Core Viewpoint - China Bank reported a net profit of 237.84 billion yuan in 2024, marking a year-on-year increase of 2.56%, while the real estate sector remains the largest source of new non-performing loans domestically [3][8]. Financial Performance - In 2024, China Bank achieved operating revenue of 630.09 billion yuan, a year-on-year growth of 1.16% [3]. - The net interest income was 448.93 billion yuan, down 3.77% year-on-year, with interest income from loans and advances at 745.36 billion yuan, a decrease of 0.7% [4][5]. - Non-interest income reached 181.16 billion yuan, up 15.87% year-on-year, driven by a significant increase in other non-interest income [4][5]. Asset Quality - As of the end of 2024, the total amount of non-performing loans was 268.78 billion yuan, with a non-performing loan ratio of 1.25%, a slight decrease of 0.02 percentage points from the previous year [6][7]. - The non-performing loan ratio for the real estate sector was 4.94%, the highest among all industries, although it showed a year-on-year decline [7][8]. Capital Adequacy - By the end of 2024, China Bank's total assets reached 35.06 trillion yuan, an increase of 8.11% year-on-year, with total liabilities of 32.11 trillion yuan, also up by 8.2% [5][6]. - The capital adequacy ratio stood at 18.76%, with the core tier one capital ratio at 12.20%, both showing improvements from the previous year [8][9].

Investment Rating - The investment rating for the company is "Neutral" with a downgrade from a previous rating [5]. Core Views - The company achieved a revenue of 630.1 billion yuan in 2024, representing a year-on-year growth of 1.2%, and a net profit of 237.8 billion yuan, up 2.6% year-on-year. The fourth quarter saw a slight revenue decline of 0.3% but an 8.8% increase in net profit [1][4]. - The contribution from overseas business profits increased, with total profit amounting to 295 billion yuan, a decrease of 0.22% year-on-year. Domestic profits fell by 5.7%, contributing 73.3% to the total, while overseas profits grew by 17.5%, contributing 26.7% [1]. - Non-interest income grew significantly by 15.9% in 2024, accounting for 28.8% of total revenue, an increase of 3.7 percentage points year-on-year. However, net income from fees and commissions decreased by 2.9% [2]. - The asset quality remains stable with a non-performing loan ratio of 1.25%, down 2 basis points from the beginning of the year, and a provision coverage ratio of 200.6%, up 9 percentage points year-on-year [2]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 630.1 billion yuan, a 1.2% increase from 2023, and a net profit of 237.8 billion yuan, reflecting a 2.6% growth. The return on average assets (ROAA) was 0.75%, and return on average equity (ROAE) was 9.50%, both showing slight declines [1][4]. - The total assets reached 35.06 trillion yuan, with loans totaling 21.54 trillion yuan, marking growth of 8.1% and 8.2% respectively from the beginning of the year [2]. Profitability and Valuation - The projected net profits for 2025-2027 are 241.6 billion yuan, 249.4 billion yuan, and 267.3 billion yuan, with corresponding year-on-year growth rates of 1.6%, 3.2%, and 7.2% [3]. - The current stock price corresponds to a price-to-earnings (PE) ratio of 6.6x for 2025, 6.4x for 2026, and 6.0x for 2027, and a price-to-book (PB) ratio of 0.59x, 0.55x, and 0.52x respectively [3]. Asset Quality - The company maintains a stable asset quality with a non-performing loan ratio of 1.25% and a provision coverage ratio of 200.6%, indicating strong risk management practices [2][4].

Core Viewpoint - The announcement details the proposal by the Board of Directors of Bank of China to reappoint Ernst & Young Hua Ming as the domestic auditor and Ernst & Young Hong Kong as the international auditor for the fiscal year 2025, pending approval from the shareholders' meeting [1]. Group 1: Auditor Information - Ernst & Young Hua Ming was established in September 1992 and transitioned to a special partnership in August 2012, with its headquarters in Beijing [1]. - As of the end of 2024, Ernst & Young Hua Ming has 251 partners and over 1,700 certified public accountants, with more than 1,500 having experience in securities-related services [1]. - The firm has not faced any civil lawsuits related to its professional conduct in the past three years [2]. Group 2: Financial Performance - In 2023, Ernst & Young Hua Ming reported total revenue of RMB 5.955 billion, with audit services contributing RMB 5.585 billion and securities services accounting for RMB 2.438 billion [2]. - The firm audited 137 A-share listed companies in 2023, generating total fees of RMB 905 million, with 20 of these clients from the financial sector [2]. Group 3: Compliance and Quality Control - Ernst & Young Hua Ming has not received any criminal or administrative penalties in the past three years, with only three supervisory measures noted [3]. - The project partners and signing accountants for the audit have no records of penalties or disciplinary actions in the last three years [5]. Group 4: Audit Fees and Approval Process - The total audit fees proposed for 2025 are RMB 98.96 million, which includes RMB 11 million for internal control audits, reflecting an increase of RMB 3.46 million compared to 2024 [6]. - The audit committee evaluated Ernst & Young Hua Ming and Ernst & Young Hong Kong's performance for 2024 and recommended their reappointment [7]. - The Board of Directors approved the proposal on March 26, 2025, with a unanimous vote, pending shareholder approval [7].

Core Viewpoint - The China Bank has announced a valuation enhancement and quality improvement plan aimed at increasing operational efficiency and shareholder returns while aligning with national strategies and market demands [1][2]. Group 1: Background and Approval Process - The plan is developed in response to the China Securities Regulatory Commission's guidelines and the Shanghai Stock Exchange's initiative for quality improvement and return enhancement [2]. - The board of directors approved the plan on March 26, 2025 [2]. Group 2: Plan Overview - The plan focuses on stable operations and high-quality development, emphasizing service to national strategies and social welfare [3]. - It aims to enhance operational efficiency, value creation capabilities, and global competitiveness while ensuring effective risk management [4]. Group 3: Specific Initiatives - The bank will support national strategies and social welfare by improving financial services and promoting green finance [3]. - It will enhance operational efficiency by optimizing product services and expanding revenue sources [4]. - The bank aims to strengthen its global presence and international competitiveness through targeted regional development and improved service quality [4]. - A comprehensive risk management approach will be implemented to maintain asset quality and mitigate financial risks [4]. Group 4: Shareholder Value and Communication - The bank has maintained a high dividend payout ratio of 30% and plans to implement mid-term cash dividends starting in 2024 [5]. - It will enhance investor relations through multi-channel communication and regular performance updates [5][6]. - The bank emphasizes protecting investor rights, particularly for small investors, and aims to create long-term value [6]. Group 5: Information Disclosure and Sustainability - The bank is committed to improving information transparency and compliance in its disclosures [6]. - It will utilize various formats to enhance readability and ensure timely and accurate information dissemination [6]. - The bank will continue to adapt to regulatory changes and assess additional value management strategies [7].

Core Viewpoint - The Audit Committee of Bank of China has reported on its performance for the year 2024, highlighting its responsibilities and activities in overseeing external auditors and internal controls [1][2]. Group 1: Audit Committee Responsibilities - The committee consists of five members, including independent directors, with Liu Xiaolei serving as the chair [1]. - Key responsibilities include evaluating and supervising external auditors, reviewing annual financial reports, and ensuring the accuracy and completeness of financial information [2][3]. - The committee also discusses significant accounting issues, internal control deficiencies, and fraud cases, providing recommendations to the board [2][3]. Group 2: 2024 Audit Plan and Financial Reports - The committee approved the 2024 internal audit work plan and financial budget, as well as reviewed various financial reports for 2023 and 2024 [3][4]. - It emphasized the importance of communication with external auditors regarding the audit plan, focusing on risk areas and compliance [4]. - The committee maintained communication with external auditors and facilitated discussions between independent directors and auditors to ensure transparency [4]. Group 3: Governance and Internal Control - The committee played a crucial role in enhancing corporate governance, strengthening internal audit independence, and improving asset quality [3]. - It provided significant suggestions for improving internal control measures in response to changes in the economic and financial landscape [3].

Core Points - The document provides a special explanation regarding the use of funds by the controlling shareholder and other related parties of China Bank for the fiscal year 2024 [1][2] - Ernst & Young conducted an audit of China Bank's consolidated and parent company financial statements and issued an unqualified audit report on March 26, 2025 [1][2] - The summary table detailing the non-operating fund occupation and other related fund transactions is prepared in accordance with regulatory requirements [1][2] Financial Reporting - China Bank is responsible for the truthful, legal, and complete preparation and disclosure of the summary table [2] - The summary table should be read in conjunction with the audited financial statements for a better understanding of the fund occupation situation [2] - No additional audit procedures were performed on the summary table beyond those conducted for the 2024 financial statements [2]

Core Viewpoint - The report outlines the capital management and risk assessment framework of the Bank of China, emphasizing the adherence to regulatory requirements and the establishment of a comprehensive risk management system. Group 1: Capital Adequacy and Regulatory Compliance - As of December 31, 2024, the capital adequacy ratio reached 18.76%, an increase of 102 basis points from the previous year, indicating a stable and reasonable level of capital adequacy [1][5]. - The bank is classified as a domestic systemically important bank, subject to an additional capital requirement of 1.5% [1][5]. - The risk-weighted assets (RWA) totaled RMB 19,217,559 million, with a core Tier 1 capital adequacy ratio of 12.20% [1][5]. Group 2: Risk Management Framework - The bank has established a comprehensive risk management system that includes identifying, assessing, measuring, monitoring, reporting, and controlling various risks [2][3]. - A three-line defense structure is in place for credit risk management, ensuring clear responsibilities across different levels of the organization [16][15]. - The bank conducts regular stress testing to evaluate the impact of adverse scenarios on asset quality, profitability, capital levels, and liquidity [3][4]. Group 3: Internal Capital Adequacy Assessment - The bank has completed the design and implementation of its Internal Capital Adequacy Assessment Process (ICAAP), aligning with regulatory requirements [4][5]. - The ICAAP framework includes governance structure, risk assessment, capital planning, and monitoring systems [4][5]. - The bank's capital management plan is designed to enhance value creation and meet regulatory capital requirements [5][4]. Group 4: Credit Risk Management - Credit risk management policies are tailored to different business types, with specific guidelines for industry, region, customer, and product [15][16]. - The bank employs both primary and advanced internal rating methods to assess credit risk exposure, with 34.27% of default risk exposure covered by primary internal rating methods [18][15]. - The bank's credit risk management framework includes regular reporting to the board and senior management on the status of credit risk [15][16].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 中國銀行股份有限公司 BANK OF CHINA LIMITED （於中華人民共和國註冊成立的股份有限公司） （「本行」） （股份代號：3988） 2024 年年度業績公告 本行董事會欣然宣佈本行及其附屬公司截至2024年12月31日止之經審計業績。 本公告列載本行2024年年度報告全文，並符合香港上市規則中有關年度業績 初步公告附載的資料之要求。本行2024年年度報告的印刷版本將於2025年4月 下旬寄發予本行H股股東，並可於其時在香港交易及結算所有限公司的網站 www.hkexnews.hk 及本行的網站www.boc.cn 閱覽。 中國銀行簡介 中國銀行是中國持續經營時間最久的銀行。1912年2月正式成立，先後行使中央銀 行、國際匯兌銀行和國際貿易專業銀行職能。1949年以後，長期作為國家外匯外 貿專業銀行，統一經營管理國家外匯，開展國際貿易結算、僑匯和其他非貿易外匯 業務。1994年改組為國有獨 ...

Financial Performance - China Bank reported a total revenue of RMB 600 billion for the fiscal year 2024, representing a year-on-year increase of 8%[1]. - The bank's net profit attributable to shareholders reached RMB 200 billion, up 10% compared to the previous year[1]. - The bank reported operating income of RMB 630,090 million for 2023, an increase from RMB 585,367 million in 2022, reflecting a growth of approximately 7.6%[13]. - The bank's net profit for 2023 was RMB 246,371 million, compared to RMB 252,719 million in 2022, indicating a decrease of about 2.0%[26]. - The return on equity (ROE) for 2023 was 9.50%, down from 10.12% in 2022[28]. - The bank proposed a final dividend of RMB 1.216 per 10 shares for 2024, in addition to an interim dividend of RMB 1.208 per 10 shares paid in 2024[10]. - The group achieved a net profit of RMB 252.72 billion in 2024, an increase of RMB 6.35 billion or 2.58% year-on-year[54]. - The average return on total assets decreased to 0.75% from 0.80% in 2023[34]. - The total profit of the overseas business reached USD 9.28 billion in 2024, a year-on-year growth of 14.75%[146]. Digital Banking and User Growth - User data indicates that the number of active digital banking users has grown to 150 million, an increase of 15% year-on-year[1]. - The cumulative number of mobile banking signed customers surpassed 293 million, reflecting a 6.90% increase from the previous year[45]. - The bank's mobile banking active users reached 97.93 million, with a year-on-year increase of 11.59%[114]. Risk Management and Capital Adequacy - The bank aims to enhance its risk management framework, targeting a reduction in non-performing loan ratio to below 1.5% by 2025[1]. - The bank's capital adequacy ratio stands at 14%, above the regulatory requirement of 10.5%[1]. - The non-performing loan coverage ratio for 2023 was 200.60%, up from 191.66% in 2022, indicating improved risk management[32]. - The bank's bad loan ratio was 1.50%, with a provision coverage ratio of 211.19%[53]. International Expansion and Market Presence - China Bank plans to expand its international presence by opening 10 new branches in key markets by the end of 2025[1]. - The group provided CNY 1.91 trillion in credit support to 102,900 technology enterprises by the end of 2024[105]. - The company provided loans exceeding 600 billion yuan to over 40,000 "specialized, refined, unique, and innovative" small and medium-sized enterprises in the technology sector[125]. Green Finance Initiatives - Investment in green finance initiatives has reached RMB 30 billion, with a goal to increase this by 25% in the next fiscal year[1]. - The domestic green credit balance grew by 31.03%, with the group leading in green bond underwriting in the interbank market[45]. - The bank's green financial product management scale is RMB 765.24 billion, with green and ESG public fund products managing approximately RMB 35.15 billion[110]. - The balance of green leasing assets is RMB 321.77 billion, accounting for 48.55% of total leasing assets[110]. Loan and Deposit Growth - The total amount of loans and advances issued by the group was RMB 21.59 trillion, an increase of RMB 1.63 trillion or 8.18% year-on-year[74]. - The total deposits of the group reached RMB 24,202.59 billion by the end of 2024, an increase of RMB 2,295.54 billion, or 10.03%, compared to the end of 2023[86]. - The balance of agricultural loans reached CNY 2.50 trillion, an increase of CNY 5,011.28 billion from the previous year[113]. Operational Efficiency and Cost Management - The cost-to-income ratio for 2023 was 28.50%, slightly improved from 28.77% in 2022[24]. - The cost-to-income ratio of the group was 28.77%, an increase of 0.27 percentage points year-on-year, indicating effective cost management[70]. - The group's business and management expenses reached RMB 181.26 billion, up RMB 3.76 billion or 2.12% compared to 2023[69]. Cross-Border and International Services - The company processed cross-border RMB clearing of CNY 13.14 trillion in 2024, a year-on-year growth of 40.05%, continuing to lead globally in this area[159]. - The company signed up 64,900 customers for the cross-border wealth management scheme in the Guangdong-Hong Kong-Macao Greater Bay Area[154]. - The bank supported over 1,200 corporate credit projects in Belt and Road countries, with cumulative credit support exceeding USD 372 billion[148]. Technological Innovation and Digital Transformation - The bank has established a multi-level organizational system for technology finance, including a central technology finance center and 24 first-level branch centers[107]. - The bank launched a digital RMB visible hard wallet, enhancing features such as transaction amount display and dynamic QR codes, and optimized services for short-term foreign visitors to China[162]. - The bank's digital transformation includes new features in mobile banking, such as the ability to buy and sell certificates of deposit and open precious metal accounts[176].

中国银行股份有限公司 内部控制审计报告 re and 2024年12月31日 您可使用手机"扫一扫"或进入"比明有干证明该审计报告是否由具有救业许可的会计师好务所出具 一级行业 图:京25T4Z09FCW 12 11 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》 的规定，建立健全和有效实施内部控制，并评价其有效性是中国银行董事会的责任。 二、注册会计师的责任 Ernst & Young Hua Ming LLP Level 17. Ernst & Young Tower Oriental Plaza, 1 East Chang An Avenu Donachena District Beijing. China 100738 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见,并 对注意到的非财务报告内部控制的重大缺陷进行披露。 安永华明会计师事务所 (特殊普通合伙) 中国北京市东城区东长安街 1 号 东方广场安永大楼 17 层 邮政编码: 100738 三、内部控制的固有局限性 Tel 电话: +86 10 5815 30 ...