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Bank of China Announced 2015 First Three Quarters Results


Profit After Tax Reached RMB137.874 billion, up by 0.79%

2015-10-29

Bank of China Limited (“the Bank”: Hong Kong Stock Exchange ordinary share code: 3988,4601(Offshore Preference Share); Shanghai Stock Exchange ordinary share code: 601988,Domestic Preference Share code: 360002, 360010) announced its 2015 third quarter results on 29 October. According to International Financial Reporting Standard (“IFRS”), the Bank recorded a profit after tax of RMB137.874 billion and profit attributable to equity holders of RMB131.545 billion in the first three quarters, up by 0.79% and 0.31% year-on-year respectively, maintaining its stable development trend.

Enhanced the assets and liabilities management with key financial indicators remaining stable

Facing a complex and ever-changing operating environment, the Bank took the initiative to conform to the reform process of interest rate liberalisation. By adhering to the principle of balancing risk and return and enhancing proactive asset and liability management, the Bank achieved a steady growth in assets and liabilities. As at the end of September 2015, the total assets, liabilities and capital and reserves attributable to equity holders of the Bank amounted to RMB16.67 trillion, RMB15.36 trillion and RMB1,258.847 billion, increased 9.31%, 9.21% and 10.34% respectively from the prior year-end.

The Bank actively expanded its funding sources and strived to acquire low-cost and stable funding. As at the end of September, the Bank’s customer deposits amounted to RMB11,548.697 billion, an increase of 6.10% compared with the prior year-end. The domestic RMB deposits reached RMB8,761.092 billion, an increase of 7.60% from prior year-end, realising a balanced and steady growth. The Bank made full use of diversified market financing instruments. As at the end of September, the outstanding certificates of deposit (CD) issued to domestic companies and individuals amounted to RMB150.684 billion, and the balance of overseas market-oriented financing instruments include CD and MTN reached equivalent amount of USD52.987 billion.

Guided by the sustainable and balanced loan growth principle, the Bank arranged the lending schedule in a rational manner. As at the end of September, the Bank’s loans and advances to customers amounted to RMB9,035.59 billion, increased 6.51% compared with the prior year-end. The total domestic RMB loans amounted to RMB6,633.678 billion, an increase of 8.68%. The Bank continued to support credit demand from areas in compliance with nation’s industrial policy, key regions in economy development plan, economic transformation and upgrading as well as people’s livelihood and their consumption needs. The Bank strictly controlled credit exposure to high-risk industries, properly utilised incremental assets and revitalised idle assets to optimise the mix of loans. The Bank closely monitored trend of financial markets and increased investment in interest rate products, thus achieved a steady growth in the returns of the Bank’s securities investment portfolio.

For the first three quarters of 2015, the Bank’s ROA and ROE recorded 1.15% and 15.02% respectively. Net interest margin was 2.14%, while non-interest income represented 30.81% of operating income. Cost to income ratio stood at 26.57%. As at the end of September, the Bank kept adequate capital with tier 1 capital adequacy ratio and capital adequacy ratio reaching 11.68% and 13.65% respectively. The Bank was enrolled in “Fortune Global 500” in 2015 with its ranking up 14 places from 2014.

Consolidated advantages of internationalisation and diversification to strongly support the “Belt and Road” initiative

The Bank continued to fully leverage on its internationalisation and diversification advantages and kept on improving its global financial service capability. As at the end of September, the Bank’s total overseas assets amounted to USD773.3 billion and accounted for 27.38% of the Bank’s total assets. Overseas profit before tax was USD6.68 billion, accounted for 23.15% of the Bank’s total profit before tax.

The Bank accelerated the construction of financial artery for the “Belt and Road” initiative by extending services networks, expanding financial channels and introducing new financial resources. As at the end of September, the Bank owned 635 overseas institutions in 44 countries and regions and had set up 21 branches in 18 countries along the  “Belt and Road”. The Bank followed up 310 key overseas projects for “Belt and Road” initiative with total investment of approximately USD290 billion, out of which the Bank intended to provide credit of about USD75 billion. The Bank actively promoted restructuring of its ASEAN institutions to continuously intensify the synergy of overseas institutions.

For the first three quarters, the Bank’s cross-border RMB settlement volume exceeded RMB4.2 trillion, while its cross-border RMB clearing volume reached RMB245.4 trillion, maintaining a global leader in cross-border RMB business. After designated as the clearing bank for Hong Kong, Macau, Taiwan, Frankfurt, Paris, Sydney, Kuala Lumpur, Hungary and South Africa, the Bank was authorized to serve as the RMB clearing bank for Zambia, led peers in the number of clearing banks and has set up a global RMB clearing network. The Bank made full use of its specialized advantage, constantly improved its clearing service capabilities, and successfully completed the first transaction via the RMB Cross-border Interbank Payment System (CIPS).

The Bank continued to strengthen its business and product innovation. It became the first bank to offer quotation and cash exchange services for CNY/PKR (Pakistani Rupee), successfully issued the first RMB convertible certificate of time deposit in Taiwan, debuted the first batch cross-border interbank certificates of deposit in Free Trade Zone, and launched the first RMB bond trading index globally. It successfully set up the New York commodity business centre and London trading centre, and successfully held China-ASEAN, China-Italy and China-US SME cross-border trade and investment matchmaking events.

The Bank further consolidated its advantages in diversified businesses. The smooth opening of BOC Samsung Life Insurance improved the Bank’s diversified platform. The plan for the overseas listing of BOC Aviation will pave the way for the mixed ownership reform, upgrade the Bank’s strategy as well as consolidate its core competitiveness. BOCI, BOCIM and BOCG Investment maintained a solid development trend.

Strengthened proactive risk management and strictly controlled risk cost

The Bank proactively adapted to the “New Normal” of China’s economic and financial environment, and strictly performed its duties as a G-SIFI. The Bank continued to consolidate its comprehensive risk management and enhanced distressed assets recovery so as to maintain asset quality within the reasonable range. As at the end of September, its non-performing loans amounted to RMB129.072 billion with non-performing loans ratio at 1.43%. The non-performing loans coverage ratio recorded 153.72%, and the allowance for loan impairment losses to total loans of domestic institutions was 2.64%. In the first three quarters, the non-performing assets resolved by its domestic institutions amounted to RMB70.824 billion, up RMB23.675 billion year-on-year, in which cash recovery accounted to RMB28.432 billion, up RMB6.942 billion year-on-year. The Bank strictly controlled total credit exposure to local government financing vehicles and strengthened risk management on overcapacity industries, real estate sectors and off-balance-sheet businesses. The Bank also intensified its exchange rate and liquidity risk management, keeping the regulatory indicators within good ranges.

In the fourth quarter, the Bank will adhere to the strategic goal of “Serving Society, Delivering Excellence”, and fully utilize its competitive advantages of internationalisation and diversification. Focusing upon enhancing operational efficiency, developing growth momentum and strengthening risk management, the Bank will push forward the sustainable and healthy growth of its businesses and strive to create more value.

Financial Highlights
(IFRS)

Key Performance Figures

Unit: RMB million Change Nine-month
ended 30 Sep 2015
Nine-month
ended 30 Sep 2014
Net interest income 3.14% 246,280 238,775
Non-interest income 2.13% 109,660 107,375
Including: Net fee & commission income -0.82% 71,484 72,078
Operating expenses 3.79% (134,480) (129,564)
Impairment losses on assets 14.88% (44,893) (39,078)
Profit for the period 0.79% 137,874 136,798
Profit attributable to the equity holders of the Bank 0.31% 131,545 131,133

Key Assets and Liabilities Figures

Unit: RMB million Change As at 30 Sep 2015 As at 31 Dec 2014
Total assets 9.31% 16,672,018 15,251,382
Loans, gross 6.51% 9,035,590 8,483,275
Total liabilities 9.21% 15,362,957 14,067,954
Due to customers 6.10% 11,548,697 10,885,223
Capital and reserves attributable to equity holders of the Bank 10.34% 1,258,847 1,140,859

Key Ratios

  Change (PPT) Nine-month ended
30 Sep 2015
Nine-month ended
30 Sep 2014
Return on average total assets -0.09 1.15% 1.24%
Return on average equity -3.01 15.02% 18.03%
Net interest margin -0.12 2.14% 2.26%
Cost to income ratio
(calculated under domestic regulations)
-0.42 26.57% 26.99%
Credit Cost 0.02 0.67% 0.65%
  Change (PPT) As at 30 Sep 2015 As at 31 Dec 2014
Non-performing loans to total loans 0.25 1.43% 1.18%
Allowance for loan impairment losses to non-performing loans -33.88 153.72% 187.60%
Common equity tier 1 CAR 0.10 10.71% 10.61%
Tier 1 CAR 0.33 11.68% 11.35%
Capital adequacy ratio (CAR) -0.22 13.65% 13.87%

Per Share Information

Unit: RMB Change (RMB) Nine-month ended
30 Sep 2015
Nine-month ended
30 Sep 2014
Basic earnings per share -0.04 0.43 0.47
  Change (RMB) As at 30 Sep 2015 As at 31 Dec 2014
Net assets per share 0.24 3.94 3.70

Note:The capital ratios are calculated in accordance with Capital Rules for Commercial Banks (Provisional) and related regulations.

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