工商银行公布2008年度业绩
2009-03-26 12:37
968
业绩摘要
(截至2008年12月31日)
§ 税后利润为人民币1,112亿元，较2007年同期增长35.2%
§ 每股盈利（基本及稀释）为人民币0.33元
§ 加权平均权益回报率为19.43% ，较2007年上升3.20个百分点
§ 平均总资产回报率为1.21%，较2007年上升0.19个百分点
§ 总资产为人民币97,571亿元，比2007年末上升12.4%
§ 资本充足率为13.06%；核心资本充足率为10.75%
§ 不良贷款率为2.29%，较2007年末下降0.45个百分点
§ 拨备覆盖率为130.15%，较2007年末上升26.65个百分点
§ 董事会建议派发末期息每10股人民币1.65元（含税）
注：以上经营业绩信息根据国际会计准则理事会颁布的国际财务报告准则编制。
中国工商银行股份有限公司（以下简称工商银行，股票代码SH: 601398；HK: 1398）3月25日公布了2008年度的经营业绩。按照国际财务报告准则，2008年度工商银行实现税后利润人民币1112亿元，较上年同期增长35.2％；每股收益为人民币0.33元。这已经是工商银行自2003年以来连续第六年实现高增长，六年中税后利润年复合增长率达37.5%，是全球成长性最好的国际性大银行之一。2008年工商银行巩固了全球市值最大银行的地位，并成为全球最盈利的银行。
2008年，在复杂多变的外部环境下，工商银行深入推进经营战略转型和各项业务的创新发展，为公司股东创造了优异的回报。2008年工商银行的平均总资产回报率为1.21%，加权平均权益回报率为19.43%，分别较2007年提高19个基点和320个基点；净利息收益率为2.95%，较2007年末提高15个基点。成本收入比为29.84%，较上年下降5.18个百分点，保持了良好的成本控制水平。资本充足率保持在13.06%，其中核心资本充足率为10.75%。雄厚的资本实力保障了工商银行的持续发展能力。董事会建议派发末期息每10股人民币1.65元（含税），较2007年增加24.06%。
在2008年这场席卷全球的金融风暴的严峻挑战下，工商银行能够取得如此亮丽的业绩，首先取决于其正确的经营战略和较高的风险管理水平。工商银行目前拥有中国银行业最全面、最完善、最领先的风险管理系统，在内部评级法工程建设方面亦领先同业，非零售项目内部评级已达到高级法要求，并在信贷审批、风险定价、组合管理等领域应用。工商银行密切关注国际金融危机的演变发展及对全行各项业务的影响，相关风险特别是外币债券的风险得到有效控制。2008 年以来，工商银行根据国际金融市场变化情况及时调整投资策略，大幅减持了涉险外币债券，并对相关涉险外币债券计提了足额拨备。截至2008年末，工商银行的不良贷款余额比2007年末下降了73亿元，不良率下降0.45个百分点至2.29%，连续9年实现了不良贷款绝对额和占比的“双下降”，拨备覆盖率达到了130.15%，同比提高26.65个百分点，抗风险能力进一步增强。
其次，各项业务的快速健康发展为工商银行2008年的优异表现奠定了坚实的基础。2008年，工商银行把支持经济发展与坚持商业银行原则相统一，适应国家宏观调控政策和央行货币政策变化，及时调整信贷政策，积极稳健地增加信贷投放，既有力支持了国家扩内需促增长政策实施，又增强了盈利能力。2008年，工商银行新增人民币贷款5368亿元，同比多增1901亿元，增幅为14.3%，贷款增量居同业首位。
与此同时，依托强大的客户基础、高效的分销网络和多元化的产品结构，工商银行在中间业务方面实现了多元、创新的发展。2008年，工商银行的净手续费及佣金收入达人民币440亿元，较上年同期增长14.7%，银行卡、投资银行、资产托管、企业年金、现金管理、理财等新兴业务继续快速健康发展，各项指标均居国内同业的首位。银行卡发卡量超过2.38亿张，消费额近8000亿元，其中信用卡发卡量突破3900万张，消费额超过2500亿元，市场领先优势进一步扩大；投资银行收入增长78.2%，全年承销各类债券52支，承销金额达1646亿元，连续第二年成为国内债券承销发行的第一大行；托管业务收入增长41%，托管资产规模连续11年居国内第一，在基金、年金、保险等托管领域均保持市场领先；企业年金业务的国内市场占有率接近50%，是目前国内最大的企业年金服务机构；理财业务继续强劲增长，全年共推出216款理财产品，其中自主开发理财产品销售额21976亿元，同比增长715%。
第三，服务水平的大幅跃升对业务发展和赢利水平的提升起到了强劲的推动作用。在过去的一年中，工商银行秉承“以客户为中心”的现代服务理念，以开展“奥运服务年”为契机，着眼国际先进水平，从网点渠道、业务流程、IT系统、产品创新、服务管理等层面系统改进客户服务，实现了奥运服务“零事故”和“零投诉”，为奥运会成功举办做出了积极贡献。同时，为满足社会日益增长的多元化金融服务需求，2008年工商银行推出了私人银行服务，建成财富管理中心110家、贵宾理财中心近3000家，对一大批营业网点进行了全面改造，电子银行服务网络更加健全，分层分区服务体系基本形成，客户体验工程正式启动，提高了服务效率和精细化、差异化水平。同时，工商银行坚持把加快创新作为竞争发展的战略举措，依托先进的信息技术平台加快新产品开发，所拥有的各类金融产品已达3000多种，成为国内金融产品数量最多、门类最齐全的银行机构。
更具有决定意义的是，经营模式和发展方式的持续转变显著提升了工商银行的经营效率，大大增强了工商银行的可持续发展能力。2008年工商银行继续推进经营转型，各项业务结构显著优化。资产结构中，非信贷资产比重提高至54.5%；收入结构中，非利息收入占营业净收入的比重上升到15.2%；信贷结构全面改善，贷款收益率由2007年的6.11%提高到2008年的7.07%，提高了96个基点；渠道结构中，离柜业务比重提高到43.1%；客户结构中，个人中高端客户比去年提高了18.6%，对全行盈利的贡献进一步提高。在国际化、综合化发展方面，2008年工商银行纽约分行、悉尼分行、多哈分行和工银中东相继开业，工商国际成功申请投行牌照。截至2008年末，工商银行已将境外营业机构延伸至全球15个国家和地区，分支机构134 家，与122个国家和地区的1358家银行建立了代理行关系，综合化和国际化发展迈出新步伐。
作为一家大型金融企业，工商银行在为股东带来良好回报和为客户提供优质金融服务的同时，认真地履行企业的社会责任。在汶川特大地震灾害发生后，全行为抗震救灾提供了优质高效的金融服务和多方面援助，是抗震救灾贷款和捐助最多的银行，累计发放抗震救灾及灾后恢复生产贷款288亿元，捐款1.4亿元，其中员工个人捐款8869万元。在应对金融危机的严峻挑战中，对一些经营暂时困难但基本面较好的企业，按商业银行原则给予多方面的金融支持，积极帮助企业渡过难关。同时，工商银行继续大力推行“绿色信贷”，严控高耗能、高污染行业的贷款投放，加大对节能环保等领域的支持。截至2008年末，符合国家环保政策的贷款企业及贷款余额占比均超过99%，其余不到1%的贷款企业是由于环保部门尚末对其进行评估认证。
以下为英文版
HIGHLIGHTS
Results for year ended 31 December 2008
Profit after tax: RMB 111.2 billion, up 35.2% from 2007
Earnings per share (basic and diluted): RMB 0.33
Return on weighted average equity: 19.43%, up 3.20 percentage points from 2007
Return on average total assets: 1.21%, up 0.19 percentage points from 2007
Total assets: RMB 9,757.1 billion, up 12.4% from end-2007
Capital adequacy ratio: 13.06%; core capital adequacy ratio: 10.75%
Non-performing loan (NPL) ratio: 2.29%, down 0.45 percentage points from end-2007
Allowance to NPL ratio: 130.15%, up 26.65 percentage points from end-2007
The Board of Directors proposed a final dividend of RMB 1.65 per 10 shares (including tax)
Note: The consolidated results above have been prepared in accordance with International Financial Reporting Standards promulgated by the International Accounting Standards Board.
Hong Kong, 25 March 2009 – Industrial and Commercial Bank of China Limited (“ICBC” or the “Bank”, SSE: 601398; SEHK: 1398) today announces its annual results for the financial year 2008. Based on International Financial Reporting Standards, ICBC’s profit after tax for the year ended 31 December 2008 was RMB 111.2 billion, up 35.2% from the year 2007. Earnings per share were RMB 0.33. This has been the sixth consecutive year of high growth since 2003. During these six years, the compound annual growth rate of after tax profit was 37.5%, making ICBC one of the world’s fastest growing major international banks. In 2008, ICBC strengthened its position as the world’s largest bank by market value and became the most profitable bank in the world.
Despite the complex and constantly changing operating environment in 2008, ICBC achieved exceptional returns for its shareholders through its continual efforts in strategic transformation of business operations and innovative development of its business. In 2008, ICBC’s return on average total assets reached 1.21%, up 19 basis points from 2007. Return on weighted average equity was 19.43%, up 320 basis points from 2007. Net interest margin reached 2.95%, up 15 basis points from 2007. The Bank continued to effectively control cost, with its cost-to-income ratio decreasing by 5.18 percentage points from 2007 to 29.84%. Capital adequacy ratio was maintained at 13.06%, while core capital adequacy ratio was 10.75%. The strong capital position ensured the bank’s sustained development capability. The Board proposed a final dividend of RMB 1.65 per 10 shares (including tax), an increase of 24.06% over 2007.
For all the challenges from the global financial crisis, ICBC still recorded a strong set of results, which was primarily attributable to the Bank’s winning business strategy and risk management capabilities. ICBC prides itself on the most comprehensive, complete and advanced risk management system in China’s banking industry. The Bank is also a leader among its peers in terms of establishing the system for the internal rating-based system. ICBC’s non-retail internal rating-based system has met the requirements for an advanced system and has been in use in areas including credit approval, risk pricing and portfolio management. ICBC closely monitored the development of the international financial crisis and its potential impact on the business. Relevant risks, especially those associated with foreign bonds, were effectively controlled. Since 2008, ICBC has promptly adjusted its investment strategy according to the situation in the international financial markets, substantially reduced the holdings of foreign currency bonds and has made sufficient provisions for foreign bonds. As at the end of 2008, the Bank’s non-performing loans (NPL) decreased by RMB 7.3 billion from the end of 2007, and the NPL ratio dropped by 0.45 percentage points to 2.29%, which marked 2008 as the ninth consecutive year when the Bank achieved declines in both NPL balance and ratio. Allowance to NPL ratio increased by 26.65 percentage points to 130.15%, further enhancing the Bank’s ability to withstand risks.
Rapid and healthy development of the Bank’s business resulted in outstanding business performance in 2008. During the year, ICBC aligned the role of supporting the economic development of China with the business principles of a commercial bank and adjusted its lending policies according to the government’s macro tightening policy and the central bank’s monetary policy in a timely manner. The Bank proactively and prudently increased lending, resulting in higher profitability, while at the same time supporting the government’s policy of expanding domestic demand. In 2008, ICBC’s new renminbi loans reached RMB 536.8 billion, an increase of RMB 190.1 billion or 14.3% from 2007, the highest level of new loans in the industry.
Meanwhile, ICBC leveraged its strong customer base, extensive distribution network and diversified product structure to further develop its intermediary business in a varied and innovative manner. In 2008, the Bank’s net fee and commission income reached RMB 44 billion, an increase of 14.7% from 2007. The Bank achieved rapid and healthy growth in the emerging business areas including bank cards, investment banking, asset custody, annuity, cash management and wealth management, with market leading performance in these areas. ICBC’s bank cards in issue exceeded 238 million with consumption volume close to RMB 800 billion. This included over 39 million credit cards in issue whose consumption volume surpassed RMB 250 billion, reinforcing the Bank’s market leading position. Income of investment banking business increased by 78.2%. The Bank underwrote 52 bond issues during the year, with a total value of RMB 164.6 billion underwritten, becoming the largest domestic bond underwriter for the second consecutive year. Income of the Bank’s asset custody business increased by 41%, with the largest asset under custody for the 11th consecutive year. The Bank has also maintained its leading position in various areas of asset custody business, including investment funds, annuity and insurance. The Bank has a market share of almost 50% in the domestic annuity market, and is the biggest annuity service provider in Mainland China. The rapid growth of wealth management business continued during the year, with 216 products being introduced. In 2008, sales of the Bank’s own wealth management products reached RMB 2197.6 billion, an increase of 715% from 2007.
The considerable improvement in service quality facilitated the Bank’s business development and enhanced its profitability. During the year, ICBC adhered to a modern “customer centred” service approach and improved service quality in aspects including distribution channel, business process, IT system and product innovation. The Bank also leveraged the opportunity of the “Olympics Service Year” to enhance its service quality and contributed to the success of the Beijing Olympics by achieving a record of ”no incidents” and “no complaints”. To meet the increasing demand for diversified financial services, ICBC launched its private banking service during the year and established 110 Wealth Management Centres and close to 3,000 VIP Wealth Management Centres. In addition, the Bank upgraded a large number of outlets and further enhanced its electronic banking service network. A customer service system based on customer classification and service has been established. The Bank also launched its customer experience enhancement programme to improve service efficiency and enable the Bank to provide targeted and differentiated services. At the same time, ICBC adhered to the strategy of development through acceleration of innovation. Leveraging its advanced information technology platform, the Bank accelerated product development. Currently, the Bank offers more than 3,000 financial products, and has become the bank with the largest number and types of financial products in Mainland China.
The continual transformation in ICBC’s models of business operation and development resulted in substantial improvement in its operating efficiency and significantly improved its capability of sustainable development. In 2008, ICBC made further adjustments to its business operation and optimised its business structure. In terms of asset structure, the percentage of non-credit assets increased to 54.5%. In terms of income structure, the proportion of non-interest income in total operating income increased to 15.2%. Structure of the Bank’s lending business also improved, resulting in a 96-basis-point increase in loan yields, from 6.11% in 2007 to 7.07% in 2008. In terms of distribution channels, the percentage of off-counter business increased to 43.1%. In terms of the structure of ICBC’s customer base, the number of mid-to-high end personal banking customers increased by 18.6% over last year and the contribution from this segment to the Bank’s profit also increased. With regard to the Bank’s overseas expansion and business diversification, ICBC’s overseas branches in New York, Sydney and Doha, and its subsidiary bank ICBC Middle East, were opened in 2008. In addition, ICBC International Capital Ltd. received its investment banking license in 2008. As at the end of 2008, the Bank has expanded its overseas network to 15 countries and regions around the world, including 134 branches and subsidiary banks. It has also established a corresponding bank relationship with 1,358 banks in 122 countries and regions, turning into a new chapter of the Bank’s overseas expansion and diversified operation.
As a major financial enterprise, ICBC earnestly carried out its corporate social responsibility, whilst providing sound returns to shareholders and superb financial services to customers. After the devastating earthquake in Wenchuan, ICBC offered quality financial services and timely quake-relief assistance to the affected region. ICBC was also the bank that provided the most donations and relief-related loans to the region. The Bank granted a total of RMB 28.8 billion of loans for disaster relief and for the resumption of economic activities. Its donation to the region totalled RMB 140 million, including RMB 88.69 million from the Bank’s staff. To weather the challenges posed by the financial crisis, ICBC, in accordance to business principles of commercial banks, provided financial support to companies with sound fundamentals but were encountering short-term difficulties. ICBC has also dedicated great efforts to the implementation of the “Green Credit Policy” by limiting loans to high energy consumption and highly polluting industries and by providing more support to energy-saving and environmentally-friendly industries. As at the end of 2008, over 99% of the total loans granted by the Bank and of the companies that received loans from the Bank complied with the national environmental protection policy. The remaining 1% of the companies that received loans from the Bank were those that have not yet received certifications from the relevant environmental protection authorities.
(截至2008年12月31日)
§ 税后利润为人民币1,112亿元，较2007年同期增长35.2%
§ 每股盈利（基本及稀释）为人民币0.33元
§ 加权平均权益回报率为19.43% ，较2007年上升3.20个百分点
§ 平均总资产回报率为1.21%，较2007年上升0.19个百分点
§ 总资产为人民币97,571亿元，比2007年末上升12.4%
§ 资本充足率为13.06%；核心资本充足率为10.75%
§ 不良贷款率为2.29%，较2007年末下降0.45个百分点
§ 拨备覆盖率为130.15%，较2007年末上升26.65个百分点
§ 董事会建议派发末期息每10股人民币1.65元（含税）
注：以上经营业绩信息根据国际会计准则理事会颁布的国际财务报告准则编制。
中国工商银行股份有限公司（以下简称工商银行，股票代码SH: 601398；HK: 1398）3月25日公布了2008年度的经营业绩。按照国际财务报告准则，2008年度工商银行实现税后利润人民币1112亿元，较上年同期增长35.2％；每股收益为人民币0.33元。这已经是工商银行自2003年以来连续第六年实现高增长，六年中税后利润年复合增长率达37.5%，是全球成长性最好的国际性大银行之一。2008年工商银行巩固了全球市值最大银行的地位，并成为全球最盈利的银行。
2008年，在复杂多变的外部环境下，工商银行深入推进经营战略转型和各项业务的创新发展，为公司股东创造了优异的回报。2008年工商银行的平均总资产回报率为1.21%，加权平均权益回报率为19.43%，分别较2007年提高19个基点和320个基点；净利息收益率为2.95%，较2007年末提高15个基点。成本收入比为29.84%，较上年下降5.18个百分点，保持了良好的成本控制水平。资本充足率保持在13.06%，其中核心资本充足率为10.75%。雄厚的资本实力保障了工商银行的持续发展能力。董事会建议派发末期息每10股人民币1.65元（含税），较2007年增加24.06%。
在2008年这场席卷全球的金融风暴的严峻挑战下，工商银行能够取得如此亮丽的业绩，首先取决于其正确的经营战略和较高的风险管理水平。工商银行目前拥有中国银行业最全面、最完善、最领先的风险管理系统，在内部评级法工程建设方面亦领先同业，非零售项目内部评级已达到高级法要求，并在信贷审批、风险定价、组合管理等领域应用。工商银行密切关注国际金融危机的演变发展及对全行各项业务的影响，相关风险特别是外币债券的风险得到有效控制。2008 年以来，工商银行根据国际金融市场变化情况及时调整投资策略，大幅减持了涉险外币债券，并对相关涉险外币债券计提了足额拨备。截至2008年末，工商银行的不良贷款余额比2007年末下降了73亿元，不良率下降0.45个百分点至2.29%，连续9年实现了不良贷款绝对额和占比的“双下降”，拨备覆盖率达到了130.15%，同比提高26.65个百分点，抗风险能力进一步增强。
其次，各项业务的快速健康发展为工商银行2008年的优异表现奠定了坚实的基础。2008年，工商银行把支持经济发展与坚持商业银行原则相统一，适应国家宏观调控政策和央行货币政策变化，及时调整信贷政策，积极稳健地增加信贷投放，既有力支持了国家扩内需促增长政策实施，又增强了盈利能力。2008年，工商银行新增人民币贷款5368亿元，同比多增1901亿元，增幅为14.3%，贷款增量居同业首位。
与此同时，依托强大的客户基础、高效的分销网络和多元化的产品结构，工商银行在中间业务方面实现了多元、创新的发展。2008年，工商银行的净手续费及佣金收入达人民币440亿元，较上年同期增长14.7%，银行卡、投资银行、资产托管、企业年金、现金管理、理财等新兴业务继续快速健康发展，各项指标均居国内同业的首位。银行卡发卡量超过2.38亿张，消费额近8000亿元，其中信用卡发卡量突破3900万张，消费额超过2500亿元，市场领先优势进一步扩大；投资银行收入增长78.2%，全年承销各类债券52支，承销金额达1646亿元，连续第二年成为国内债券承销发行的第一大行；托管业务收入增长41%，托管资产规模连续11年居国内第一，在基金、年金、保险等托管领域均保持市场领先；企业年金业务的国内市场占有率接近50%，是目前国内最大的企业年金服务机构；理财业务继续强劲增长，全年共推出216款理财产品，其中自主开发理财产品销售额21976亿元，同比增长715%。
第三，服务水平的大幅跃升对业务发展和赢利水平的提升起到了强劲的推动作用。在过去的一年中，工商银行秉承“以客户为中心”的现代服务理念，以开展“奥运服务年”为契机，着眼国际先进水平，从网点渠道、业务流程、IT系统、产品创新、服务管理等层面系统改进客户服务，实现了奥运服务“零事故”和“零投诉”，为奥运会成功举办做出了积极贡献。同时，为满足社会日益增长的多元化金融服务需求，2008年工商银行推出了私人银行服务，建成财富管理中心110家、贵宾理财中心近3000家，对一大批营业网点进行了全面改造，电子银行服务网络更加健全，分层分区服务体系基本形成，客户体验工程正式启动，提高了服务效率和精细化、差异化水平。同时，工商银行坚持把加快创新作为竞争发展的战略举措，依托先进的信息技术平台加快新产品开发，所拥有的各类金融产品已达3000多种，成为国内金融产品数量最多、门类最齐全的银行机构。
更具有决定意义的是，经营模式和发展方式的持续转变显著提升了工商银行的经营效率，大大增强了工商银行的可持续发展能力。2008年工商银行继续推进经营转型，各项业务结构显著优化。资产结构中，非信贷资产比重提高至54.5%；收入结构中，非利息收入占营业净收入的比重上升到15.2%；信贷结构全面改善，贷款收益率由2007年的6.11%提高到2008年的7.07%，提高了96个基点；渠道结构中，离柜业务比重提高到43.1%；客户结构中，个人中高端客户比去年提高了18.6%，对全行盈利的贡献进一步提高。在国际化、综合化发展方面，2008年工商银行纽约分行、悉尼分行、多哈分行和工银中东相继开业，工商国际成功申请投行牌照。截至2008年末，工商银行已将境外营业机构延伸至全球15个国家和地区，分支机构134 家，与122个国家和地区的1358家银行建立了代理行关系，综合化和国际化发展迈出新步伐。
作为一家大型金融企业，工商银行在为股东带来良好回报和为客户提供优质金融服务的同时，认真地履行企业的社会责任。在汶川特大地震灾害发生后，全行为抗震救灾提供了优质高效的金融服务和多方面援助，是抗震救灾贷款和捐助最多的银行，累计发放抗震救灾及灾后恢复生产贷款288亿元，捐款1.4亿元，其中员工个人捐款8869万元。在应对金融危机的严峻挑战中，对一些经营暂时困难但基本面较好的企业，按商业银行原则给予多方面的金融支持，积极帮助企业渡过难关。同时，工商银行继续大力推行“绿色信贷”，严控高耗能、高污染行业的贷款投放，加大对节能环保等领域的支持。截至2008年末，符合国家环保政策的贷款企业及贷款余额占比均超过99%，其余不到1%的贷款企业是由于环保部门尚末对其进行评估认证。
以下为英文版
HIGHLIGHTS
Results for year ended 31 December 2008
Profit after tax: RMB 111.2 billion, up 35.2% from 2007
Earnings per share (basic and diluted): RMB 0.33
Return on weighted average equity: 19.43%, up 3.20 percentage points from 2007
Return on average total assets: 1.21%, up 0.19 percentage points from 2007
Total assets: RMB 9,757.1 billion, up 12.4% from end-2007
Capital adequacy ratio: 13.06%; core capital adequacy ratio: 10.75%
Non-performing loan (NPL) ratio: 2.29%, down 0.45 percentage points from end-2007
Allowance to NPL ratio: 130.15%, up 26.65 percentage points from end-2007
The Board of Directors proposed a final dividend of RMB 1.65 per 10 shares (including tax)
Note: The consolidated results above have been prepared in accordance with International Financial Reporting Standards promulgated by the International Accounting Standards Board.
Hong Kong, 25 March 2009 – Industrial and Commercial Bank of China Limited (“ICBC” or the “Bank”, SSE: 601398; SEHK: 1398) today announces its annual results for the financial year 2008. Based on International Financial Reporting Standards, ICBC’s profit after tax for the year ended 31 December 2008 was RMB 111.2 billion, up 35.2% from the year 2007. Earnings per share were RMB 0.33. This has been the sixth consecutive year of high growth since 2003. During these six years, the compound annual growth rate of after tax profit was 37.5%, making ICBC one of the world’s fastest growing major international banks. In 2008, ICBC strengthened its position as the world’s largest bank by market value and became the most profitable bank in the world.
Despite the complex and constantly changing operating environment in 2008, ICBC achieved exceptional returns for its shareholders through its continual efforts in strategic transformation of business operations and innovative development of its business. In 2008, ICBC’s return on average total assets reached 1.21%, up 19 basis points from 2007. Return on weighted average equity was 19.43%, up 320 basis points from 2007. Net interest margin reached 2.95%, up 15 basis points from 2007. The Bank continued to effectively control cost, with its cost-to-income ratio decreasing by 5.18 percentage points from 2007 to 29.84%. Capital adequacy ratio was maintained at 13.06%, while core capital adequacy ratio was 10.75%. The strong capital position ensured the bank’s sustained development capability. The Board proposed a final dividend of RMB 1.65 per 10 shares (including tax), an increase of 24.06% over 2007.
For all the challenges from the global financial crisis, ICBC still recorded a strong set of results, which was primarily attributable to the Bank’s winning business strategy and risk management capabilities. ICBC prides itself on the most comprehensive, complete and advanced risk management system in China’s banking industry. The Bank is also a leader among its peers in terms of establishing the system for the internal rating-based system. ICBC’s non-retail internal rating-based system has met the requirements for an advanced system and has been in use in areas including credit approval, risk pricing and portfolio management. ICBC closely monitored the development of the international financial crisis and its potential impact on the business. Relevant risks, especially those associated with foreign bonds, were effectively controlled. Since 2008, ICBC has promptly adjusted its investment strategy according to the situation in the international financial markets, substantially reduced the holdings of foreign currency bonds and has made sufficient provisions for foreign bonds. As at the end of 2008, the Bank’s non-performing loans (NPL) decreased by RMB 7.3 billion from the end of 2007, and the NPL ratio dropped by 0.45 percentage points to 2.29%, which marked 2008 as the ninth consecutive year when the Bank achieved declines in both NPL balance and ratio. Allowance to NPL ratio increased by 26.65 percentage points to 130.15%, further enhancing the Bank’s ability to withstand risks.
Rapid and healthy development of the Bank’s business resulted in outstanding business performance in 2008. During the year, ICBC aligned the role of supporting the economic development of China with the business principles of a commercial bank and adjusted its lending policies according to the government’s macro tightening policy and the central bank’s monetary policy in a timely manner. The Bank proactively and prudently increased lending, resulting in higher profitability, while at the same time supporting the government’s policy of expanding domestic demand. In 2008, ICBC’s new renminbi loans reached RMB 536.8 billion, an increase of RMB 190.1 billion or 14.3% from 2007, the highest level of new loans in the industry.
Meanwhile, ICBC leveraged its strong customer base, extensive distribution network and diversified product structure to further develop its intermediary business in a varied and innovative manner. In 2008, the Bank’s net fee and commission income reached RMB 44 billion, an increase of 14.7% from 2007. The Bank achieved rapid and healthy growth in the emerging business areas including bank cards, investment banking, asset custody, annuity, cash management and wealth management, with market leading performance in these areas. ICBC’s bank cards in issue exceeded 238 million with consumption volume close to RMB 800 billion. This included over 39 million credit cards in issue whose consumption volume surpassed RMB 250 billion, reinforcing the Bank’s market leading position. Income of investment banking business increased by 78.2%. The Bank underwrote 52 bond issues during the year, with a total value of RMB 164.6 billion underwritten, becoming the largest domestic bond underwriter for the second consecutive year. Income of the Bank’s asset custody business increased by 41%, with the largest asset under custody for the 11th consecutive year. The Bank has also maintained its leading position in various areas of asset custody business, including investment funds, annuity and insurance. The Bank has a market share of almost 50% in the domestic annuity market, and is the biggest annuity service provider in Mainland China. The rapid growth of wealth management business continued during the year, with 216 products being introduced. In 2008, sales of the Bank’s own wealth management products reached RMB 2197.6 billion, an increase of 715% from 2007.
The considerable improvement in service quality facilitated the Bank’s business development and enhanced its profitability. During the year, ICBC adhered to a modern “customer centred” service approach and improved service quality in aspects including distribution channel, business process, IT system and product innovation. The Bank also leveraged the opportunity of the “Olympics Service Year” to enhance its service quality and contributed to the success of the Beijing Olympics by achieving a record of ”no incidents” and “no complaints”. To meet the increasing demand for diversified financial services, ICBC launched its private banking service during the year and established 110 Wealth Management Centres and close to 3,000 VIP Wealth Management Centres. In addition, the Bank upgraded a large number of outlets and further enhanced its electronic banking service network. A customer service system based on customer classification and service has been established. The Bank also launched its customer experience enhancement programme to improve service efficiency and enable the Bank to provide targeted and differentiated services. At the same time, ICBC adhered to the strategy of development through acceleration of innovation. Leveraging its advanced information technology platform, the Bank accelerated product development. Currently, the Bank offers more than 3,000 financial products, and has become the bank with the largest number and types of financial products in Mainland China.
The continual transformation in ICBC’s models of business operation and development resulted in substantial improvement in its operating efficiency and significantly improved its capability of sustainable development. In 2008, ICBC made further adjustments to its business operation and optimised its business structure. In terms of asset structure, the percentage of non-credit assets increased to 54.5%. In terms of income structure, the proportion of non-interest income in total operating income increased to 15.2%. Structure of the Bank’s lending business also improved, resulting in a 96-basis-point increase in loan yields, from 6.11% in 2007 to 7.07% in 2008. In terms of distribution channels, the percentage of off-counter business increased to 43.1%. In terms of the structure of ICBC’s customer base, the number of mid-to-high end personal banking customers increased by 18.6% over last year and the contribution from this segment to the Bank’s profit also increased. With regard to the Bank’s overseas expansion and business diversification, ICBC’s overseas branches in New York, Sydney and Doha, and its subsidiary bank ICBC Middle East, were opened in 2008. In addition, ICBC International Capital Ltd. received its investment banking license in 2008. As at the end of 2008, the Bank has expanded its overseas network to 15 countries and regions around the world, including 134 branches and subsidiary banks. It has also established a corresponding bank relationship with 1,358 banks in 122 countries and regions, turning into a new chapter of the Bank’s overseas expansion and diversified operation.
As a major financial enterprise, ICBC earnestly carried out its corporate social responsibility, whilst providing sound returns to shareholders and superb financial services to customers. After the devastating earthquake in Wenchuan, ICBC offered quality financial services and timely quake-relief assistance to the affected region. ICBC was also the bank that provided the most donations and relief-related loans to the region. The Bank granted a total of RMB 28.8 billion of loans for disaster relief and for the resumption of economic activities. Its donation to the region totalled RMB 140 million, including RMB 88.69 million from the Bank’s staff. To weather the challenges posed by the financial crisis, ICBC, in accordance to business principles of commercial banks, provided financial support to companies with sound fundamentals but were encountering short-term difficulties. ICBC has also dedicated great efforts to the implementation of the “Green Credit Policy” by limiting loans to high energy consumption and highly polluting industries and by providing more support to energy-saving and environmentally-friendly industries. As at the end of 2008, over 99% of the total loans granted by the Bank and of the companies that received loans from the Bank complied with the national environmental protection policy. The remaining 1% of the companies that received loans from the Bank were those that have not yet received certifications from the relevant environmental protection authorities.
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