本期债券发行规模为人民币 400 亿元，分为两个品种。其中，品种 一为 4 年期固定利率品种，在第 3 年末附有条件的发行人赎回权，发行 规模为人民币 250 亿元，票面利率为 2.25%；品种二为 6 年期固定利率 品种，在第 5 年末附有条件的发行人赎回权，发行规模为人民币 150 亿 元，票面利率为 2.35%。 证券代码：601988 证券简称：中国银行 公告编号：临 2024-025 中国银行股份有限公司 关于 2024 年总损失吸收能力非资本债券（第一期） 发行完毕的公告 中国银行股份有限公司董事会及全体董事保证本公告内容不存在任何虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 经相关监管机构批准，中国银行股份有限公司（简称"本行"）2024 年总损失吸收能力非资本债券（第一期）（简称"本期债券"）已于近日 在全国银行间债券市场发行完毕。 本期债券募集资金在扣除发行费用后，将依据适用法律和主管部门 的批准用于提升本行总损失吸收能力。 特此公告 中国银行股份有限公司董事会 二〇二四年五月二十日 ...

董事名單與其角色和職能 中國銀行股份有限公司董事會（「董事會」）成員載列如下： 董事長 葛海蛟 獨立非執行董事 廖長江 崔世平 讓‧路易‧埃克拉 鄂維南 喬瓦尼‧特里亞 劉曉蕾 1 董事會設立6個委員會。下表提供各董事會成員在這些委員會中所擔任的職位： | | 委員會 | | 企業文化與 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 戰略發展 | 消費者權益 | | 風險政策 | 人事和薪酬 | 關聯交易 | | 董事 | | 委員會 | 保護委員會 | 審計委員會 | 委員會 | 委員會 | 控制委員會 | | 葛海蛟 | | C | | | | | | | 劉金 | | M | | | | | | | 林景臻 | | | M | | M | | | | 張勇 | | M | | M | C | | | | 張建剛 | | M | | M | | | | | 黃秉華 | | | C | | M | M | | | 劉輝 | | M | | | M | | | | 師永彥 | | M | M | | | M | | | 樓小 ...

中国银行股份有限公司（简称"本行"）董事会收到张毅先生的 辞呈。因工作调整，张毅先生辞去本行执行董事、董事会战略发展委 员会委员、关联交易控制委员会委员及本行副行长职务。该辞任自 2024 年 5 月 16 日起生效。 张毅先生已确认其与本行董事会无不同意见，亦没有任何其他事 项需要通知本行股东。 本行董事会对张毅先生任职期间对本行做出的贡献表示感谢。 证券代码：601988 证券简称：中国银行 公告编号：临 2024-024 中国银行股份有限公司关于 执行董事、副行长张毅先生辞任的公告 中国银行股份有限公司董事会及全体董事保证本公告内容不存在任何虚 假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 特此公告 中国银行股份有限公司董事会 二○二四年五月十六日 ...

Summary of the Conference Call for Bank of China Company Overview - **Company**: Bank of China - **Event**: Spring 2024 Earnings Strategy Conference Key Points Industry Context - The banking industry is facing significant economic pressure, with narrowing interest margins impacting revenue growth across major banks, including Bank of China [5][6][8] - Regulatory policies have led to negative growth in fee-based income, affecting overall revenue streams [5][9] Financial Performance - In Q1 2024, Bank of China reported a decline in profit growth, contrasting with previous periods of benefit from overseas interest rate hikes [4][5] - The bank's foreign currency interest margins improved last year due to rising USD rates, but this support is expected to weaken in 2024 due to anticipated Fed rate cuts [7][8] Revenue and Income Projections - The bank anticipates continued pressure on net interest income due to further reductions in the Loan Prime Rate (LPR) and ongoing regulatory impacts on fee income [8][9] - Fee income from services such as fund custody and insurance has seen significant declines, with expectations of continued pressure on growth [11][12] Loan Growth and Structure - Bank of China plans to maintain loan growth similar to last year, with a focus on corporate loans, while personal loan growth is expected to lag [15][16] - The bank's loan portfolio is heavily weighted towards infrastructure projects, with a notable increase in loans to the manufacturing sector [19][20] Retail Banking Insights - The bank's retail loan quality remains stable, despite broader economic pressures affecting asset quality across the industry [53][54] - The demand for mortgages has decreased, influenced by a drop in new housing sales, but the bank is actively working to increase lending in this area [22][55] Market and Economic Outlook - The bank expects a continued easing of monetary policy, with potential for further rate cuts to stimulate credit growth [50][51] - The overall economic environment remains challenging, with consumer confidence and private investment growth still under pressure [50][51] Non-Interest Income - Other income sources, particularly from financial market investments, have not performed as strongly as in previous years, attributed to high base effects from last year [24][26] - The bank aims to leverage market volatility to enhance trading income, despite challenges in achieving significant growth in this area [28][29] Regulatory and Compliance Issues - The bank has conducted a thorough review of its compliance with deposit regulations, finding minimal exposure to issues related to high-interest deposit practices [33][34] - The bank supports regulatory initiatives aimed at reducing high-cost deposit behaviors across the industry [34][35] Conclusion - Bank of China is navigating a complex economic landscape with a focus on maintaining stable income and loan growth while adapting to regulatory changes and market conditions. The bank's strategies include enhancing fee income through diversified services and managing loan portfolios to align with economic demands.

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年4月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國銀行股份有限公司「本公司」 呈交日期: 2024年5月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 | 03988 | 說明 H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 83,622,276,395 | RMB | | 1 RMB | | 83,622,276,395 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 83,622,276,395 | RMB | | 1 RMB | | 83,622,276,395 | | 2. 股份分類 | 普通股 ...

Investment Rating - The investment rating for the company is "Buy" [2][3] Core Views - The company's Q1 2024 performance shows stable revenue growth with total revenue of 160.82 billion yuan, a year-over-year decrease of 3.01%, and a net profit of 55.99 billion yuan, down 2.90% year-over-year [2] - The total assets as of the end of Q1 2024 increased by 10.77% year-over-year to 33.66 trillion yuan, with loans growing by 12.38% to 20.88 trillion yuan and deposits increasing by 9.98% to 24.11 trillion yuan [2] - The net interest margin continued its downward trend, recorded at 1.44%, a decrease of 26 basis points year-over-year [2] - Non-interest income remained stable, with total non-interest income of 48.11 billion yuan, down 4.58% year-over-year [2] - The asset quality remained stable, with a non-performing loan ratio of 1.24%, down 0.03 percentage points from the beginning of the year [2] Financial Forecasts - The company is expected to achieve net profits of 236.8 billion yuan, 242.8 billion yuan, and 250.7 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding year-over-year growth rates of 2.1%, 2.6%, and 3.2% [2][5] - The diluted EPS is projected to be 0.76 yuan, 0.78 yuan, and 0.81 yuan for the years 2024, 2025, and 2026, respectively [5] - The current stock price corresponds to a PE ratio of 5.2, 5.1, and 4.9 for the years 2024, 2025, and 2026, and a PB ratio of 0.49, 0.46, and 0.43 for the same years [2][5]

Investment Rating - The report maintains a "Buy" rating for the company [3][28]. Core Views - The company has shown a rapid growth in scale, with total assets increasing by 10.8% year-on-year as of the end of Q1 2024, and loans growing by 12.3% year-on-year [1][7]. - Asset quality is improving, with a non-performing loan ratio decreasing by 3 basis points to 1.24% and a provision coverage ratio increasing by 8 percentage points to 200% [2][19]. - Revenue and profit have slightly declined, with Q1 2024 revenue down 3.0% year-on-year and net profit down 2.9% year-on-year, primarily due to a decrease in net interest income and fee-based income [4][18]. Summary by Sections Scale and Growth - Total assets as of Q1 2024 increased by 10.8% year-on-year, with loans up 12.3% year-on-year and deposits up 10.0% year-on-year [1][7]. Asset Quality - The non-performing loan ratio improved to 1.24%, with a provision coverage ratio of 200% [2][19]. Profitability - Q1 2024 revenue was 160.8 billion yuan, down 3.0% year-on-year, and net profit was 56 billion yuan, down 2.9% year-on-year [17][18]. - Net interest income decreased by 3.9% year-on-year, and fee-based income fell by 4.6% year-on-year [4][18]. Earnings Forecast - EPS is projected to be 0.79 yuan for 2024 and 0.80 yuan for 2025, with a projected PB of 0.54 times by the end of 2024 [3][28].

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [4]. Core Views - The company demonstrated steady growth in credit scale, with interest-earning assets increasing by 10.9% year-on-year in Q1 2024, and loans growing by 12.4%, although slightly down from 2023 [2][3]. - The non-performing loan (NPL) ratio improved to 1.24% at the end of Q1 2024, down 3 basis points from the end of 2023, indicating stable asset quality [2]. - The capital adequacy ratio rose to 18.52%, an increase of 0.78 percentage points from the end of 2023, reflecting positive contributions from new capital regulations [2][3]. Summary by Relevant Sections Financial Performance - Q1 2024 revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders decreased by 3.0%, 4.9%, and 2.9% year-on-year, respectively, with significant declines compared to 2023 [14]. - The net interest margin narrowed to 1.44%, down 15 basis points from 2023, influenced by factors such as repricing and declining new issuance rates [15]. Profitability Forecast - The forecasted growth rates for net profit attributable to shareholders for 2024 and 2025 are 0.59% and 1.29%, respectively, with earnings per share (EPS) projected at 0.75 and 0.76 yuan per share [3]. - The current stock price corresponds to a price-to-earnings (PE) ratio of 6.1X for 2024 and 6.0X for 2025, and a price-to-book (PB) ratio of 0.56X for 2024 and 0.52X for 2025 [3]. Asset Quality - The NPL generation rate for Q1 2024 was estimated at 0.86%, an increase of 53 basis points year-on-year, suggesting potential future risk exposure [2]. - The provision coverage ratio stood at 199.94%, down 5.35 percentage points from the end of 2023, indicating a need for monitoring [2]. Capital Position - The risk-weighted assets (RWA) grew by 0.09% year-on-year, reflecting the impact of new capital regulations on the company's capital structure [2]. - The company continues to reduce interbank assets while increasing corporate loans, contributing to a more stable funding base [2].

Dividend Distribution - Bank of China approved the distribution of domestic preferred stock dividends with a total payout of RMB 3.285 billion, including a 4.5% dividend rate for RMB 3.285 billion on June 27, 2024, and a 4.35% dividend rate for RMB 1.1745 billion on August 29, 2024[2]. - The bank's mid-year profit distribution plan for 2024 will allocate no more than 30% of the net profit attributable to shareholders for dividends, subject to the availability of distributable profits[4]. - The bank's independent non-executive directors confirmed that the proposed dividend distribution and profit allocation plans comply with legal regulations and do not harm the interests of the bank and its shareholders[2][4]. Bond Issuance - The bank plans to issue bonds in domestic and international markets, with a net new issuance limit not exceeding 1% of the latest audited total assets, which amounts to RMB 32.43 billion[3]. Corporate Governance - The bank's board of directors has nominated Liu Jin and Lin Jingzhen for reappointment as executive directors, with the nominations complying with legal and regulatory requirements[5][6]. - The bank's management has revised the insider information management regulations for 2024, which will be published on the Shanghai Stock Exchange website[7]. Financial Reporting - The board approved the first quarter report for 2024, which will be published on the bank's official website and the Hong Kong Stock Exchange[1]. - The bank's third pillar information disclosure report for the first quarter of 2024 has been approved and will be published on the bank's official website[9]. Annual General Meeting - The bank will hold the 2023 annual general meeting to discuss various proposals, including the green finance and inclusive finance plans for the 14th Five-Year Plan[8].

Financial Performance - The group achieved net interest income of RMB 112.71 billion, a decrease of RMB 4.62 billion or 3.94% year-on-year[5]. - Operating income for Q1 2024 was RMB 160.82 billion, down from RMB 165.81 billion in Q1 2023[15]. - Net profit for Q1 2024 was RMB 59.97 billion, compared to RMB 61.73 billion in Q1 2023, reflecting a decrease of 2.8%[15]. - Operating revenue for the period was RMB 160.82 billion, a decrease of 3.01% year-over-year[27]. - Net profit for the period was RMB 59.97 billion, down 2.84% compared to the same period last year[27]. - The net profit attributable to shareholders of the parent company was RMB 55.99 billion, a decrease of 2.90% year-over-year[27]. - Basic and diluted earnings per share were RMB 0.18 for Q1 2024, down from RMB 0.19 in Q1 2023[16]. - The group's comprehensive income for the period was CNY 68.58 billion, compared to CNY 56.90 billion in the same period last year[64]. - The group reported a net other comprehensive income of CNY 8.60 billion, compared to a loss of CNY 4.83 billion in the same period last year[64]. Assets and Liabilities - Total assets reached RMB 33,659.05 billion, an increase of RMB 1,226.88 billion or 3.78% compared to the end of the previous year[7]. - Total liabilities amounted to RMB 30,874.85 billion, up by RMB 1,199.50 billion or 4.04% year-on-year[7]. - Total customer loans reached CNY 42,088.30 billion, an increase of CNY 921.18 billion or 4.61% compared to the end of the previous year[57]. - The total amount of non-performing loans was CNY 258.58 billion, with a non-performing loan ratio of 1.24%, a decrease of 0.03 percentage points from the end of the previous year[57]. - The total equity increased to RMB 27,841.92 billion, reflecting a growth of 0.99% compared to the end of the previous year[79]. - The group's cash and deposits at the central bank were CNY 2,852.36 billion, down from CNY 3,008.61 billion at the end of the previous year[60]. Income and Expenses - Non-interest income for the period was RMB 48.11 billion, a decrease of RMB 3.73 billion or 0.77% year-over-year, with net fee and commission income down 4.58%[38]. - The group's asset impairment losses amounted to CNY 334.93 billion, an increase of CNY 1.87 billion or 5.66% year-on-year, with credit impairment losses of CNY 349.15 billion, up CNY 1.88 billion or 5.68%[55]. - The group's cost-to-income ratio was 25.39%, indicating stable management expenses at RMB 408.36 billion year-on-year[76]. Cash Flow - Cash flow from operating activities was RMB 3.24 billion, a significant decline of 99.34% compared to the previous year[27]. - The net cash flow from operating activities was RMB 3,240 million, a significant decrease from RMB 488,759 million in the same period last year[88]. - The net cash flow from financing activities was RMB 52,762 million, a recovery from a net outflow of RMB 90,625 million in the previous year[75]. - The group issued bonds with cash inflow of RMB 206,948 million, compared to RMB 197,335 million in the same period last year[75]. Shareholder Information - The number of ordinary shareholders as of March 31, 2024, was 586,151, including 418,478 A-share shareholders[49]. - The top ten ordinary shareholders held a total of 64.13% of the shares, with Central Huijin Investment Co., Ltd. being the largest shareholder[32]. Investments - The total investment in financial assets reached RMB 72,919.33 billion, an increase of RMB 1,332.16 billion or 1.86% year-on-year[8]. - The group’s financial investments totaled CNY 7,291.93 billion, an increase from CNY 7,158.72 billion at the end of the previous year[60]. - The group's goodwill stood at CNY 2.74 billion, slightly up from CNY 2.69 billion at the end of the previous year[60]. Liquidity - The liquidity coverage ratio information is available in the group's third pillar information disclosure report[75]. - The group's cash flow from operating activities showed a significant increase, reflecting improved liquidity management strategies[65]. Deposits - Customer deposits totaled RMB 24,105.99 billion, an increase from RMB 22,907.05 billion at the end of the previous year[13]. - The total customer deposits reached RMB 4,241,059.88 million, an increase of RMB 11,989.38 million or 5.23% compared to the end of the previous year[78]. Interest Margin - The bank's net interest margin stood at 1.44%[5]. - The average return on total assets (ROA) was 0.73%, and the return on equity (ROE) was 9.86%[75]. - The weighted average return on equity (ROE) was 9.86%, down 1.28 percentage points year-over-year[27].