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2009 Interim Report

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2009 Interim Report 2 0 0 9 Interim Report Interim 中國北京市西城區復興門內大街55號 郵編：100140 Interim Report 55 Fuxingmennei Avenue, Xicheng District, Beijing, China Post Code: 100140 2009 www.icbc.com.cn, www.icbc-ltd.com Interim Report 半 年 度 報 告 中 期 報 告 半 年 度 報 告 CONTENTS Important Notice 2 Corporate Information 3 Financial Highlights 5 Chairman’s Statement 8 President’s Statement 10 Discussion and Analysis 12 — Economic, Financial and Regulatory Environments 12 — Financial Statements Analysis 14 — Business Overview 34 — Risk Management 45 — Capital Management 57 — Outlook 59 Details of Changes in Share Capital and Shareholding of Substantial Shareholders 60 Directors, Supervisors, Senior Management and Basic Information on Employees and Institutions 66 Signifi cant Events 68 Unaudited Interim Condensed Consolidated Financial Statements 74 Defi nitions 164 Important Notice The Board of Directors, the Board of Supervisors, Directors, Supervisors and Senior Management members of Industrial and Commercial Bank of China Limited undertake that the information in this report contains no false presentations, misleading statements or material omissions; and agree to assume individual and joint and several liabilities for the authenticity, accuracy and completeness of the information contained in this report. The 2009 Interim Report of the Bank and the results announcement have been considered and approved at the meeting of the Board of Directors of the Bank held on 20 August 2009. All directors were present at the meeting. The 2009 interim fi nancial statements prepared by the Bank in accordance with CASs and IFRSs have been reviewed by Ernst & Young Hua Ming and Ernst & Young in accordance with the Chinese and international standards on review engagements, respectively. The Board of Directors of Industrial and Commercial Bank of China Limited 20 August 2009 Mr. Jiang Jianqing, Legal Representative of the Bank, Mr. Yang Kaisheng, President in charge of fi nance of the Bank, and Mr. Shen Rujun, General Manager of the Finance and Accounting Department of the Bank, hereby warrant and guarantee that the fi nancial statements contained in the Interim Report are authentic and complete. 2 Corporate Information Legal name in Chinese Qualifi ed accountant 中國工商銀行股份有限公司 Yeung Manhin （“中國工商銀行”） Selected newspapers for information Legal name in English disclosure INDUSTRIAL AND COMMERCIAL BANK OF China Securities Journal, Shanghai Securities News, CHINA LIMITED (“ICBC”) Securities Times, Securities Daily Legal representative Website designated by China Securities Regulatory Commission Jiang Jianqing for publication of the interim report in respect of A shares Registered address and offi ce address www.sse.com.cn No. 55 Fuxingmennei Avenue, Xicheng District, Beijing, PRC The “HKExnews” website of Postal code:100140 The Stock Exchange of Hong Kong Website: www.icbc.com.cn Limited for publication of the www.icbc-ltd.com interim report in respect of H shares Principal place of business in www.hkexnews.hk Hong Kong ICBC Tower, 3 Garden Road, Central, Hong Kong Legal advisors Mainland China Authorized representatives King & Wood PRC Lawyers Yang Kaisheng, Gu Shu 40/F, Offi ce Tower A, Beijing Fortune Plaza, 7 East 3rd Ring Middle Road, Chaoyang District, Beijing, PRC Board Secretary and Company Secretary Hong Kong, China Gu Shu Linklaters Address: No. 55 Fuxingmennei Avenue, 10/F, Alexandra House, Chater Road, Central, Xicheng District, Beijing, PRC Hong Kong Telephone: 86-10-66108608 Facsimile: 86-10-66106139 E-mail: [email protected] Interim Report 2009 3 Corporate Information Share Registrars Other relevant information of the Bank A Share Date of change of registration: 4 November 2008 China Securities Depository and Registration authority: State Administration for Clearing Corporation Limited, Shanghai Branch Industry and Commerce, PRC 36/F, China Insurance Building, Corporate business license number: 100000000003965 No. 166 Lujiazui Dong Road, Financial license institution number: B0001H111000001 Pudong New Area, Shanghai, PRC Tax registration certifi cate number: H Share Jing Shui Zheng Zi 110102100003962 Organizational code: 10000396-2 Computershare Hong Kong Investor Services Limited 1806-1807, 18/F, Hopewell Center, 183 Queen’s Road East, Wanchai, Hong Kong Name and address of auditors Domestic auditors Place where copies of this Interim Report are kept Ernst & Young Hua Ming Level 16, Ernst & Young Tower (Tower E3), Offi ce of the Board of Directors of the Bank Oriental Plaza, No. 1 East Chang An Avenue, Dongcheng District, Beijing, PRC Place where shares are listed, International auditors stock name and stock code Ernst & Young 18/F, Two International Finance Centre, A Share 8 Finance Street, Central, Hong Kong Shanghai Stock Exchange Stock name: 工商銀行 Stock code: 601398 H Share The Stock Exchange of Hong Kong Limited Stock name: ICBC Stock code: 1398 This report is prepared in both Chinese and English languages; in case of any discrepancy between the Chinese version and the English version, the Chinese version shall prevail. 4 Financial Highlights (Financial data and indicators in this Interim Report are prepared in accordance with IFRSs and, unless otherwise specifi ed, are consolidated amounts of the Bank and its subsidiaries and denominated in Renminbi.) Financial Data Six months Six months Year ended ended ended 31 December 30 June 2009 30 June 2008 2008 Operating results (in RMB millions) Net interest income 116,038 131,785 263,037 Net fee and commission income 27,744 24,480 44,002 Operating income 148,082 154,956 310,195 Operating expenses 53,048 53,193 111,335 Impairment losses 10,212 18,315 55,462 Operating profi t 84,822 83,448 143,398 Profi t before tax 85,788 84,411 145,376 Profi t after tax 66,724 64,879 111,226 Net profi t attributable to equity holders of the parent company 66,424 64,531 110,841 Net cash fl ow generated from operating activities (67,265) 196,132 370,913 Per share data (in RMB) Basic earnings per share 0.20 0.19 0.33 Diluted earnings per share 0.20 0.19 0.33 Net cash fl ow per share from operating activities (0.20) 0.59 1.11 30 June 31 December 31 December 2009 2008 2007 Balance sheet items (in RMB millions) Total assets 11,434,607 9,757,146 8,683,712 Total loans and advances to customers 5,436,469 4,571,994 4,073,229 Allowance for impairment losses on loans 136,353 135,983 115,687 Net investment in securities 3,116,441 3,048,310 3,107,328 Total liabilities 10,814,166 9,150,516 8,140,036 Due to customers 9,533,117 8,223,446 6,898,413 Due to banks and other fi nancial institutions 1,011,258 646,254 805,174 Equity attributable to equity holders of the parent company 615,937 602,675 538,371 Net assets per share(1) (in RMB) 1.84 1.80 1.61 Net capital base 664,328 620,033 576,741 Net core capital base 547,963 510,549 484,085 Supplementary capital 126,691 121,998 94,648 Risk-weighted assets(2) 5,494,937 4,748,893 4,405,345 Notes: (1) Calculated by dividing equity attributable to equity holders of the parent company at the end of the reporting period by the number of shares issued at the end of the reporting period. (2) Being risk-weighted assets and market risk capital adjustment. Please refer to “Discussion and Analysis — Capital Management”. Interim Report 2009 5 Financial Highlights Financial Indicators Six months Six months Year ended ended ended 31 December 30 June 2009 30 June 2008 2008 Profi tability (%) Return on average total assets(1) 1.26* 1.44* 1.21 Return on weighted average equity(2) 20.86* 22.80* 19.43 Net interest spread(3) 2.13* 2.88* 2.80 Net interest margin(4) 2.25* 3.01* 2.95 Return on risk-weighted assets(5) 2.61* 2.89* 2.43 Ratio of net fee and commission income to operating income 18.74 15.80 14.19 Cost-to-income ratio(6) 29.85 28.46 29.84 30 June 31 December 31 December 2009 2008 2007 Asset quality (%) Non-performing loans ratio(7) 1.81 2.29 2.74 Allowance to non-performing loans(8) 138.20 130.15 103.50 Allowance to total loans ratio(9) 2.51 2.97 2.84 Capital adequacy (%) Core capital adequacy ratio(10) 9.97 10.75 10.99 Capital adequacy ratio(10) 12.09 13.06 13.09 Total equity to total assets ratio 5.43 6.22 6.26 Risk-weighted assets to total assets ratio 48.06 48.67 50.73 Notes: * indicates annualized ratios. (1) Calculated by dividing profi t after tax by the average balance of total assets at the beginning and at the end of the reporting period. (2) Calculated by dividing profi t attributable to equity holders of the parent company by the weighted average balance of equity attributable to equity holders of the parent company, which is calculated in accordance with the “Rules for the Compilation and Submission of Information Disclosure by Companies that Offer Securities to the Public No. 9 — Computation and Disclosure of Return on Net Assets and Earnings Per Share” (Revision 2007) issued by CSRC. (3) Calculated by the spread between yield on average balance of interest-earning assets and cost on average balance of interest-bearing liabilities. (4) Calculated by dividing net interest income by average balance of interest-earning assets. (5) Calculated by dividing profi t after tax by the average of risk-weighted assets and adjustment to market risk capital at the beginning and at the end of the reporting period. (6) Calculated by dividing operating expenses (less business tax and surcharges) by operating income. (7) Calculated by dividing the balance of non-performing loans by total balance of loans and advances to customers.
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