2020-04-29 16:00Important Notes Statement on Report Authenticity The Bank's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report content and assume corresponding legal responsibilities; the Chairman, President, and Chief Financial Officer assure the truthfulness, accuracy, and completeness of the financial report - The Bank's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report content, with no false records, misleading statements, or major omissions2 - The Bank's Chairman Liu Liange, President Wang Jiang, and Head of Financial Accounting Wu Jianguang guarantee the truthfulness, accuracy, and completeness of the financial report in this report2 Report Review Status The Bank's 2020 first quarter report was approved by the Board of Directors meeting on April 29, 2020, with 11 directors expected to attend, 10 actually present, and 1 director entrusting another to attend and vote - The Bank's 2020 first quarter report was approved at a Board of Directors meeting held on April 29, 20202 - Out of 11 directors expected to attend, 10 were physically present, and Independent Non-executive Director Ms. Zhao Anji entrusted Independent Non-executive Director Mr. Wang Changyun to attend and vote on her behalf; all 11 directors exercised their voting rights2 Financial Report Audit Status The Bank's 2020 first quarter financial report is unaudited - The Bank's 2020 first quarter financial report is unaudited2 Basic Company Information Company Basic Information Bank of China Limited's A-shares, H-shares, and domestic and overseas preference shares are listed on the Shanghai Stock Exchange or The Stock Exchange of Hong Kong Limited, with contact information for the Board Secretary disclosed Bank of China Stock Listing Information | Stock Type | Stock Abbreviation | Stock Code/Share Code | Listing Exchange | | :------- | :------- | :---------------- | :------------- | | A-share | Bank of China | 601988 | Shanghai Stock Exchange | | H-share | Bank of China | 3988 | The Stock Exchange of Hong Kong Limited | | Domestic Preference Share (Tranche 1) | BOC Pref 1 | 360002 | Shanghai Stock Exchange | | Domestic Preference Share (Tranche 2) | BOC Pref 2 | 360010 | Shanghai Stock Exchange | | Domestic Preference Share (Tranche 3) | BOC Pref 3 | 360033 | Shanghai Stock Exchange | | Domestic Preference Share (Tranche 4) | BOC Pref 4 | 360035 | Shanghai Stock Exchange | | Second Tranche Overseas Preference Share | BOC 20USDPREF | 4619 | The Stock Exchange of Hong Kong Limited | - The Board Secretary and Company Secretary is Mei Feiqi, with contact address at No. 1 Fuxingmen Nei Dajie, Beijing, China, 100818, telephone (86) 10-6659 2638, fax (86) 10-6659 4568, and email ir@bankofchina.com3 Key Accounting Data and Financial Indicators As of the end of this reporting period, Bank of China's total assets reached 24 trillion RMB, a 5.51% year-on-year increase; net profit attributable to the parent company was 52.583 billion RMB, up 3.17% year-on-year; the annualized weighted average return on equity was 12.11%, a 0.92 percentage point decrease year-on-year; total non-recurring gains and losses for the period amounted to -161 million RMB Key Accounting Data and Financial Indicators for Q1 2020 (Based on China Accounting Standards) | Item | As of End of Reporting Period/Year-to-Date | As of End of Prior Year/Compared to Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Balance Sheet Indicators | | | | | Total Assets (million RMB) | 24,024,645 | 22,769,744 | 5.51 | | Total Equity Attributable to Parent Company Owners (million RMB) | 1,929,661 | 1,851,701 | 4.21 | | Net Assets Per Share (RMB yuan) | 5.81 | 5.61 | 3.53 | | Income Statement Indicators | | | | | Operating Revenue (million RMB) | 148,106 | - | 5.01 | | Net Profit (million RMB) | 56,322 | - | 2.80 | | Net Profit Attributable to Parent Company Owners (million RMB) | 52,583 | - | 3.17 | | Net Profit Attributable to Parent Company Owners After Deducting Non-recurring Gains and Losses (million RMB) | 52,744 | - | 3.83 | | Basic Earnings Per Share (RMB yuan) | 0.17 | - | -0.37 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (RMB yuan) | 0.17 | - | 0.30 | | Diluted Earnings Per Share (RMB yuan) | 0.17 | - | -0.37 | | Return on Equity (%) | 12.11 | - | decrease by 0.92 percentage points | | Return on Equity After Deducting Non-recurring Gains and Losses (%) | 12.15 | - | decrease by 0.84 percentage points | | Cash Flow Statement Indicators | | | | | Net Cash Flow from Operating Activities (million RMB) | 434,346 | - | N/A | | Net Cash Flow from Operating Activities Per Share (RMB yuan) | 1.48 | - | N/A | Non-recurring Gains and Losses (Year-to-Date) | Item | Amount (million RMB) | | :--- | :--- | | Gains/Losses from Disposal of Long-term Equity Investments | 40 | | Gains/Losses from Disposal of Fixed Assets | 126 | | Gains/Losses from Fair Value Changes of Investment Properties | (437) | | Other Non-operating Income and Expenses | 18 | | Related Tax Adjustments | 40 | | Minority Shareholders' Gains/Losses | 52 | | Total | (161) | - There are no differences in operating results for January-March 2020 and 2019, and owners' equity as of March 31, 2020, and December 31, 2019, between the consolidated financial statements prepared under China Accounting Standards for Business Enterprises and those prepared under International Financial Reporting Standards7 Total Number of Ordinary Shareholders and Top Ten Ordinary Shareholders' Shareholdings As of March 31, 2020, the Bank had 689,268 ordinary shareholders; the top two shareholders were Central Huijin Investment Ltd. and HKSCC Nominees Limited, holding 64.02% and 27.83% respectively - Total number of ordinary shareholders as of March 31, 2020: 689,268 (including 505,114 A-share shareholders and 184,154 H-share shareholders)8 Top Ten Ordinary Shareholders' Shareholdings as of March 31, 2020 | No. | Ordinary Shareholder Name | Shares Held at Period End (shares) | Shareholding Ratio (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | 1 | Central Huijin Investment Ltd. | 188,461,533,607 | 64.02 | State | | 2 | HKSCC Nominees Limited | 81,918,783,912 | 27.83 | Overseas Legal Person | | 3 | China Securities Finance Corporation Limited | 8,596,044,925 | 2.92 | State-owned Legal Person | | 4 | Central Huijin Asset Management Co., Ltd. | 1,810,024,500 | 0.61 | State-owned Legal Person | | 5 | Wutongshu Investment Platform Co., Ltd. | 1,060,059,360 | 0.36 | State-owned Legal Person | | 6 | China Life Insurance Company Limited - Dividend - Individual Dividend - 005L - FH002 Shanghai | 954,454,929 | 0.32 | Other | | 7 | Hong Kong Securities Clearing Company Limited | 787,549,753 | 0.27 | Overseas Legal Person | | 8 | China Life Insurance Company Limited - Traditional - Ordinary Insurance Products - 005L - CT001 Shanghai | 704,541,351 | 0.24 | Other | | 9 | MUFG Bank, Ltd. | 520,357,200 | 0.18 | Overseas Legal Person | | 10 | China Pacific Life Insurance Co., Ltd. - China Pacific Life Stock Dividend Type Product (Self-operated Life) Entrusted Investment (Changjiang Pension) | 382,238,605 | 0.13 | Other | Total Number of Preference Shareholders and Top Ten Preference Shareholders' Shareholdings As of March 31, 2020, the Bank had 87 preference shareholders; Boshi Fund - ICBC - Boshi - ICBC - Flexible Allocation No. 5 Specific Multi-Client Asset Management Plan was the largest preference shareholder, holding 12.24% - Total number of preference shareholders as of March 31, 2020: 87 (including 86 domestic preference shareholders and 1 overseas preference shareholder)11 Top Ten Preference Shareholders' Shareholdings as of March 31, 2020 | No. | Preference Shareholder Name | Shares Held at Period End (shares) | Shareholding Ratio (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | 1 | Boshi Fund - ICBC - Boshi - ICBC - Flexible Allocation No. 5 Specific Multi-Client Asset Management Plan | 220,000,000 | 12.24 | Other | | 2 | The Bank of New York Mellon | 197,865,300 | 11.01 | Overseas Legal Person | | 3 | China Mobile Communications Group Co., Ltd. | 180,000,000 | 10.01 | State-owned Legal Person | | 4 | CCB Trust Co., Ltd. - "Qianyuan - Rixinyueyi" Open-ended Wealth Management Product Single Fund Trust | 133,000,000 | 7.40 | Other | | 5 | China Life Insurance Company Limited - Traditional - Ordinary Insurance Products - 005L - CT001 Shanghai | 86,000,000 | 4.78 | Other | | 6 | Boshi Fund - Agricultural Bank - Agricultural Bank of China Limited | 69,000,000 | 3.84 | Other | | 7 | China Resources SZITIC Trust Co., Ltd. - Investment No. 1 Single Fund Trust | 66,500,000 | 3.70 | Other | | 8 | BOCOM Schroders Asset Management - Bank of Communications - Bank of Communications Co., Ltd. | 65,000,000 | 3.62 | Other | | 9 | China National Tobacco Corporation | 50,000,000 | 2.78 | State-owned Legal Person | | 10 | Ping An Life Insurance Company of China, Ltd. - Universal - Individual Universal | 40,600,000 | 2.26 | Other | Brief Analysis of Operating Performance Analysis of Key Income Statement Items In Q1 2020, Bank of China Group achieved a net profit of 56.322 billion RMB, a 2.80% year-on-year increase; net profit attributable to the parent company was 52.583 billion RMB, up 3.17% year-on-year; net interest margin decreased by 0.02 percentage points year-on-year to 1.80%; asset impairment losses significantly increased by 19.08% year-on-year, and the non-performing loan ratio rose by 0.02 percentage points to 1.39% Key Income Statement Data for Q1 2020 | Indicator | Amount (million RMB) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Net Profit | 56,322 | 2.80 | | Net Profit Attributable to Parent Company Owners | 52,583 | 3.17 | | Return on Average Total Assets (ROA) | 0.96% | decrease by 0.06 percentage points | | Return on Equity (ROE) | 12.11% | decrease by 0.92 percentage points | | Common Equity Tier 1 Capital Adequacy Ratio | 11.24% | - | | Tier 1 Capital Adequacy Ratio | 12.80% | - | | Capital Adequacy Ratio | 15.34% | - | | Net Interest Income | 96,166 | 7.59 | | Net Interest Margin | 1.80% | decrease by 0.02 percentage points | | Non-interest Income | 51,940 | 0.56 | | Net Fee and Commission Income | 27,917 | 2.05 | | Business and Management Expenses | 35,405 | 0.26 | | Cost-to-Income Ratio (China Mainland Regulatory Scope) | 23.91% | decrease by 1.13 percentage points | | Asset Impairment Losses | 23,255.1 | 19.08 | | Total Non-performing Loans | 190,657 | - | | Non-performing Loan Ratio | 1.39% | increase by 0.02 percentage points | | Non-performing Loan Provision Coverage Ratio | 184.72% | increase by 1.86 percentage points | Analysis of Key Balance Sheet Items As of the end of March, the Group's total assets reached 24.02 trillion RMB, a 5.51% increase from the end of the previous year; total liabilities were 21.97 trillion RMB, up 5.64%; total customer deposits grew by 6.11%, and total customer loans increased by 5.63% Key Balance Sheet Data for Q1 2020 | Indicator | As of End of Reporting Period (million RMB) | Change from Prior Year End (million RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 24,024,645 | 1,254,901 | 5.51 | | Total Liabilities | 21,966,131 | 1,173,083 | 5.64 | | Total Customer Deposits | 16,783,492 | 965,944 | 6.11 | | RMB Customer Deposits of China Mainland Institutions | 12,619,931 | 868,250 | 7.39 | | Total Customer Loans | 13,804,106 | 735,321 | 5.63 | | RMB Loans of China Mainland Institutions | 10,543,733 | 478,502 | 4.75 | | Total Investments | 5,478,908 | (35,154) | -0.64 | | RMB Investments | 4,224,808 | (1,576) | -0.04 | | Foreign Currency Investments (equivalent to billion USD) | 1,770.05 | (75.77) | -4.10 | Significant Matters Significant Changes in Key Financial Data and Indicators and Their Reasons During the reporting period, several financial data points experienced significant changes exceeding 30%; on the asset side, due from banks, derivative financial assets, and financial assets held under resale agreements significantly increased; on the liability side, derivative financial liabilities increased, while financial assets sold under repurchase agreements decreased; in terms of income statement items, investment income and exchange gains grew substantially, while fair value change gains turned from positive to negative Significant Balance Sheet Item Changes (End of Reporting Period vs. End of Prior Year) | Item | March 31, 2020 (million RMB) | December 31, 2019 (million RMB) | Change Ratio (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Due from Banks | 798,939 | 500,560 | 59.61 | Increase in deposits with interbank institutions | | Derivative Financial Assets | 144,988 | 93,335 | 55.34 | Increase in interest rate derivative financial assets due to market interest rate fluctuations | | Financial Assets Held Under Resale Agreements | 431,257 | 154,387 | 179.34 | Increase in domestic interbank securities resales | | Derivative Financial Liabilities | 156,223 | 90,060 | 73.47 | Increase in interest rate derivative financial liabilities due to market interest rate fluctuations | | Financial Assets Sold Under Repurchase Agreements | 94,918 | 177,410 | -46.50 | Decrease in domestic interbank securities repurchases | | Treasury Stock | (15) | (7) | 114.29 | Increase in the Bank's shares held by its subsidiaries | | Other Comprehensive Income | 28,816 | 19,613 | 46.92 | Valuation changes of financial assets measured at fair value through other comprehensive income | Significant Income Statement Item Changes (Current Period vs. Prior Year Period) | Item | Jan-Mar 2020 (million RMB) | Jan-Mar 2019 (million RMB) | Change Ratio (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 9,322 | 6,027 | 54.67 | Increase in net gains from disposal of debt investments | | Investment Income from Associates and Joint Ventures | (130) | 338 | N/A | Decrease in share of net profit from associates | | Gains from Derecognition of Financial Assets Measured at Amortized Cost | 820 | 405 | 102.47 | Increase in net gains from disposal of debt investments measured at amortized cost | | Fair Value Change Gains | (3,836) | 3,880 | turned from profit to loss | Decrease in valuation gains from derivative financial instruments | | Exchange Gains | 3,578 | 1,485 | 140.94 | Increase in net gains from foreign exchange and currency products | | Other Asset Impairment Losses | 15 | (2) | N/A | Decrease in impairment losses on precious metals | | Non-operating Expenses | (163) | (89) | 83.15 | Increase in donations for epidemic prevention and control | Analysis of Progress, Impact, and Solutions for Significant Matters The Bank issued USD 2.82 billion of non-cumulative perpetual overseas preference shares on February 26, 2020, completing the issuance on March 4, with proceeds used to supplement additional Tier 1 capital and enhance capital adequacy - The Bank issued USD 2,820,000,000 of non-cumulative perpetual overseas preference shares with an annual dividend rate of 3.60% on February 26, 2020, with a total of 197,865,300 shares issued, and the issuance was completed on March 4, 202019 - The proceeds from the overseas preference share issuance, after deducting underwriting commissions and related expenses, were entirely used to supplement the Bank's additional Tier 1 capital and improve its capital adequacy ratio19 Overdue Unfulfilled Commitments During the Reporting Period There were no overdue unfulfilled commitments during this reporting period - There were no overdue unfulfilled commitments during this reporting period20 Warning and Explanation of Potential Cumulative Net Profit Loss or Significant Change from Prior Year-End to Next Reporting Period-End There is no warning or explanation regarding potential cumulative net profit loss or significant change from the prior year-end to the next reporting period-end during this reporting period - There is no warning or explanation regarding potential cumulative net profit loss or significant change from the prior year-end to the next reporting period-end during this reporting period20 Execution of Cash Dividend Policy During the Reporting Period The Bank distributed dividends for the second tranche of domestic preference shares on March 13, 2020, with a total payout of 1.54 billion RMB (pre-tax) and a dividend rate of 5.50% (pre-tax) - The Board of Directors meeting held on January 13, 2020, approved the dividend distribution plan for the second tranche of domestic preference shares, authorizing the Bank to distribute dividends on March 13, 202021 - The total dividend payout was 1.54 billion RMB (pre-tax), with a dividend rate of 5.50% (pre-tax); this distribution plan has been fully implemented21 Quarterly Report Report Publication Information This report is simultaneously published on the Shanghai Stock Exchange website, The Stock Exchange of Hong Kong Limited website, and the Bank's website - This report is simultaneously published on the Shanghai Stock Exchange website www.sse.com.cn and the Bank's website www.boc.cn[22](index=22&type=chunk) - The 2020 first quarter report prepared in accordance with International Financial Reporting Standards is also simultaneously published on The Stock Exchange of Hong Kong Limited website www.hkexnews.hk and the Bank's website www.boc.cn[22](index=22&type=chunk) Consolidated and Parent Company Financial Statements Consolidated and Parent Company Balance Sheet As of March 31, 2020, Bank of China Group's total assets were 24.02 trillion RMB, total liabilities were 21.97 trillion RMB, and total equity attributable to the parent company was 1.93 trillion RMB, with both assets and liabilities increasing compared to the end of 2019 Bank of China Group Consolidated Balance Sheet Summary (March 31, 2020 vs. December 31, 2019) | Item | March 31, 2020 (million RMB) | December 31, 2019 (million RMB) | | :--- | :--- | :--- | | Total Assets | 24,024,645 | 22,769,744 | | Due from Banks | 798,939 | 500,560 | | Derivative Financial Assets | 144,988 | 93,335 | | Financial Assets Held Under Resale Agreements | 431,257 | 154,387 | | Loans and Advances to Customers | 13,452,380 | 12,743,425 | | Total Liabilities | 21,966,131 | 20,793,048 | | Deposits from Customers | 16,783,492 | 15,817,548 | | Derivative Financial Liabilities | 156,223 | 90,060 | | Financial Assets Sold Under Repurchase Agreements | 94,918 | 177,410 | | Total Equity Attributable to Parent Company Owners | 1,929,661 | 1,851,701 | | Total Equity | 2,058,514 | 1,976,696 | Consolidated and Parent Company Income Statement In Q1 2020, Bank of China Group achieved operating revenue of 148.106 billion RMB, a 5.01% year-on-year increase; net profit was 56.322 billion RMB, up 2.80% year-on-year; investment income and exchange gains grew significantly, while fair value change gains turned from profit to loss Bank of China Group Consolidated Income Statement Summary (Jan-Mar 2020 vs. Jan-Mar 2019) | Item | Jan-Mar 2020 (million RMB) | Jan-Mar 2019 (million RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 148,106 | 141,034 | 5.01 | | Net Interest Income | 96,166 | 89,381 | 7.59 | | Net Fee and Commission Income | 27,917 | 27,355 | 2.05 | | Investment Income | 9,322 | 6,027 | 54.67 | | Fair Value Change Gains | (3,836) | 3,880 | turned from profit to loss | | Exchange Gains | 3,578 | 1,485 | 140.94 | | Operating Expenses | (79,654) | (74,904) | 6.34 | | Credit Impairment Losses | (32,566) | (27,333) | 19.14 | | Net Profit | 56,322 | 54,788 | 2.80 | | Net Profit Attributable to Parent Company Owners | 52,583 | 50,965 | 3.17 | | Basic Earnings Per Share (RMB yuan) | 0.17 | 0.17 | 0.00 | | Diluted Earnings Per Share (RMB yuan) | 0.17 | 0.17 | 0.00 | Bank of China Group Consolidated Other Comprehensive Income and Total Comprehensive Income Summary (Jan-Mar 2020 vs. Jan-Mar 2019) | Item | Jan-Mar 2020 (million RMB) | Jan-Mar 2019 (million RMB) | | :--- | :--- | :--- | | Net Other Comprehensive Income After Tax | 9,983 | (361) | | Total Comprehensive Income | 66,305 | 54,427 | | Total Comprehensive Income Attributable to Parent Company Owners | 61,720 | 52,032 | Consolidated and Parent Company Cash Flow Statement In Q1 2020, Bank of China Group's net cash flow from operating activities was 434.346 billion RMB, a significant improvement from a negative value in the prior year period; net cash flow from investing activities also turned from negative to positive, while net cash flow from financing activities shifted from positive to negative Bank of China Group Consolidated Cash Flow Statement Summary (Jan-Mar 2020 vs. Jan-Mar 2019) | Item | Jan-Mar 2020 (million RMB) | Jan-Mar 2019 (million RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 434,346 | (235,156) | | Net Cash Flow from Investing Activities | 127,310 | (163,725) | | Net Cash Flow from Financing Activities | (91,651) | 4,728 | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | 5,380 | (10,942) | | Net Increase/(Decrease) in Cash and Cash Equivalents | 475,385 | (405,095) | | Cash and Cash Equivalents at End of Period | 1,821,277 | 1,283,505 | Appendix II Capital Adequacy Ratio, Leverage Ratio, and Liquidity Coverage Ratio I. Capital Adequacy Ratio As of March 31, 2020, Bank of China Group's Common Equity Tier 1 capital adequacy ratio was 11.24%, Tier 1 capital adequacy ratio was 12.80%, and total capital adequacy ratio was 15.34%; compared to the end of the previous year, Common Equity Tier 1 and total capital adequacy ratios slightly decreased, while the Tier 1 capital adequacy ratio slightly increased Bank of China Group Capital Adequacy Ratio (March 31, 2020 vs. December 31, 2019) | Indicator | March 31, 2020 | December 31, 2019 | | :--- | :--- | :--- | | Net Common Equity Tier 1 Capital (million RMB) | 1,656,609 | 1,596,378 | | Net Tier 1 Capital (million RMB) | 1,886,811 | 1,806,435 | | Net Capital (million RMB) | 2,260,847 | 2,201,278 | | Common Equity Tier 1 Capital Adequacy Ratio (%) | 11.24 | 11.30 | | Tier 1 Capital Adequacy Ratio (%) | 12.80 | 12.79 | | Capital Adequacy Ratio (%) | 15.34 | 15.59 | - The Group calculates credit risk-weighted assets using the Internal Ratings-Based Approach, market risk-weighted assets using the Internal Model Approach, and operational risk-weighted assets using the Standardized Approach, all in accordance with the advanced approach of the 'Measures for the Capital Management of Commercial Banks (for Trial Implementation)'30 II. Leverage Ratio As of March 31, 2020, Bank of China Group's leverage ratio was 7.38%, a slight decrease from 7.43% at the end of the previous year Bank of China Group Leverage Ratio (March 31, 2020 vs. December 31, 2019) | Item | March 31, 2020 | December 31, 2019 | | :--- | :--- | :--- | | Net Tier 1 Capital (million RMB) | 1,886,811 | 1,806,435 | | Adjusted On- and Off-Balance Sheet Assets (million RMB) | 25,579,088 | 24,303,201 | | Leverage Ratio (%) | 7.38 | 7.43 | III. Liquidity Coverage Ratio In Q1 2020, Bank of China Group's consolidated liquidity coverage ratio averaged 141.32%, an increase of 4.96 percentage points from the previous quarter's average, primarily due to an increase in high-quality liquid assets, significantly exceeding the 100% regulatory minimum - The minimum regulatory standard for commercial banks' liquidity coverage ratio is no less than 100%32 - In Q1 2020, the Group calculated the consolidated liquidity coverage ratio for 91 days, with an average of 141.32%, an increase of 4.96 percentage points from the previous quarter's average, mainly due to an increase in high-quality liquid assets33 Bank of China Group Average Liquidity Coverage Ratio | Quarter | Average Liquidity Coverage Ratio (%) | | :--- | :--- | | Q1 2020 | 141.32 | | Q4 2019 | 136.36 | | Q3 2019 | 134.76 | | Q2 2019 | 137.95 | Q1 2020 Consolidated Liquidity Coverage Ratio Detailed Items Average | Item | Converted Value (million RMB) | | :--- | :--- | | High-Quality Liquid Assets | 4,137,695 | | Total Expected Cash Outflows | 5,717,761 | | Total Expected Cash Inflows | 2,787,173 | | Net Cash Outflow | 2,930,588 | | Liquidity Coverage Ratio (%) | 141.32 |