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Bank of China Limited BANK OF CHINA LIMITED Stock Code: 3988 2007 Annual Report The printed version of the 2007 Annual Report of the Bank will replace this version in late April 2008. 1 Table of Contents Corporate Information Financial Highlights Message from the Chairman Message from the President Management Discussion and Analysis Brief Review and Forecast on the Economic and Financial Environment Financial Review Business Review Risk Management IT Blueprint Organisational Information, Human Resources Development and Management Cooperation with Strategic Investors Olympics Creates Value Awards and Corporate Social Responsibilities Changes in Share Capital and Shareholdings of Substantial Shareholders Directors, Supervisors and Senior Management Corporate Governance Report of the Board of Directors Report of the Board of Supervisors Significant Events Independent Auditor’s Report 2 Financial Statements Unaudited Supplementary Financial Information Supplementary Information – Financial Statements Prepared in Accordance with CAS Documents Available for Inspection Reference for Shareholders Organisational Chart List of Domestic and Overseas Operations Definitions 3 Corporate Information Registered Corporate Name in Facsimile: 86-10-66594568 Chinese Website: http://www.boc.cn E-mail: [email protected] 中国银行股份有限公司 Place of Business in Hong Kong Registered Corporate Name in English Bank of China Tower, 1 Garden Road, Central, Hong Kong BANK OF CHINA LIMITED Selected Newspapers and Legal Representative Websites for Information Disclosure XIAO Gang In accordance with the Authorised Representatives regulations in Chinese mainland, the Bank publishes the CAS LI Lihui announcement on the following YEUNG Jason Chi Wai newspapers in Chinese: China Securities, Shanghai Secretary to the Board of Securities, Securities Times Directors Website designated by CSRC to YEUNG Jason Chi Wai publish the Annual Report: http://www.sse.com.cn Qualified Accountant Website of Hong Kong LEUNG Frances Kim Lan Exchanges and Clearing Limited for publication of Annual Reports: Listing Affairs Representative http://www.hkexnews.hk LUO Nan Places where the Annual Report can be obtained Registered Address of Head Office Major business locations No.1 Fuxingmen Nei Dajie, Beijing, China Hong Kong Legal Advisor Office Address Allen & Overy No.1 Fuxingmen Nei Dajie, China Legal Advisor Beijing, China, 100818 King & Wood PRC Lawyers Telephone: 86-10-66592638 4 Compliance Advisors Modified Registration Date Goldman Sachs (Asia) L.L.C 26 August 2004 UBS AG acting through its business group, UBS Investment Bank Authority of First Registration Sponsors for A Share State Administration of Industry and Commerce, PRC China Galaxy Securities Co. Ltd. CITIC Securities Co. Ltd. Corporate Business Licence Guotai Junan Securities Co. Ltd. Serial Number Auditors 1000001000134 Domestic auditor Financial Institution Licence Serial Number PricewaterhouseCoopers Zhong Tian Certified Public B0003H111000001 Accountants Limited Company Tax Registration Certificate Address: Number 11th Floor, PwC Centre, No.202 Hubin Road, JSZZ 110102100001342 Shanghai, China, 200021 Stock Information: International auditor A Shares PricewaterhouseCoopers Shanghai Stock Exchange Stock Name：中国银行 Address: 22/F, Prince’s Building, Stock Code：601988 Central, Hong Kong H Shares Date of First Registration Hong Kong Stock Exchange 31 October 1983 Stock Name：Bank of China Stock Code：3988 5 Financial Highlights This report is prepared in accordance with International Financial Reporting Standards (IFRS). Unit: RMB million (unless otherwise stated) Notes 2007 2006 2005 2004 20031 Results of operations Net interest income 152,745 121,371 101,008 88,435 76,597 Non-interest income 2 29,967 27,007 24,098 27,378 17,599 Operating income 3 182,712 148,378 125,106 115,813 94,196 Operating expenses (85,026) (68,731) (59,984) (54,879) (46,080) Impairment losses on loans (8,252) (12,342) (11,486) (23,812) (18,100) Operating profit 89,434 67,305 53,636 37,122 30,016 Profit before income tax 90,697 67,937 53,811 37,263 29,947 Profit for the year 62,036 48,264 31,558 27,065 26,785 Profit attributable to the equity holders of the Bank 56,248 42,830 25,921 22,301 23,615 Total dividend 25,384 10,154 14,112 14,200 - Balance sheet items Total assets 5,991,217 5,327,653 4,740,048 4,265,221 3,973,280 Loans, net 2,754,493 2,337,726 2,152,112 2,072,919 1,921,861 Investment securities 4 1,712,927 1,892,482 1,683,313 1,321,646 1,104,105 Total liabilities 5,540,560 4,914,697 4,484,529 4,037,314 3,751,434 Due to customers 4,400,111 4,091,118 3,699,464 3,338,448 3,033,364 Capital and reserves attributable to the equity holders of the Bank 420,430 382,917 226,419 200,755 196,820 Share capital 253,839 253,839 209,427 186,390 186,390 Per share Earnings per share for profit attributable to the equity holders of the 0.22 0.18 0.14 0.12 0.13 Bank (basic and diluted, RMB) Dividend per share (before tax，RMB) 5 0.10 0.04 0.07 0.08 N/A Net assets per share (RMB) 6 1.66 1.51 1.08 1.08 1.06 Key financial ratios Return on average total assets (%) 7 1.10 0.96 0.70 0.66 0.74 Return on average equity (%） 8 14.00 14.06 12.14 11.22 12.00 Net interest spread (%） 9 2.59 2.28 2.21 2.14 2.08 Net interest margin (%） 10 2.76 2.45 2.33 2.24 2.16 Loan to deposit ratio (%） 11 64.78 59.45 60.42 64.33 71.24 Non-interest income to operating income (%） 12 16.40 18.20 19.26 23.64 18.68 Cost to income (%） 13 46.54 46.32 47.95 47.39 48.92 Cost to income (excluding business and other taxes, %） 41.76 41.97 43.41 43.08 44.70 Capital adequacy ratios Core capital adequacy ratio (%) 10.67 11.44 8.08 8.48 N/A Capital adequacy ratio (%） 13.34 13.59 10.42 10.04 N/A Asset quality Identified impaired loans 90,317 103,232 109,530 118,383 358,218 Identified impaired loans to gross loans (%) 14 3.17 4.24 4.90 5.51 16.58 Allowance for loan impairment losses 96,068 94,293 83,153 74,769 239,039 Allowance for loan impairment losses to identified impaired loans 15 106.37 91.34 75.92 63.16 66.73 （%） Credit cost (%) 16 0.31 0.53 0.52 1.11 N/A Human resources Number of employees of the Group 17 237,379 232,632 229,742 238,672 241,401 Number of employees in the Chinese mainland 215,334 212,428 211,305 220,999 224,404 Number of branches and outlets of the Group 10,834 11,241 11,646 11,909 12,153 Number of branches and outlets in the Chinese mainland 10,145 10,598 11,018 11,306 11,608 Exchange rate USD/RMB year-end middle rate 7.3046 7.8087 8.0702 8.2765 8.2767 EUR/RMB year-end middle rate 10.6669 10.2665 9.5797 11.2627 10.3383 HKD/RMB year-end middle rate 0.9364 1.0047 1.0403 1.0637 1.0657 Please refer to ‘Definitions’ in this report for notes. 6 56,248 182,712 89,434 42,830 148,378 67,305 125,106 115,813 53,636 23,615 25,921 94,196 22,301 37,122 30,016 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 Operating income RMB million Operating profit RMB million Profit attributable to the equity holders of the Bank RMB million 0.22 1.10 14.06 14.00 0.96 12.00 12.14 0.18 11.22 0.74 0.14 0.66 0.70 0.13 0.12 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 EPS (basic and diluted) RMB ROA ％ ROE ％ 2.76 48.92 47.39 47.95 46.32 46.54 13.59 13.34 2.33 2.45 2.16 2.24 10.04 10.42 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 2004 2005 2006 2007 Net interest margin ％ Cost to income ％ Capital adequacy ratio ％ 358,218 16.58 106.37 91.34 75.92 66.73 63.16 118,383 109,530 103,232 5.51 90,317 4.90 4.24 3.17 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 Allowance for loan impairment Identified impaired loans RMB million Identified impaired loans to gross loans % % losses to identified impaired loans 7 Message from the Chairman I take great pleasure in presenting the 2007 results for Bank of China. During the year, we achieved an after-tax profit attributable to shareholders of RMB56.248 billion, a year-on-year growth of 31.33%. We recorded earnings per share (EPS) of RMB0.22, a return on average total assets (ROA) of 1.10 %, and a return on average equity (ROE) of 14.00%. At the end of 2007, the ratio of identified impaired loans to gross loans decreased from 4.24% at the end of 2006 to 3.17%, and the identified impaired loans dropped by RMB12.915 billion to RMB90.317 billion. The Group’s market capitalisation was USD197.8 billion at the end of 2007, making our Bank the fourth largest listed bank across the globe. The Board of Directors has proposed a cash dividend of RMB0.10 per share for the year 2007 to the Annual General Meeting for approval, which is scheduled on 19 June 2008.
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