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Public company info - China Construction Bank Corporation - H Shares , 00939.HK

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China Construction Bank Corporation - H Shares, 00939.HK - Company Profile
Chairman Tian Guoli
Share Issued (share) 4,294,967,295
Par Currency Renminbi
Par Value 1.0
Industry Banks
Corporate Profile Business Summary: The Group is engaged in a range of banking services and related financial services. Performance for the year: The Group recorded net profit of RMB232,389 million and net profit attributable to equity shareholders of the Bank of RMB231,460 million, up by 1.53% and 1.45% respectively over 2015. Business review: Corporate Banking Corporate deposits In 2016, the Bank focused on consolidating customer base, realising a rapid growth of corporate deposits and marked improvement of deposits stability. At the end of 2016, domestic corporate deposits of the Bank amounted to RMB8,008,460 million, an increase of RMB1,117,165 million,or 16.21% over 2015. In this amount, demand deposits increased by 22.13% while time deposits increased by 6.91%, which were beneficial to the decrease of the Bank’s interest cost. Corporate loans Corporate loans were granted to support the development of the real economy with optimised structure and stable asset quality. At the end of 2016, domestic corporate loans and advances of the Bank amounted to RMB5,864,895 million, an increase of RMB87,382 million, or 1.51% over 2015. The NPL ratio of corporate loans and advances was 2.60%, an increase of 0.10 percentage points over 2015. Small enterprise business The Bank regarded small and micro enterprise business as its important business in supporting the real economy and assisting in serving “mass entrepreneurship and innovation” and supported the development of small and micro enterprises by focusing on new technologies, new industries and new business forms generated from economic transformation. Furthermore, the Bank persisted in boosting transformation and development with innovation, and enhanced the application of big data and internet technology in precise customer marketing and refined risk control. At the end of 2016, according to the categorisation policy of small and medium-sized enterprises in 2011 as well as the CBRC’s latest regulatory requirements, loans to small and micro enterprises were RMB1,441,892 million, an increase of RMB164,013 million or 12.83% over 2015. The number of small and micro enterprise borrowers was 308,923, an increase of 56,979 over 2015, and the availability rate of loan applications for small and micro enterprises was 90.91%, up by 5.98 percentage points over 2015, fulfilling the regulatory requirements of“Three No Less Than”. The Bank also kept the overall asset quality of loans to small and micro enterprises stable by promoting new business models, optimising early warning tools and timely identifying high-risk areas. Cost advisory service Cost advisory service is the Bank’s unique fee-based business product with a strong brand. It had a history of 62 years since it emerged and developed along with the Bank’s long-term practices of investing in fixed assets and being the agency of the fiscal functions. The Bank has 36 tier-one branches that own the grade-A qualification for engineering cost advisory service issued by the Ministry of Housing and Urban-Rural Development, and 223 tier-two branches set up specialised units for cost advisory service. In 2016, income from cost advisory service amounted to RMB5,328 million. Institutional business The Bank organised “Year of Institutional Business Marketing” campaign, which achieved good results. The Bank exclusively won the bidding of a series of central pension insurance businesses including the cooperation bank qualification of the basic pension insurance and occupational pension account for China’s central government agencies and its pension insurance business of public institutions stayed ahead among peers. The Bank carried out the comprehensive financial services of paying wages to migrant labourers for companies. Furthermore, the Bank continued to expand its financial service influence in the fields of education, health and medical care. It successfully held the “CCB Cup” Innovation and Entrepreneurship Competition for university students, signed strategic cooperation agreement with Ministry of Education and jointly initiated the establishment of “Innovation and Entrepreneurship Industrial Investment Fund in Chinese Universities”. The number of universities and hospitals cooperated with the Bank through“Yinxiaotong” and “Yinyitong” channels increased by 732. The Bank’s position in the fiscal service market was stable. The Bank actively took part in the cash management reform of local treasuries, with its accumulated deposits ranking first among peers. The Bank successfully issued the first batch of innovative civil service bank cards and was the first bank to launch the central non-tax electronic system. Moreover, the Bank launched a series of new service brands,including financial services “Jianronghuixue” and “Jianrongzhiyi” in education, medical and health care industries, comprehensive financial services “Shantongzhengwu” in e-government industry, “Minzheng E-Connections” capital verification and registration services, and entrusted loan business “Xinweidai” under assets management business. Financial institutional business In 2016, the Bank set up the financial institutional business centre at the head office, which was responsible for the direct operation of financial institutional business related products with domestic financial institutional customers. It achieved rapid growth of financial institutional business scale through strengthening direct connection with the head offices of key financial institutional customers, offering diversified services and driving the coordinated business development between the parent company and its subsidiaries. At the end of 2016, the Bank’s domestic financial institutional assets amounted to RMB1,032,296 million, an increase of RMB320,739 million, or 45.08% over 2015; its financial institutional liabilities (including deposits from insurance companies) amounted to RMB1,451,992 million, an increase of RMB71,276 million, or 5.16% over 2015. International business The Bank took the lead in launching the comprehensive financial services platform “cross-border e+” for cross-border e-commerce among peers, so as to provide “whole process, on-line and onestop”services for customers. Moreover, the Bank was the first to launch “Jiandantong”,Jianpiaotong” and “Jianxintong” products among its peers, forming a complete product chain to support the short-term and medium-term financing of “Going Global” enterprises. The Bank also promoted “Zhumaodai” to provide financing facilities for medium, small and micro-sized enterprises which had real trade backgrounds. The Bank was successfully appointed as the settlement bank of “Hong Kong Stock Connection”. Businesses such as RQFII, RQDII, Mainland-Hong Kong mutual recognition of funds operations and Panda bonds grew vibrantly.CCB’s influence as RMB clearing bank in UK continued to grow, and its RMB clearing banks in Switzerland and Chile were officially launched in January 2016 and June 2016 respectively.Overseas correspondent bank and clearing service networks continued to grow with a total of 1,456 head office level correspondent banks in 132 countries and regions. A total of 246 domestic RMB inter-bank accounts had been opened for various overseas financial institutions.In 2016, the volume of international settlement amounted to US$1.27 trillion, and the total volume of cross-border RMB settlement was RMB2.53 trillion, generating income from international settlement of RMB4,157 million. Asset custodial business The Bank proactively responded to changes in the capital market, enhanced marketing towards high quality customers, and constantly strengthened the standard of intensive operation service and the core competitiveness of custodial business. The number of stock funds under the Bank’s custody ranked first in the market while the amount of bond funds, commodity funds and QDII funds under the Bank’s custody also topped in the market. The Bank has officially obtained the qualification of custodian of national social security funds. The new generation custodial system covered all functions, rapidly improving service and operating functions including custodial settlement, accounting, supervision, performance, outsourcing, and online banking. At the end of 2016, the assets under the Bank’s custody amounted to RMB9.25 trillion, up by RMB2.08 trillion, or 29.05% over 2015. In this amount, insurance assets under the Bank’s custody reached RMB2.58 trillion, up by RMB1.05 trillion, or 68.97% over 2015; private equities under the Bank’s custody reached RMB302,538 million, up by 104.11% over 2015. Settlement and cash management business The Bank’s settlement and cash management business maintained stable growth. By the issuance of electronic corporate settlement cards which carried industrial and commercial registration information, the Bank was fully involved in the cooperation of promoting whole-process electronic business registration. The Bank successfully carried forward overseas cash management business, with cash management capability enhanced at home and abroad for domestic and foreign currencies. The Bank integrated cross-bank collections with a smart application, and consolidated products for agency collection and payment, providing customers with more efficient collection origination and cross-bank cash management service. The Bank continued to increase the scenario application of products such as all-in-one account for corporate customers in domestic and foreign currencies, multi-model cash pool and bank bills pool. The market influence of “Yudao” was further promoted. At the end of 2016, the Bank had 6.72 million corporate RMB settlement accounts, an increase of 1.01 million over 2015. The Bank had 1.13 million active cash management customers, an increase of 0.39 million over 2015. Personal Banking Personal deposits The Bank enhanced the capacity to attract deposits through high quality and efficient products and services, maintaining a steady growth of personal deposits. At the end of 2016, domestic personal deposits of the Bank rose by RMB559,818 million, or 8.79% to RMB6,927,182 million over 2015. In this amount, demand deposits increased by 15.53%, and time deposits increased by 4.19%, which were beneficial to the decrease of the Bank’s interest cost. Personal loans Personal loans grew rapidly to provide better services for people’s livelihood sectors. At the end of 2016, domestic personal loans of the Bank increased by RMB871,539 million, or 25.14% to RMB4,338,349 million over 2015. Residential mortgages were granted in strict compliance with diversified credit policies, which focused on customers’ purchase of houses for own use. The Bank proactively adapted to market changes and customer needs by launching the pilot comprehensive marketing and service plan of housing financial ecosystem and residential mortgages for farmers in certain regions. Residential mortgages amounted to RMB3,585,647 million, up by RMB811,752 million, or 29.26% over 2015. Based on the steady development of traditional off-line business of personal consumer and operation loans, the Bank leveraged on internet and big data to launch innovative products and services, thereby promoting business transformation and development. Off-line personal consumer loans were RMB45,403 million, personal business loans were RMB46,395 million and personal agriculture-related loans totalled RMB5,503 million. Personal self-service loans branded as “Rapid Personal Loan Online”through the electronic channel amounted to RMB29,636 million. Bank cards business Credit card business Credit card business realised expanded scale, refined structure and further enhanced profitability. The Bank vigorously expanded the young customer base and consumer preferential merchants including catering, entertainment, supermarket, daily necessities, etc., thus creating a customer financial ecosystem with a closed loop. It innovatively launched hot consumer products that focused on network, family, overseas and high-end services including e-Pay Long Card, Tencent e-Pay Long Card, Family Love Card, Global Hot Purchase Card, and Global Prestige Card, and mobile payment services based on internet including Apple Pay, HCE Cloud Quick Pass, Samsung Pay, Huawei Pay and Mi Pay, and focused on the development of instalment payments,car purchase, bill payments, overseas studies, education and revolving overdraft and cash withdrawals. At the end of 2016, the number of credit cards issued totalled 94.07 million, an increase of 13.33 million over 2015. The spending amount through credit cards reached RMB2,399,868 million, a year-on-year increase of RMB181,605 million or 8.19%, and the loan balance was RMB443,733 million. Non-performing assets securitisation products of credit card business were successfully launched and the whole process risk management was further strengthened, and the asset quality of credit card loans remained sound. Debit card business The Bank accelerated the development of mobile payment business to create an ecosystem for payment and settlement, thus maintained steady growth of its debit card business. It also launched the all-scenario payment product “Long Pay” that integrated multiple technologies including NFC, QR code, and face recognition. At the end of 2016, the number of debit cards issued totalled 831 million, an increase of 106 million. In this amount, the number of financial IC debit cards issued totalled 413 million, an increase of 111 million. The spending amount through debit cards reached RMB10.74 trillion, an increase of 61.02%. Private banking Adhering to comprehensive transformation of private banking business, the Bank created an “individualised, specialised and universal service” business model, with continuous improvement in customer satisfaction and brand influence. The Bank established a video service network for private banking business with a complete coverage across the Bank, thereby improving its on-line and off-line service capabilities. In addition, the Bank carried out data mining and achievements application for private banking business to implement precision marketing and leveraged the advantages of the Group to accelerate the development of family trusts business, and launched a new function for “Golden Housekeeper”. At the end of 2016, the total amount of financial assets of private banking customers with financial assets above RMB10 million reached RMB786,337 million, up by RMB163,434 million, or 26.24% over 2015, and the number of such customers amounted to 58,721, up by 8,369, or 16.62% over 2015. Entrusted housing finance business Complying with the national policy orientation of strengthening usage of provident housing fund,the Bank made innovation in service model, optimised business process and enhanced service efficiency of the entrusted housing finance business to consolidate its dominant position in the market. At the end of 2016, housing fund deposits amounted to RMB633,377 million, while individual provident housing fund loans amounted to RMB1,853,489 million. The Bank steadily carried forward loan business for indemnificatory housing and proactively implemented national macro-economic regulation and control policy to meet the self-occupied housing needs of low and middle-income residents and accumulatively granted indemnificatory housing loans of RMB9,796 million to 34,600 low and middle-income households in 2016. Treasury Business Financial market business In 2016, the Bank constantly enhanced transaction activity and market influence, promoted product innovation and strengthened customer marketing, contributing to further improved profitability and risk management and control capability. Money market business The Bank strengthened the overall liquidity management of RMB and foreign currencies, took initiatives to broaden the channels of funding inflow and use of fund, and kept a reasonable balance between RMB and foreign-currency positions to safeguard the liquidity of the whole bank. With regard to the use of RMB funds, the Bank paid close attention to monetary policies and market fluctuations, grasped the law of fund fluctuation and estimated cash flows in a dynamic and prudent manner so as to keep pace with funding inflow and outflow. With regard to the use of foreign currency funds, the Bank managed the liquidity prudently and broadened the financing channel, resulting in better efficiency in fund operation. Debt securities investments The Bank practised the established annual debt securities investment strategy and risk policy, reasonably balanced risks and returns and achieved an expected operating result. With regard to investments in RMB debt securities, the Bank adhered to value-oriented investments and actively seized the market opportunity to engage in band trading and adjust its existing portfolio. It explored new investment instruments and maintained stable returns on its portfolios in spite of the dramatic decrease in market interest rates, with significantly enhanced trading activity and market influence. With regard to investments in foreign-currency debt securities, the Bank paid close attention to the interest rate trend in the market and proactively optimised the portfolio structure to enhance returns. Customer-driven foreign exchange and interest rate trading business The Bank proactively responded to changes of the market and regulatory policies, ensured compliant and sound business operations and enhanced products innovation and customer marketing. The Bank maintained the first position in China interbank foreign exchange market for two consecutive years and became a market maker for direct exchange of 12 new currencies against RMB in 2016. The Bank put the account FX dealing system into use and enriched the varieties of foreign exchange transactions. In 2016, customer-driven foreign exchange business amounted to US$381,676 million, with the foreign exchange market-making transaction volume reaching US$2.07 trillion. Precious metals and commodities The Bank actively seized the market opportunity, carried out multiple themed marketing activities to consolidate customer base. Relying on the new generation core banking system, the Bank created a transaction platform for trading precious metals and commodities, launched innovative new products including customised comprehensive financial services, LBMA Gold Price Auction, LBMA Silver Price Auction and Shanghai Gold Benchmark Price Trading, and became the first domestic bank to release CCB commodity index. In 2016, the total trading volume of precious metals of the Bank reached 79,109.24 tonnes, an increase of 45.79%, and the number of personal precious metal trading customers and commodity trading customers totalled 24.38 million, an increase of 3.23 million over 2015. Net income from precious metals and commodities businesses amounted to RMB5,827 million, an increase of RMB1,986 million, or 51.71% over 2015. Assets management business The Bank endeavoured to expand the high-quality and high-yield debts and equity assets, strengthened the combination of product innovation with “Internet+” technology and enriched the product pedigree. The Bank launched semi-open products for enterprise customers. As for high-end customers, the Bank pushed forward innovative WMPs such as quantitative investments, gold linked WMPs, CSI 300 Index WMPs, strategically principal-guaranteed WMPs and fixed-yield WMPs with flexible configuration as well as issued over 100 innovation products in various kinds. The influence of “Qianyuan wealth management” brand was further improved. In 2016, the Bank independently issued 6,556 batches of WMPs with a total amount of RMB7,240,808 million to effectively meet the investment needs of customers. At the end of 2016, the balance of WMPs was RMB2,125,109 million. In this amount, the balance of nonprincipal-guaranteed WMPs was RMB1,794,708 million and the balance of principal-guaranteed WMPs was RMB330,401 million. Investment banking business While consolidating its advantages in debt underwriting business, the Bank also actively seized the opportunity of RMB internationalisation to expand the influence of investment banking business. As the lead underwriter, the Bank assisted the World Bank in issuing its first RMBclearing SDR debt securities in the world and BRICS bank in issuing its first green bond in China and continued to foster the development of innovative products such as panda bonds. In 2016, the Bank accumulatively undertook a total of 590 batches of debt financing instruments amounting to RMB561,574 million for non-financial enterprises, with the volume of underwriting and the number of underwriting batches ranking first in the market for six consecutive years. The Bank focused on promoting “CCB Investment Banking” brand, and provided customers with comprehensive financing products and advisory services through“Financial Total Solutions (FITS)”, with a total of 554 contracted customers. The Bank made breakthroughs in asset securitisation and successfully issued assets-backed securities of Shanghai public reserve funds in the national inter-bank bond market. The Bank set up merger and acquisition (M&A) capital centre in Shanghai to establish a platform of M&A business for information integration, resources sharing, talent cultivation and service support. The Bank participated in major projects and key customers marketing via the equity investment fund and achieved good progress. Income from investment banking business reached RMB5,717 million in 2016. Overseas Commercial Banking Business In 2016, the Group made positive progress in the layout of overseas presence. The Zurich Branch and Chile Branch were officially opened up. CCB Malaysia and Warsaw Branch of CCB Europe were granted licences and the acquisition of PT Bank Windu Kentjana International Tbk was completed. At the end of 2016, the Bank maintained wholly-owned operating subsidiaries including CCB Asia, CCB London, CCB Russia, CCB Europe, CCB New Zealand and CCB Malaysia, and held 99.31% and 60.00% of the total share capital of CCB Brasil and CCB Indonesia respectively. The Group owned institutions covering 29 countries and regions including Hong Kong, Singapore, Germany, South Africa, Japan, South Korea, the USA, the UK,Vietnam, Australia, Russia, Dubai, Taiwan, Luxembourg, Macau, New Zealand, Canada, France,Netherlands, Spain, Italy, Switzerland, Brasil, Cayman Islands, Ireland, Chile, Indonesia and Poland. The number of overseas institutions at various levels of the Group totalled 251. At the end of 2016, the total assets of the Group’s overseas commercial banks were RMB1,380,037million, an increase of 16.19% over 2015, and net profit was RMB4,247 million, a year-on-year increase of 3.24% on the same calculation basis. The Bank completed the acquisition of 60% of the equity of PT Bank Windu Kentjana International Tbk on 28 September 2016. As at 31 December 2016, 60.00% of the equity was held by the Bank, 26.53% by the original shareholder Mr. Johnny Wiraatmadja, with 13.47% in public circulation. At present, the name has been changed from PT Bank Windu Kentjana International Tbk to PT Bank China Construction Bank Indonesia Tbk. At the end of 2016, total assets of CCB Indonesia amounted to RMB6,398 million, and shareholders’ equity was RMB1,240 million. Net profit in 2016 was RMB15 million. Integrated Operation Subsidiaries The Group has preliminarily established an integrated operating framework and progressively optimised its comprehensive financial services. At the end of 2016, the Group owned subsidiaries in non-banking financial sector, including CCB Principal Asset Management, CCB Financial Leasing, CCB Trust, CCB Life, CCB Futures, CCB International, CCB Pension and CCB Property & Casualty, and set up several banking entities providing professional and differentiated services in specific industries and regions, including Sino-German Bausparkasse and 27 rural banks. The overall business development of integrated operation subsidiaries was in a good shape with steady business expansion and sound asset quality. At the end of 2016, total assets of the integrated operation subsidiaries were RMB370,946 million, a year-on-year increase of 39.14%. Net profit reached RMB5,290 million, an increase of 35.81%. CCB Principal Asset Management CCB Principal Asset Management Co., Ltd. has a registered capital of RMB200 million, of which the Bank, Principal Financial Services, Inc. and China Huadian Capital Holdings Company Limited contribute 65%, 25% and 10% of its shares respectively. It is engaged in raising and selling funds, assets management as well as other businesses permitted by the CSRC. In 2016, CCB Principal Asset Management reaped record-high operating results in various businesses. At the end of 2016, total volume of funds managed by CCB Principal Asset Management was RMB1,240,041 million. In this amount, public offering fund was RMB377,061 million, ranking top six among peers for the first time. Special account business amounted to RMB417,679 million, a year-on-year increase of 158%. At the end of 2016, total assets of CCB Principal Asset Management were RMB2,679 million, and shareholders’ equity was RMB2,181 million. Net profit was RMB913 million. CCB Financial Leasing CCB Financial Leasing Corporation Limited is a wholly-owned subsidiary of the Bank with a registered capital of RMB8,000 million. CCB Financial Leasing is mainly engaged in finance leasing, transferring and buying finance leasing assets, investment of securities with fixed gains, receiving security deposits from lessees, interbank lending, borrowing from financial institutions,borrowing from overseas, sales and disposal of lease, economic advisory, establishing project company to operate finance leasing in domestic bonded areas, providing guarantee for subsidiaries and project companies in external financing. In 2016, CCB Financial Leasing steadily promoted its development and transformation, further tapped into businesses with competitive advantages, and established three featured brands of air plane leasing, green leasing and livelihood service. It took full advantage of its overseas platform to actively expand overseas markets, recording a firm step toward the goal of realising internationalisation. It also adopted active and effective risk prevention measures to maintain its asset quality at a relatively superior level among peers. Besides, CCB Financial Leasing achieved notable rises in its profitability, capital returns, industry position and market competitiveness. At the end of 2016, total assets of CCB Financial Leasing were RMB126,521 million, and shareholders’ equity was RMB11,958 million. Net profit was RMB1,266 million. CCB Trust CCB Trust Co., Limited has a registered capital of RMB1,527 million, of which the Bank, Hefei Xingtai Financial Holding (Group) Co., Ltd. and Hefei Municipal State-owned Assets Holding Corporation Limited contribute 67%, 27.5% and 5.5% of its shares respectively. Its main operations include trust business, investment banking business and traditional business. Trust business mainly comprises single fund trust, collective fund trust, property trust, equity trust and family trust. Trust assets are mainly used for extending loans and investments. Investment banking business mainly comprises financial advisory, equity trust and bonds underwriting. Traditional business mainly comprises lending, equity investment and securities investment with equity funds. At the end of 2016, the trust assets under management amounted to RMB1,306,196 million. Total assets of CCB Trust were RMB17,187 million, and shareholders’ equity was RMB10,040 million. Net profit was RMB1,420 million. CCB Life CCB Life Insurance Company Limited has a registered capital of RMB4,496 million, of which the Bank, China Life Insurance Co., Ltd. (Taiwan), the National Council for Social Security Fund, China Jianyin Investment Limited, Shanghai Jin Jiang International Investment and Management Company Limited, and Shanghai China-Sunlight Investment Co., Ltd. Contribute 51%, 19.9%, 14.27%, 5.08%, 4.9% and 4.85% of its shares respectively. CCB Life’s scope of business includes personal insurance such as life, health, accidental injury insurance and reinsurance of the above-mentioned businesses. In 2016, premium income of CCB Life ranked first among the bank-affiliated insurance companies with further broadened business areas and steadily improved investment income. At the end of 2016, total assets of CCB Life were RMB110,116 million, and shareholders’ equity was RMB7,880 million. Net profit was RMB388 million. CCB Property & Casualty CCB Property & Casualty Insurance Co., Ltd. was officially incorporated on 18 October 2016 with a registered capital of RMB1 billion, of which CCB Life, Ningxia Traffic Investment Co., Ltd. and Yinchuan Tonglian Capital Investment Operation Co., Ltd. contribute 90.2%, 4.9% and 4.9% of its shares respectively. CCB Property & Casualty’s scope of business includes motor vehicle insurance such as compulsory traffic accident liability insurance and commercial insurance for motor vehicles, enterprise/family property insurance and engineering insurance (excluding specific risk), liability insurance, insurance on hull/cargo, short-term health/accident injury insurance and reinsurance of the above-mentioned businesses. At the end of 2016, total assets of CCB Property & Casualty were RMB1,001 million, and shareholders’ equity was RMB963 million. Net profit was a negative value of RMB37 million. CCB International CCB International (Holdings) Limited is the Bank’s wholly-owned subsidiary in Hong Kong, with a registered capital of US$601 million, offering investment banking related businesses, including listing sponsoring and underwriting, M&A and restructuring of corporations, direct investment, assets management, securities brokerage and market research, etc. In 2016, the businesses of CCB International maintained a sustainable and sound development.CCB International was a leading player in the projects where it acted as securities sponsor and underwriter and M&A financial advisor. It strived to create a global transaction platform for commodity business, accomplished the acquisition of controlling interests of Metdist Trading Limited and became one of the nine ring members of London Metal Exchange around the world. CCB International guided the public to invest capital in real economy and participated in the initiation of Yangtze River Economic Belt Industry Fund. At the end of 2016, total assets of CCB International were RMB54,443 million, and shareholders’ equity was RMB10,575 million. Net profit was RMB1,184 million. CCB Futures CCB Futures Co., Ltd. has a registered capital of RMB561 million, with 80% and 20% of its shares from CCB Trust and Shanghai Liangyou (Group) Co., Ltd. respectively. CCB Futures is mainly engaged in commodity futures brokerage, financial futures brokerage and assets Management. In January 2016, CCB Futures incorporated a wholly-owned risk management subsidiary,namely CCB Trading Company Limited, which further broadened its business scope. In 2016,the scale of CCB Futures’ agency trading volume and customers’ deposits significantly increased over 2015. At the end of 2016, total assets of CCB Futures were RMB6,564 million, and shareholders’ equity was RMB638 million. Net profit was RMB12 million. CCB Pension CCB Pension Management Co., Ltd. has a registered capital of RMB2.3 billion, of which the Bank and National Council for Social Security Fund hold 85% and 15% of its shares respectively.CCB Pension is mainly engaged in businesses including investment management of national social security fund, businesses related to management of enterprise annuity fund, trusted management of capital for old-age security, and pension advisory for above businesses. In 2016, pension assets under management of CCB Pension exceeded RMB130 billion. It realised the model innovation in investment management of local pension fund and endowment insurance products for farmers, and formed a relatively sound product system in endowment insurance products. At the end of 2016, total assets of CCB Pension were RMB2,314 million, and shareholders’ equity was RMB2,211 million. Net profit was a negative value of RMB85 Million. Sino-German Bausparkasse Sino-German Bausparkasse Co., Ltd. has a registered capital of RMB2 billion. The Bank and Bausparkasse Schwaebisch Hall AG hold 75.10% and 24.90% of its shares respectively. As a specialised commercial bank with overall functions in housing financing sector, Sino-German Bausparkasse is engaged in taking housing savings deposits, extending housing savings loans and residential mortgages, and extending development loans in support of the development and construction of economically affordable housing, low-rent housing, economically affordable rent housing and price-limited housing. In 2016, Sino-German Bausparkasse proactively implemented strategic transformation, and achieved steady business development. The sales of housing savings products of Sino-German Bausparkasse reached a record high of RMB16,054 million. At the end of 2016, total assets of Sino-German Bausparkasse were RMB28,486 million, and shareholders’ equity was RMB2,858 million. Net profit was RMB197 million. Rural banks By the end of 2016, the Bank has sponsored the establishment of 27 rural banks in Hunan Taojiang and many other places, and the registered capital of those rural banks totalled RMB2,819.50 million, in which the Bank contributed RMB1,378 million. Rural banks persisted in offering efficient financial services to “agriculture, farmers and rural areas” and small and micro enterprises in county regions, achieving good operating results. At the end of 2016, total assets of 27 rural banks were RMB16,664 million and shareholders’ equity of the rural banks was RMB3,168 million. Loans were primarily extended to “the agriculture and small and micro enterprises”, and the loan balance was RMB12,515 million. Net profit was RMB38 million. Prospects: In 2017, the global economy as a whole is expected to grow mildly, while numerous uncertainties still remain. The US economy is expected to grow steadily while the Federal Reserve will quicken its pace of interest rate hikes. With the gradual pick up of Eurozone economy, the negative impact on the European debt crisis and Brexit will be absorbed gradually.Japanese economy is expected to maintain low speed growth while the policy space for implementing loose monetary policy is limited. Emerging economies continue to diverge.China’s economy is now at a critical period in which the old development drivers are geared to new ones, industrial structure is optimised and upgraded, and the scale of new sources of economic growth is expanding. With the further promotion of supply-side structural reform,China’s economic development will remain steady and sound. The banking industry will still face challenges of profound changes in operating environment,which presents both challenges and opportunities at the same time. On the one hand, de-capacity and de-leveraging will exert pressure on the banks’ assets quality. Increasingly volatile fluctuations in stock market, bond market, foreign currency market, monetary market and commodity price will test the banks’ ability to maintain prudent and stable operations. Macroprudential assessment system (MPA), capital regulation, consolidated regulation and new supervisory regulations for foreign currency and service fee practices shall heighten the standards for compliance operations of the banks. Internet-based financing will intensify market competitions, as well as severely challenge the steady development of the banks. On the other hand, the implementation of China’s major strategies and major engineering projects means huge potentials for business development of the banking sector. The rapid growth of emerging industries and new business formats, upgrades in the consumption areas, increased inputs in social undertakings and livelihood assurance and other fields by the Chinese government contain enormous business opportunities. Effective financial regulation accelerated the clear-out of market risk and further regulated financial market discipline, which laid a firm foundation for the steady development of the market players. In 2017, the Group will focus on supporting the real economy and the supply-side structural reform, accelerating its transformation and development, and improving the compliant and stable operation level. Efforts will be made in the following areas. Firstly, the Group will further support the transformation and upgrade of the real economy. The Group will closely follow up the national major strategies, drive the implementation of major projects, build sharing platform by multi-channel and try to promote the integrated service capacity. Secondly, the Group will offer apt services to the supply-side structural reform. The Group will actively apply comprehensive financial service solutions to support corporate M&A and market clear-out for surplus capacity; consolidate and improve its traditional advantage in residential mortgages and mainly support residents’ housing demand for personal use and improvement-type purpose; build a debt-to-equity swap service brand featuring market-orientation and legalisation, boosting corporate to optimise the structure of assets and liabilities; continuously implement fee-reducing and profit-sharing policies to reduce corporate financing costs; vigorously promote inclusive financial services, and offer financial services towards small and micro enterprises and “agriculture, farmers and rural areas” innovatively. Thirdly, the Group will continue to promote its business transformation and development. The Group will be always under the guidance of building an integrated banking group featuring “multi-functional services, intensive development, innovation and intelligence”, and strive to fully exploit its advantages in the type of financial licenses. The Group will build its multi-functional service platform and financial ecosystem, improve intensive management and operational ability at enterprise level, refine innovation management organisational system, and build up its technical advantages by paying close attention to advanced technologies. Fourthly, the Group as a whole will create a multidimensional network for risk prevention and control. It will go on refining the long-term mechanism of the Group’s credit risk management, and pay close attention to the external market risk changes. Moreover, the Group will focus on the management of internal control and compliance to ensure stable asset quality. Fifthly, the Group will optimise the allocation of resources, and constantly promote the level of intensive capital management. With the optimisation and adjustment of differentiated authorisation policies, financial policies and human resource allocation, the Group will realise the sustainable development.

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