中国工商银行股份有限公司
公布2007年度业绩

（国际财务报告准则）

业绩摘要(截至2007年12月31日止年度)

 税后利润为人民币823亿元，比2006年增长64.9%
 每股盈利（基本及稀释）为人民币0.24元
 加权平均权益回报率为16.23%
 平均总资产回报率为1.02%，比2006年上升0.31个百分点
 总资产为人民币86837亿元，比2006年末上升15.6%
 资本充足率为13.09%；核心资本充足率为10.99%
 成本收入比为34.7%
 不良贷款率为2.74%，比2006年末下降1.05个百分点
 拨备覆盖率为103.5%，比2006年末上升33个百分点
 董事会建议向全体股东派发年末股息每股人民币[ 0.133 ]元

 

注：以上年度经营业绩信息是根据国际财务报告准则委员会发布的国际财务报告准则编制的。成本收入比计算公式为营业费用（扣除营业税金及其附加）/营业收入。
中国工商银行股份有限公司（以下简称工行，股票代码SH: 601398；HK: 1398）今天在北京和香港同时公布2007年度的经营业绩。按照国际财务报告准则，2007年工行实现税后利润人民币823亿元，同比增长64.9%（按照中国会计准则，2007年工行实现税后利润人民币820亿元，同比增长65.9%）；每股收益为人民币0.24元，将向全体股东派发年末股息每股人民币0.133元。
2007年是工行上市后的第一个完整财务年度，工行持续推进经营战略转型和各项业务的创新发展，盈利能力持续提升，为公司股东创造了优异的回报。2007年，工行的平均总资产回报率比2006年提高了31个基点，达到1.02%，加权平均权益回报率比2006年提高了86个基点，达到16.23%。
与此同时，工行的风险管控能力不断增强，资产质量显著提高。2007年，工行连续第五年实现了不良贷款余额和比例的“双下降”，不良贷款率由2006年底的3.79%下降1.05个百分点至2007年底的2.74%；拨备覆盖率则从2006年底的70.6%上升32.9个百分点至2007年底的103.5%，抗风险能力进一步增强。
工行2007年经营业绩强劲增长，主要得益于经营模式和发展方式的成功转型。工行把国家宏观调控政策与贯彻商业银行经营原则有机结合起来，既在宏观调控中发挥了应用的作用，又以此为契机调整优化了资产负债结构，净利息收益率显著提高，手续费和佣金收入快速增长，国际化经营取得重大突破。与此同时，工行的经营管理水平也不断提高，成本收入比控制在较好水平，风险管理体系日趋完善，这些都为其盈利能力的持续提升奠定了坚实的基础。

资产负债业务的盈利能力明显提高
2007年，工行通过调整优化资产负债业务结构，资产负债业务的盈利能力明显提高，资产收益率大幅提高，存款付息率基本保持稳定，净利差和净利息收益率分别为2.67%和2.80%，比2006年分别上升35个基点和39个基点。
在信贷业务领域，工行坚持稳健的信贷经营原则，各项贷款增长适度，投向更趋合理。截至2007年末，工行人民币贷款余额为37452亿元人民币，比上年增长10.3%，贷款增幅比较合理。贷款主要投向了风险可控、效益良好的领域，其中小企业贷款增长近50%，余额达到2139亿元；个人贷款快速发展，比上年增长30.6%，余额达到7521亿元。通过持续优化信贷结构，拓展高收益贷款，工行贷款综合收益率不断提高，由2006年全年的5.42%提高到2007年的6.11%，上升了69个基点。
在资金业务领域，工行积极完善资金交易平台和市场风险管理系统，资金业务投资品种和组合结构持续优化，在加强风险控制的前提下，适当加大人民币信用类产品投资力度和人民币投资组合的期限结构调整，推动非重组债券收益率由2006年的2.83%提高到2007年的3.48%，提高65个基点。
在负债成本的控制方面，工行抓住资本市场发展机遇，通过主动管理负债，满足客户资产管理的要求，分流了大量定期存款到理财业务，存款活期化趋势明显，使得存款付息率在存款基准利率连续上调的环境下基本保持稳定，存款成本控制良好。2007年底，工行的客户存款和同业存入款项达到76260亿元，比上年增长13.9%；活期存款在客户存款中的占比上升3个百分点，达到53%。

手续费和佣金业务收入快速增长
2007年，工行通过推进收益结构多元化、服务创新等举措，实现了净手续费收入快速增长。2007年工行净手续费及佣金收入达到创记录的344亿元，比2006年增长110.4%，过去五年复合增长率达57.2%，占营业收入的比重达到13.4%，较上年提高4.4个百分点。托管业务、理财业务、电子银行业务、银行卡业务、投资银行业务等获得快速增长。其中理财业务同比增长381%，托管业务收入同比增长203%，电子银行业务同比增长85%，银行卡和投资银行业务同比增长分别为41%和45%。
同时，工行还继续巩固了中国第一信用卡银行的市场地位。截至2007年底，工行银行卡发卡量突破2.1亿张，其中信用卡发卡量突破2300万张，比上年末上升了一倍；信用卡消费交易总额和卡均消费额等核心指标均保持市场第一。

国际化经营取得重大突破 综合化经营稳步推进
2007年，工行综合运用申设、并购等多种方式，稳步构建以新兴市场国家和地区为重点，覆盖主要国际金融中心，辐射中国主要经贸合作地区的全球化机构网络体系，打造境内外一体化的经营格局，国际化经营取得重大突破。2007年，工行先后完成了收购印尼Halim 银行的交割和开业，顺利实现工银莫斯科的开业，在多哈设立分行的申请获得卡塔尔金融中心管理局的正式批准。工行推进了对南非标准银行20%股权和澳门诚兴银行79.93%股权的收购，其中收购南非标准银行20%的股份，成为标准银行最大的单一股东，也是中国迄今为止最大的单笔对外投资。此外，工行申设美国纽约分行、中东地区迪拜子银行和澳大利亚悉尼分行的工作也已经获得中国银监会的批准，境外监管报批工作正在稳步推进。2007年末，工行海外分支机构总数达到112家，与122个国家和地区的1349家银行建立了代理行关系。
2007年11月，工行独资的金融租赁公司正式成立，综合化经营稳步推进，工行将积极探索以商业银行为主体，向证券业、保险业、及其他相关行业延伸发展的新模式，增强各项业务发展的协同效应。

管理基础进一步夯实
2007年工行在实现营业收入快速增长的同时，成本得到合理控制，成本收入比继续处于内地和国际的较好水平，2007年进一步降低至34.7%，与上年相比降低了1.7个百分点。
与此同时，2007年工行还创新发展了全面风险管理制度体系，成功投产了法人客户评级优化系统，实现了单笔非零售信贷资产违约概率、违约损失率的计量，显著提高了评级结果的准确性，达到了巴塞尔新资本协议内部评级法初级法的要求，风险计量技术已经接近国际领先水平，为工商银行在2010年底前实施内部评级法高级法迈出了关键的一步。
2007年，工行通过进一步完善市场风险识别、计量、限额管理、报告以及市值评估和重大市场风险应急处理等程序和手段，提高了市场风险管理水平；主动分析全行资金流动出现的新规律和市场变化趋势，充分抓住市场机会，合理实施资金流动性安排和同业融资策略，在有效保证全行资金支付的前提下，最大限度地提高融资收益；此外，工行进一步完善了操作风险监测、提示和通报机制，操作风险管理水平在同业中继续保持领先。
中国工商银行董事长姜建清说：“自上市以来，工行的市值始终保持在全球前五大市值银行之列。工行卓越的表现亦获得了境内外市场的高度评价，相继获得国际知名媒体评选的中国最佳银行、最佳零售银行、最佳托管银行、最佳现金管理银行、亚洲最赚钱银行及全球最佳交易奖等众多奖项。穆迪也将本行的长期信用等级调升至‘A1’。从2008年起，工行开始定期发布社会责任报告，自觉接受社会监督，积极做一名守法纪、重诚信、行公益、促和谐的优秀企业公民，为经济社会的协调、可持续发展作出贡献，实现公司价值、股东回报、客户和员工利益及社会形象的同步提升，努力将工行建设成最盈利、最优秀、最受尊敬的现代金融企业。”
中国工商银行行长杨凯生说：“2008年，工行将持续推进战略转型，保持盈利可持续增长。一方面，工行将稳健发展信贷业务，完善行业信贷政策和区域信贷政策，统筹推进行业和区域信贷的协调健康发展。重点做好‘两高一剩’行业风险、环保信贷风险、房地产贷款风险的防范工作。另外，工行继续实施第一零售银行战略。大力开发个人金融业务高端市场，实现储蓄与理财业务的协调发展，加快进入私人银行业务领域，保持信用卡发卡量、年消费额同业第一的地位。同时将继续拓展资金业务，提高资金运营效率。创新产品，扩充业务种类，保持中间业务收入增速和市场份额双第一。工行将进一步推进国际化、综合化发展，增强综合竞争实力。完善境内外综合化经营布局。积极创造条件进入牌照类投行、证券和保险业务市场。此外，2008年工行还将建立战略推进机制，建立完整、系统的竞争力分析量化指标体系，全面提升服务质量，加大渠道建设力度，整合提升品牌形象，加强企业文化建设，切实履行社会责任，全面促进核心竞争力的提升。”

前瞻陈述

本新闻稿包含若干对于本行财务状况、经营业绩及业务的前瞻陈述。该些前瞻声明涉及已知或未知的风险及不确定性，并且是在对公司及公司所处行业的现有预期、假设、预计和预测的基础上作出的。除法律另有要求外，公司不承担任何对前瞻陈述进行更新以反映日后发生的事件或情况的义务，也不承担对其预期作出相应变更的义务。尽管公司相信该些前瞻性声明中所述的预期是合理的，但其并不能向阁下保证其作出的预期在将来会被证明是正确的，且投资者应注意实际发生的结果可能与预测的结果有差别。

Press release

Industrial and Commercial Bank of China Limited
Announces 2007 Annual Results
(International Financial Reporting Standards)

 

HIGHLIGHTS
Results for year ended 31 December 2007

 Profit after tax: RMB 82.3 billion, up 64.9% from 2006
 Earnings per share (basic and diluted): RMB 0.24
 Return on weighted average equity: 16.23%
 Return on average total assets: 1.02%, up 0.31 percentage point from 2006
 Total assets: RMB 8683.7 billion, up 15.6% from end-2006
 Capital adequacy ratio: 13.09%; core capital adequacy ratio: 10.99%
 Cost-to-income ratio: 34.7%
 Non-performing loan (NPL) ratio: 2.74%, down 1.05 percentage points from end-2006
 Allowance to NPL ratio: 103.5%, up 33 percentage points from end-2006
 The Board of Directors proposed a final dividend of RMB 0.133 per share

 

Note: The consolidated results above have been prepared in accordance with International Financial Reporting Standards promulgated by the International Accounting Standards Board. Cost-to-income ratio = operating cost (operating tax etc. excluded) / operating income.

Hong Kong, 25 March 2008 – Industrial and Commercial Bank of China Limited (“ICBC” or the “Bank”, SSE: 601398; SEHK: 1398) today announced its annual results for the financial year 2007 in Hong Kong and Beijing. Based on international financial reporting standards, ICBC’s profit after tax for the year ended 31 December 2007 was RMB 82.3 billion, up 64.9% from the year 2006. (Based on PRC GAAP, ICBC’s profit after tax for the year 2007 was RMB 82.0 billion, up 65.9% from the year 2006). Earnings per share were RMB 0.24. The Bank proposed that it will pay a final dividend of RMB 0.133 per share.

2007 was the first full financial year following the Bank’s listing. Through continuous strategic transformation of business operations and the innovative development of its business, the Bank further improved profitability and delivered outstanding returns to shareholders. In 2007, ICBC’s return on average total assets reached 1.02%, up 31 basis points from 2006. Return on weighted average equity was 16.23%, up 86 basis points from 2006.

ICBC also further strengthened its risk management capabilities, resulting in a substantial improvement in asset quality. 2007 was the fifth consecutive year that the Bank achieved declines in both non-performing loans and its NPL ratio. The NPL ratio declined by 1.05 percentage points, to 2.74% at the end of 2007 from 3.79% a year earlier. Allowance to NPL ratio increased by 32.9 percentage points, to 103.5% at the end of 2007 from 70.6% a year earlier, further enhancing the Bank’s ability to withstand risks.

The strong growth in earnings in 2007 was the result of the successful transformation in its mode of business operations and development. ICBC integrated the principles of its commercial banking operations with the country’s macroeconomic tightening measures, enabling the Bank to capitalize on these measures as business opportunities and optimizing its asset and liability structures. This led to a substantial increase in net interest margin and rapid growth in fee and commission income. The Bank also achieved breakthroughs in its efforts to expand operations overseas. At the same time, ICBC further enhanced its business management capabilities and effectively controlled its cost-to-income ratio. The Bank also improved its risk management systems. All these initiatives laid a solid foundation for a sustainable improvement in profitability.

Substantial increase in profitability of asset and liability business

In 2007, ICBC substantially enhanced the profitability of its asset and liability business through optimization of its asset and liability structure. During the year, the Bank’s yield on assets increased substantially, while the cost of deposits remained stable. Its net interest spread and net interest margin reached 2.67% and 2.80%, up 35 basis points and 39 basis points from 2006, respectively.

In the lending business, ICBC adhered to the principle of prudent lending and maintained a steady pace of loan growth. At the end of 2007, ICBC’s total renminbi loans reached RMB 3,745.2 billion, up by a modest 10.3% from 2006. Loans were mostly provided to sectors with controllable risks and outstanding efficiency. ICBC’s loans to small enterprises reached 213.9 billion, an increase of close to 50%, while personal loans increased by 30.6% to RMB 752.1 billion. Through continual optimization of its loan structure and development of high-yield loan business, ICBC’s consolidated loan yield increased by 69 basis points, to 6.11% in 2007 from 5.42% in 2006.

In the treasury business, ICBC further enhanced its transaction platform and risk management system. It also enriched the combination of investment assets and continually optimized the structure of its investment portfolio. While enhancing risk control, the Bank increased its investment in renminbi credit products and further adjusted the duration structure of its renminbi investment portfolio, resulting in a 65-basis point increase in yield on non-restructuring related bond investments, to 3.48% in 2007 from 2.83% in 2006. 

To control the cost of liabilities, ICBC capitalized on the opportunities in the capital markets and implemented proactive liability management. To cater for the wealth management needs of its customers, the Bank channelled a substantial amount of time deposits to wealth management products, resulting in an increase in the proportion of demand deposits in its deposit base. As a result, the Bank’s cost of deposits remained stable despite a series of rate hikes during the year. At the end of 2007, ICBC’s total customer deposits and deposits from other banks and financial institutions reached RMB 7,626.0 billion, an increase of 13.9% from 2006. The proportion of demand deposits out of total customer deposits increased by 3 percentage points to 53%.

Rapid growth in fee and commission income

In 2007, ICBC achieved rapid growth in net fee income through diversification of its income structure and innovation in products and services. The Bank’s net fee and commission income reached a record RMB 34.4 billion, up 110.4% from 2006. Over the past five years, the compound annual growth rate of such income was 57.2%. Net fee and commission income accounted for 13.4% of the Bank’s operating income in 2007, up 4.4 percentage points from 2006. The Bank achieved substantial growth in the areas of asset custody, wealth management, electronic banking, bank cards and investment banking. Growth in income from wealth management and asset custody reached 381% and 203% respectively. Growth in income from electronic banking, bank cards and investment banking reached 85%, 41% and 45% respectively.

ICBC further harnessed its leading position in China’s credit card market. At the end of 2007, ICBC’s total bank cards in issue reached 210 million, of which over 23 million were credit cards, doubling the number at the end of 2006. The Bank is the leader in the credit card market according to a number of indicators, including total and average credit card transaction value.

Breakthroughs in overseas expansion and establishment of integrated operations

In 2007, ICBC made significant progress in overseas expansion. Through the opening of new branches and through acquisitions, ICBC is establishing an international business network that is focused on emerging markets and integrated with the Bank’s domestic operations. The network covers major international financial centres and major economic and trading partners of China. In 2007, ICBC completed the acquisition and business relaunch of PT Bank Halim Indonesia. The Bank also opened a Moscow subsidiary bank and received formal approval from the Qatar Financial Centre Regulatory Authority for the establishment of a Doha branch. ICBC also proceeded with the acquisitions of a 20% interest in Standard Bank Group in South Africa and a 79.93% stake in Seng Heng Bank in Macau during the year. ICBC becomes the single largest shareholder of Standard Bank and the transaction was the largest foreign investment by China so far. In addition, ICBC received approvals from the China Banking Regulatory Commission and is making steady progress towards seeking approval from foreign regulators to establish branches in New York and Sydney and a subsidiary bank in Dubai. As at the end of 2007, ICBC has 112 overseas branches and subsidiaries, and has established corresponding bank relationships with 1,349 banks in 122 countries and regions.

In November 2007, a financial leasing company solely owned by the Bank was officially established, representing another step in the development of the Bank’s integrated business operations. With commercial banking as its core business, ICBC will continue to explore new modes of business expansion into areas including securities, insurance and other related industries with a view to enhancing synergies among its different businesses.

Further strengthening of management capabilities   

In 2007, in addition to a substantial increase in operating income, ICBC also effectively controlled its operating costs. The Bank’s cost-to-income ratio declined by 1.7 percentage points from 2006 to 34.7% in 2007, a level considered low by domestic and international standards.

At the same time, ICBC developed its own comprehensive risk management system during the year. It launched a credit rating optimization system for corporate clients, which is capable of determining the default probability and loss ratio for individual non-retail loans, thereby enhancing the accuracy of credit rating results. With this system, ICBC has met the requirements of the foundation internal rating-based approach (F-IRB) for measuring credit risk under the Basel II accord. The Bank’s quantitative risk assessment technology is close to the advanced international standard. This progress is a key step for ICBC to implement the advanced internal-based ratings approach (A-IRB) by the end of 2010.

During the year, ICBC strengthened its market risk management capabilities by further improving its procedures for market risk identification, quantitative measurement, limit management, reporting and market value estimation and emergency procedures for handling major market risks. The Bank also proactively analysed new patterns in its entire liquidity flow as well as changes in market trends, enabling the Bank to capitalize on market opportunities to implement optimal liquidity arrangements and interbank funding strategies, with a view to maximizing return on funds while ensuring that payment requirements for the entire Bank are met. In addition, ICBC further improved its operational risk monitoring, alert and reporting mechanism, maintaining its leadership in operational risk management among its domestic peers.

Mr. Jiang Jianqing, Chairman of ICBC, said: “ICBC has maintained its position as one of the five largest banks in the world in terms of market capitalization since its listing. The Bank has also won widespread recognition for new accomplishments in its reform and development and received numerous awards from reputable international media, including ‘Best Bank of China’, the ‘Best State-owned Retail Bank of China’, ‘Best Sub-Custodian Bank in China’, ‘Best Cash Management’, ‘Most Profitable Bank in Asia’ and ‘Global Deal of the Year 2007’. Moody’s Investors Services upgraded the Bank’s long-term credit rating to ‘A1’. Starting in 2008, ICBC will issue a Corporate Responsibility Report to enable the public oversight of our initiatives to be a good corporate citizen that emphasises respect of the law, credibility, charitable activities and the promotion of a society in harmony, and our contribution to the sustainable development of our economy and society. ICBC is committed to achieving improvement in corporate valuation, shareholder return, customer and staff benefit and in our corporate image. Our goal is to develop the Bank as the most profitable, best quality and the most respected modern financial enterprise.”

Mr. Yang Kaisheng, President of ICBC, said: “The Bank will continue to implement its strategic transformation in 2008 to ensure sustainable profit growth. The Bank will prudently develop its lending business, streamline its industry credit policies and regional credit policies to ensure healthy and coordinated development of its lending business for different industries and regions. The Bank will step up efforts in the prevention and management of risk related to industries with high pollution, high energy consumption and excess production capacity as well as credit risk related to environmental issues and the real estate sector. At the same time, ICBC will continue to implement its leading retail bank strategy. In addition to exploring the high-end wealth management market, ICBC is striving to ensure coordinated development of its deposit and wealth management businesses and accelerate its entry into the private banking arena. In addition, ICBC will further harness its leading position in the credit card market in terms of both the number of cards in issue and card transactions.

“ICBC will continue to develop its treasury business to enhance efficiency in managing its own funds. The Bank will further enrich its product offering innovatively to maintain its top position in terms of income growth and market share for its intermediary business. The Bank will further develop its international business and integrated business operations to enhance overall competitiveness and establish an integrated platform for its domestic and international operations. ICBC will proactively seek opportunities to expand into the licensed investment banking, securities and insurance markets. In 2008, ICBC will establish a strategy implementation mechanism and a complete and systematic scheme of quantitative competitiveness indicator measurements. The Bank will also strive to enhance its service quality and brand image and further develop its distribution channels. It will also redouble its efforts to develop its corporate culture and implement measures to meet its social responsibilities, while at the same time enhancing overall core competitiveness.”

Forward-looking statements

This press release includes the "forward-looking statements" on the Bank’s financial condition and operating results. Such forward-looking statements involve known and unknown risks and uncertainties, and are based on the current forecasts, assumptions, estimations and expectations for the company and the industry in which the company operates. Unless otherwise stipulated by law, the company assumes no obligation to update the forward-looking statements whether as a result of new information, future events or otherwise. Although the company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee that the expectations will be proved to be correct. Investors are cautioned that actual results could differ from those forecasts.