Financial Performance - Bank of China reported audited annual results for the year ended December 31, 2022[1]. - The company's operating income for 2022 was RMB 619,139 million, an increase from RMB 605,717 million in 2021, representing a growth of 2.4%[16]. - Net profit after tax for 2022 reached RMB 237,504 million, up from RMB 227,339 million in 2021, reflecting a growth of 0.5%[16]. - The basic earnings per share increased to RMB 0.73 in 2022 from RMB 0.70 in 2021, marking a rise of 4.3%[16]. - The total assets at the end of 2022 amounted to RMB 28,913,857 million, compared to RMB 26,722,408 million in 2021, indicating a growth of 8.2%[16]. - The total liabilities increased to RMB 26,346,286 million in 2022 from RMB 24,371,855 million in 2021, reflecting a growth of 8.1%[16]. - The core tier 1 capital adequacy ratio improved to 11.84% in 2022 from 11.30% in 2021[16]. - The group achieved net interest income of RMB 460.68 billion in 2022, an increase from RMB 425.14 billion in 2021, reflecting a growth of 8.36%[39]. - The non-interest income for 2022 was RMB 158,461 million, a decrease from RMB 180,575 million in 2021, representing a decline of 12.2%[16]. - The average return on assets (ROA) was 0.85%, while the return on equity (ROE) stood at 10.81%[32]. Risk Management - The bank emphasizes risk awareness and prudent compliance management in its operations[4]. - The company is actively managing various risks, including credit risk from borrowers and market price fluctuations, while ensuring compliance with regulatory requirements[14]. - The company emphasizes the significance of risk management in its operational strategy, addressing macroeconomic and geopolitical risks[14]. - The group aims to enhance credit risk management by implementing a unified credit granting system and improving asset quality monitoring[165]. - The group continues to refine its management of non-performing assets, with strategies for targeted resolution and broadening disposal channels[165]. - The bank's liquidity risk management strategy emphasizes a balance between safety, liquidity, and profitability, with regular reviews of liquidity risk limits and enhancement of high-quality liquid asset management[182]. - The bank's liquidity risk governance structure includes oversight by the board of directors and senior management, ensuring accountability and effective implementation of liquidity risk management strategies[181]. Digital Transformation - The bank aims to accelerate digital transformation and promote high-quality sustainable development as part of its "14th Five-Year Plan"[4]. - The management discussed the importance of information technology infrastructure in enhancing service channels and operational efficiency[14]. - The bank's digital transformation efforts have accelerated, with the launch of the "Smart Wealth 2.0" digital marketing system[90]. - The bank's digital financial services have achieved a comprehensive digital solution for inclusive finance, enhancing customer engagement and service efficiency[160]. - The bank's digital marketing management system "Zhihui Da 2.0" has achieved over 10 million cumulative customers[160]. - The bank's digital channels now include 870 non-financial scenarios, enhancing customer experience[113]. Sustainable Development and Green Finance - The bank is committed to fulfilling its environmental and social responsibilities as part of its corporate governance strategy[14]. - The balance of green credit in mainland China reached CNY 1.9872 trillion by the end of 2022, representing a year-on-year growth of 41.08%[84]. - The bank ranked first among Chinese banks in the Bloomberg "Global Green Loans" and "Global Sustainable Linked Loans" rankings[84]. - The issuance scale of green financial bonds reached CNY 87.7 billion in 2022, ranking first among Chinese banks[84]. - The bank launched 35 green financial products and services under the "Bank of China Green+" global brand, covering various aspects of green finance[84]. - The bank actively participated in significant green projects, including the world's largest operational offshore wind farm[84]. Awards and Recognition - The bank has received multiple awards, including the Best Sustainable Finance Bank and the Best Private Bank in China[6]. - The supervisory board received recognition for its work, winning the "Best Practice Award for Supervisory Boards of Listed Companies"[28]. - The bank received multiple awards for its mobile banking services, including the "Best Personal Mobile Banking Award" and "Best Digital Bank Award" in 2022[156]. Business Expansion and Market Position - The bank has established a comprehensive global service network across 62 countries and regions[2]. - The bank aims to expand its business operations in both domestic and international markets, focusing on strategic growth initiatives[14]. - The bank's mission is to "connect the world and benefit society," aiming to build a world-class modern banking group[5]. - The bank's strategic development framework includes domestic commercial banks as the main body and globalization as a dual wing[4]. - The bank has established relationships with nearly 1,200 financial institutions globally, maintaining a leading position in the domestic interbank market[99]. Customer Engagement and Services - The number of personal high-end customers reached a historical high, with total financial assets nearing 13 trillion RMB[24]. - The number of registered users for the "BOC Cross-Border GO" app surpassed 6 million by the end of 2022, with over 20% being new customers[88]. - The bank's consumer finance scale steadily increased, reaching over 230 million user interactions across various beneficial scenarios[21]. - The bank's wealth management product balance increased by 13.33% year-on-year, with 10 cooperative wealth management companies by the end of 2022[90]. - The bank's credit card cross-border transaction volume has increased significantly, with a notable rise in market share compared to the previous year[126]. Corporate Governance - The board of directors proposed a final dividend of RMB 2.32 per 10 shares for the fiscal year 2022, subject to shareholder approval[14]. - The company reported no non-operational fund occupation by controlling shareholders or related parties during the reporting period[14]. - The financial report for 2022 was audited by PwC and Deloitte, both issuing standard unqualified opinions[14]. - The board meeting on March 30, 2023, was attended by 12 out of 13 directors, with independent director Jiang Guohua represented by another independent director[14].
中国银行(03988) - 2022 - 年度业绩