whole bank. For the international banking business, the Bank has seized opportunities and opened a China-Iran cross border funds settlement channel and created the brand “Iran Road Program” , which contributed a lot to the implementation of the national strategy for overseas energy and the promotion of economic and trade exchanges between China and Iran. In the future, the Bank will seek improvement in stability by following the fundamental principle of prudent development. By relying on energy and the Silk Road, staying abreast of the world, supporting real economy and servicing the country, the Bank will support the national supply-side structural reform at full steam, adhere to the strategy of integration of the industry and finance on a higher level and in an unshakable manner. The bank also will consolidate our energy sector market and the non energy sector market and press ahead with transformative development, better cost effectiveness, proactive risk control and deepening reform. Furthermore, the bank will accelerate the cultivation of corporate culture, strengthen the work of Party construction, hold aloft the banner of China’s petroleum industry spirit and implement the project of “One Core and Two Wings” so as for us to maintain our performance on a steady and upward trend trajectory and maintain our general prospects stable and harmonious. The bank is dedicated to build itself into a comprehensive, integrated, smart, innovative and respected commercial bank with unique characteristics. 2016 Annual Report Contents 2 I. Definitions 3 II. Important Notice 4 III. General Information 5 IV. Financial Highlights 8 V. Chairman’s Statement 11 VI. President’s Statement 13 VII. Management Discussion & Analysis 49 VIII. Changes in Share Capital and Shareholders IX. Directors, Supervisors, Senior Management, 51 Employees and Institutions 64 X. Corporate Governance Report 76 XI. Report of the Board of Directors 78 XII. Report of the Board of Supervisors 81 XIII. Significant Events 83 XIV. Auditor’s Report and Financial Statements 84 XV. Documents Available for Inspection XVI. Acknowledging Opinions of Directors and Senior 85 Management on 2016 Annual Report Appendix: Annual Auditors’ Report and Financial Statements 86 for the Year Ended December 31, 2016 Bank of Kunlun Corporation Limited Definitions I. Definitions In this Report, unless otherwise indicated in the context, the terms listed below shall be interpreted as follows: The Company means Bank of Kunlun Corporation Limited and its subsidiaries The Bank/Bank of Kunlun means Bank of Kunlun Corporation Limited MOF means Ministry of Finance of the People’s Republic of China Restructuring means In April 2009, China National Petroleum Corporation (CNPC) restructured Karamay City Commercial Bank by taking a controlling interest in the Bank through subscription of new capital Company Law means Company Law of the People’s Republic of China Articles of Association means The Articles of Association of Bank of Kunlun Corporation Limited Karamay City Commercial Bank means Karamay City Commercial Bank Co., Ltd. PBOC means The People’s Bank of China CBRC means China Banking Regulatory Commission CSRC means China Securities Regulatory Commission CNPC means China National Petroleum Corporation CNPCCCL means CNPC Capital Company Limited 2 Important Notice ANNUAL REPORT 2016 II. Important Notice The Board of Directors, the Board of Supervisors, Directors, Supervisors and Senior Management of Bank of Kunlun Corporation Limited hereby guarantee that no information contained in this Report is false, misleading or intentionally omitted. On March 29, 2017, the Bank considered and approved the body and summary of 2016 Annual Report of Bank of Kunlun Corporation Limited at the ninth meeting of the fourth session of the Board of Directors of the Bank. The financial statements of 2016 prepared by the Bank in accordance with PRC GAAP have been audited by BDO China Shu Lun Pan Certified Public Accountants LLP, which has issued a standard and unqualified auditor’s report. Board of Directors of Bank of Kunlun Corporation Limited Mr. Jiang Shangjun, the Legal Representative and Director of the Bank, Mr. Wang Zhonglai, President of the Bank, Mr. Jing Lin, Vice President in charge of finance, and Mr. Tang Zongheng, General Manager of the Planning and Finance Department of the Bank hereby warrant and guarantee the authenticity and completeness of the financial statements contained in the 2016 Annual Report. Notice on Material Risks During the reporting period, the Bank did not identify any substantial risk that may exert any adverse impact on the future development strategy and the operating targets of the Bank. The Bank actively adopted measures to cope with various risks. For further details, please refer to the section titled “Management Discussion and Analysis – Risk Management” in the Report. This Report shall only be used to enhance the public understanding of Bank of Kunlun, and not be relied on by any reader for any commercial purpose such as investment or trading, and any risk arising from such activities shall be solely assumed by the reader. 3 Bank of Kunlun Corporation Limited General Information III. General Information 1．Legal Name in Chinese: 昆仑银行股份有限公司 7．Other Relevant Information: Legal Name in English: BANK OF KUNLUN Date of Incorporation: December 9, 2002 CORPORATION LIMITED Date of Change of Registration Certificate: Chinese Abbreviation: 昆仑银行 January 11, 2017 English Abbreviation: Bank of Kunlun Registration Authority: Karamay Administration for English Acronym: KLB Industry and Commerce Unified Social Credit Code: 91650200745209781T 2．Legal Representative: Jiang Shangjun Financial Business License No.: B0226H265020001 3．Registered Capital: RMB 10,287,879,258.43 Registered Address: No.7 Century Avenue, 8．Audit Firm Engaged by the Bank: BDO CHINA Karamay City, Xinjiang SHU LUN PAN Certified Public Accountants LLP Postal Code: 834000 Office Address: 4/F, New Huangpu Financial Customer Service and Complaint Hotline: 40066- Plaza, No. 61 East Nanjing Road, Huangpu 96569 District, Shanghai, PRC Website: http://www.klb.cn/ 9．Business Scope: absorption of public deposits; 4．Secretary to Board of Directors: Jing Lin disbursement of short, medium and long-term Telephone: 0990-6239370 010-89026525 loans, handling of domestic and international settlement; handling of bill acceptance and discount; Fax: 0990-6969902 010-89025414 issuance of financial bonds; agency issuance, E-mail: [email protected] agency honoring and underwriting of government bonds; purchase and
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