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Finance

Bank of China Ltd.

Company Background

Bank of China was founded in 1912 as the central bank of the Republic of China by order of Sun Yat-sen, the leader of the 1911 revolution. Since the People's Republic of China was established in 1949, it has served as the sole bank that specializes in foreign exchange transactions. Among four major state-owned banks in China, Bank of China has the largest presence in the country's international banking operations.

The bank is the forefront of the government's efforts to internationalize its currency, the yuan. In Hong Kong, Frankfurt and other financial centers across the globe, the bank functions as clearing house of the currency. The bank is also the issuer of overseas yuan-denominated bonds.

In 2006, Bank of China was listed on Hong Kong Stock Exchange in June and on Shanghai Stock Exchange in July.

Tian Guoli has served as Chairman of the bank since May 2013. His prior positions include vice chairman at Citic Group and assistant executive president at China Construction Bank. In September 2014, Tian announced a program to convert the bank's 58,000 temporary workers to permanent employees. It was a groundbreaking move in the country, where temp workers are becoming major source of manpower.

Business Summary

Bank of China Ltd. engages in the provision of banking and financial services. It operates through the following business segments: Corporate Banking, Personal Banking, Treasury Operations, Investment Banking, Insurance, and Others. The Corporate Banking segment offers services to corporate customers, government authorities, and financial institutions such as current accounts, deposits, overdrafts, loans, custody, trade related products and other credit facilities, foreign currency, and derivative products. The Personal Banking segment provides services to retail customers such as current accounts, savings, deposits, investment savings products, credit and debit cards, consumer loans, and mortgages. The Treasury Operations segment deals in foreign exchange transactions, customer-based interest rate and foreign exchange derivative transactions, money market transactions, proprietary trading, and asset and liability management. The Investment Banking segment includes debt and equity underwriting and financial advisory, sales and trading of securities, stock brokerage, investment research and asset management services, and private equity investment services. The Insurance segment specializes in the underwriting of general and life insurance business and insurance agency services. The Others segment comprises of investment holding and miscellaneous activities. The company was founded on February 5, 1912 and is headquartered in Beijing, China.

Financial Highlights

Dec 2018 HKDUSD
Revenue834,968M106,534.37M
Gross Profit----
Operating income225,983M28,833.38M
Income before tax227,533M29,031.15M
Net income180,086M22,977.34M
EBITDA----
Diluted EPS0.580.07
Dividends Per Share0.210.02
Total Assets21,267.27B2,716.35B
Total liabilities19,541.87B2,495.97B
Total equity1,612.98B206,017.10M
Operating cash flow207,416M26,464.40M
Currency in HKDCurrency in USD

Historical Data

 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 737,998M 759,587M 718,282M 765,456M 834,968M
Gross Profit -- -- -- -- --
Operating income 228,956M 227,388M 192,273M 217,642M 225,983M
Income before tax 230,159M 229,237M 221,515M 221,741M 227,533M
Net income 169,595M 170,845M 164,578M 172,407M 180,086M
EBITDA -- -- -- -- --
Diluted EPS 0.58 0.56 0.53 0.56 0.58
Dividends Per Share 0.23 0.20 0.19 0.21 0.21
Total Assets 15,251.38B 16,815.59B 18,148.88B 19,467.42B 21,267.27B
Total liabilities 14,067.95B 15,457.99B 16,661.79B 17,890.74B 19,541.87B
Total equity 1,140.85B 1,304.94B 1,411.68B 1,496.01B 1,612.98B
Operating cash flow 500,188M 322,536M 9,428M 389,995M 207,416M
 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 95,168.05M 97,978.69M 92,532.81M 98,225.84M 106,534.37M
Gross Profit -- -- -- -- --
Operating income 29,524.87M 29,330.64M 24,769.60M 27,928.54M 28,833.38M
Income before tax 29,680.00M 29,569.14M 28,536.71M 28,454.53M 29,031.15M
Net income 21,870.01M 22,037.19M 21,201.79M 22,123.83M 22,977.34M
EBITDA -- -- -- -- --
Diluted EPS 0.07 0.07 0.06 0.07 0.07
Dividends Per Share 0.03 0.02 0.02 0.02 0.02
Total Assets 1,966.68B 2,169.71B 2,340.84B 2,490.30B 2,716.35B
Total liabilities 1,814.08B 1,994.54B 2,149.03B 2,288.60B 2,495.97B
Total equity 147,115.55M 168,376.85M 182,078.50M 191,372.46M 206,017.10M
Operating cash flow 64,501.41M 41,603.73M 1,214.56M 50,045.44M 26,464.40M

Valuation Measures

Dec 2018
PER--
ROA0.88%
ROE11.58%
Operating margin27.06%
Profit margin21.56%

Key executives

  • Executive Vice President: Guoyu Zheng
  • Executive Vice President: Xiao Yu Sun
  • Executive Vice President: Liu Qiang
  • Executive Director & Executive Vice President: Jing Zhen Lin
  • Executive Director & Executive Vice President: Fu Lin Wu

Shareholders

  • National Council for Social Security Fund (7.9%)
  • The Vanguard Group, Inc. (3.2%)
  • BlackRock Fund Advisors (2.4%)
  • Capital Research & Management Co. (Global Investors) (1.1%)
  • Norges Bank Investment Management (1.1%)
  • Hang Seng Investment Management Ltd. (1.0%)
  • BlackRock Investment Management (UK) Ltd. (0.9%)
  • State Street Global Advisors Asia Ltd. (0.8%)
  • JPMorgan Asset Management (Asia Pacific) Ltd. (0.8%)
  • BlackRock Advisors (UK) Ltd. (0.6%)

Contact Details

  • Website:http://bochk.com
  • Address: No. 1 Fuxingmen Nei Dajie, Xicheng District, Beijing, 100818, China
  • Phone: +86.10.6659.6688

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Last Updated on 14 Oct, 2019

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