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Bank of China Limited Bank of China Limited H-Share Code: 3988 2009 Annual Report The print version of the Bank’s 2009 Annual Report to be published in late April will supersede this version. Table of Contents Financial Highlights 2 Honours and Awards 7 Corporate Information 8 Message from the Chairman 10 Message from the President 12 Management Discussion and Analysis 16 – Financial Review 16 – Business Review 43 – Risk Management 63 – Organisational Management, Human Resources Development and Management 76 – Corporate Social Responsibilities 79 – Outlook 80 Changes in Share Capital and Shareholdings of Substantial Shareholders 83 Directors, Supervisors and Senior Management 88 Corporate Governance 101 Report of the Board of Directors 121 Report of the Board of Supervisors 131 Significant Events 134 Independent Auditor’s Report 140 Consolidated Financial Statements 144 Unaudited Supplementary Financial Information 388 Supplementary Information – Financial Statements Prepared in Accordance with CAS 395 Reference for Shareholders 399 Organisational Chart 403 List of Domestic and Overseas Operations 404 Definitions 410 1 Financial Highlights Note: This report is prepared in accordance with International Financial Reporting Standards (IFRS). Unit: RMB million Note 2009 2008 2007 2006 2005 Results of operations Net interest income 158,881 162,936 152,745 121,371 101,008 Non-interest income 1 73,735 65,960 42,230 27,053 24,074 Operating income 2 232,616 228,896 194,975 148,424 125,082 Operating expenses (107,021) (97,412) (85,278) (68,902) (59,551) Impairment losses on assets (14,987) (45,031) (20,263) (12,217) (11,895) Operating profit 110,608 86,453 89,434 67,305 53,636 Profit before income tax 111,429 87,179 90,697 67,937 53,811 Profit for the year 85,598 65,894 62,036 48,264 31,558 Profit attributable to the equity holders of the Bank 81,068 64,360 56,248 42,830 25,921 Total dividend 35,537 32,999 25,384 10,154 14,112 Financial position Total assets 8,748,177 6,951,680 5,991,217 5,327,653 4,740,048 Loans, net 4,797,408 3,189,652 2,754,493 2,337,726 2,152,112 Investment securities 3 1,816,679 1,646,208 1,712,927 1,892,482 1,683,313 Total liabilities 8,206,549 6,461,793 5,540,560 4,914,697 4,484,529 Due to customers 6,620,552 5,102,111 4,400,111 4,091,118 3,699,464 Capital and reserves attributable to the equity holders of the Bank 511,226 464,258 420,430 382,917 226,419 Share capital 253,839 253,839 253,839 253,839 209,427 Per share Earnings per share for profit attributable to the equity holders of the Bank (basic and diluted, RMB) 0.32 0.25 0.22 0.18 0.14 Dividend per share (before tax, RMB) 4 0.14 0.13 0.10 0.04 0.07 Net assets per share (RMB) 5 2.01 1.83 1.66 1.51 1.08 Key financial ratios Return on average total assets (%) 6 1.09 1.02 1.10 0.96 0.70 Return on average equity (%) 7 16.62 14.55 14.00 14.06 12.14 Net interest margin (%) 8 2.04 2.63 2.76 2.45 2.33 Non-interest income to operating income (%) 9 31.70 28.82 21.66 18.23 19.25 Cost to income (calculated under domestic regulations, %) 10 37.15 33.55 35.59 38.60 40.63 Capital adequacy ratios Core capital adequacy ratio (%) 9.07 10.81 10.67 11.44 8.08 Capital adequacy ratio (%) 11.14 13.43 13.34 13.59 10.42 Asset quality Identified impaired loans to total loans (%) 11 1.55 2.76 3.17 4.24 4.90 Non-performing loans to total loans (%) 12 1.52 2.65 3.12 4.04 4.62 Allowance for loan impairment losses to non-performing loans (%) 13 151.17 121.72 108.18 96.00 80.55 Credit cost (%) 14 0.38 0.55 0.31 0.53 0.52 Human resources & Organisations Number of employees of the Group 15 262,566 249,278 237,379 232,632 229,742 Number of employees in the Chinese mainland 236,056 222,829 215,334 212,428 211,305 Number of branches and outlets of the Group 10,961 10,789 10,834 11,241 11,646 Number of branches and outlets in the Chinese mainland 9,988 9,983 10,145 10,598 11,018 Exchange rate USD/RMB year-end middle rate 6.8282 6.8346 7.3046 7.8087 8.0702 EUR/RMB year-end middle rate 9.7971 9.6590 10.6669 10.2665 9.5797 HKD/RMB year-end middle rate 0.8805 0.8819 0.9364 1.0047 1.0403 Please refer to “Definitions – Notes to Financial Highlights” in this report for notes. 2 Operating income Operating prot Prot attributable to the equity RMB Million RMB Million 110,608 holders of the Bank RMB Million 89,434 86,453 228,896 232,616 81,068 194,975 67,305 64,360 148,424 53,636 56,248 125,082 42,830 25,921 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 EPS (basic and diluted) ROA ROE 0.32 RMB % % 1.10 1.09 1.02 0.25 0.96 16.62 0.22 14.06 14.00 14.55 0.18 0.70 12.14 0.14 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 Net interest margin Cost to income (calculated under domestic Capital adequacy ratio % regulations) % % 2.76 40.63 13.59 13.34 13.43 2.63 38.60 2.45 35.59 37.15 2.33 33.55 11.14 2.04 10.42 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 Credit cost Non-performing loans to total loans Allowance for loan impairment losses % % to non-performing loans 151.17 % 121.72 108.18 96.00 4.62 4.04 80.55 3.12 0.52 0.53 0.55 2.65 0.38 0.31 1.52 2005 2006 2007 2008 2009 2005 2006 20072008 2009 2005 2006 2007 2008 2009 3 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, Bank of China became the state-designated specialist foreign exchange and foreign trade bank and contributed substantially to the development of China’s foreign trade and national economy. 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 A share and H share dual listed Chinese commercial bank. 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 and 29 overseas countries. The Bank’s core business is commercial banking, including corporate banking, personal banking and financial markets services. BOC International Holdings Limited, one of its wholly-owned subsidiaries, is the Bank’s investment banking arm. Bank of China Group Insurance Co., Ltd. and its subsidiary and affiliated companies run the Bank’s insurance business. Bank of China Investment Management Co., Ltd, its controlling subsidiary, operates the Bank’s fund management business. BOCG Investment Limited, a wholly-owned subsidiary, undertakes the Bank’s direct investment and investment management business. BOC Aviation Private Limited is in charge of the Bank’s aircraft leasing business. In terms of tier one capital, the Bank was ranked 11th among the world’s top 1,000 banks by The Banker magazine in 2009. 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 and customer-centric business concepts. With historical opportunities now arising, Bank of China will stay true to its sustainable approach to development and remain focused on its goal of becoming a premier international bank. 4 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.
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