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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 2021 HKDUSD
Revenue1,171.34B150,697.01M
Gross Profit----
Operating income331,535.45M42,653.08M
Income before tax331,604.15M42,661.91M
Net income260,999.27M33,578.38M
EBITDA----
Diluted EPS0.690.09
Dividends Per Share0.250.03
Total Assets32,688.60B4,192.83B
Total liabilities30,057.85B3,855.39B
Total equity2,477.35B317,760.37M
Operating cash flow517,109.01M66,527.70M
Currency in HKDCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 882,637.28M 988,981.09M 1,048.60B 1,031.59B 1,171.34B
Gross Profit -- -- -- -- --
Operating income 250,960.13M 267,666.44M 280,833.69M 283,035.88M 331,535.45M
Income before tax 255,686.64M 269,502.34M 283,011.94M 276,675.78M 331,604.15M
Net income 198,800.25M 213,303.56M 212,501.61M 216,726.73M 260,999.27M
EBITDA -- -- -- -- --
Diluted EPS 0.56 0.58 0.61 0.61 0.69
Dividends Per Share 0.21 0.21 0.20 0.23 0.25
Total Assets 23,369.57B 24,252.28B 25,470.13B 28,932.77B 32,688.60B
Total liabilities 21,476.86B 22,284.72B 23,303.74B 26,522.52B 30,057.85B
Total equity 1,795.88B 1,839.37B 2,026.56B 2,262.73B 2,477.35B
Operating cash flow 449,698.12M 245,674.68M 265,855.79M 532,855.39M 517,109.01M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 113,262.93M 126,185.05M 133,832.19M 133,005.76M 150,697.01M
Gross Profit -- -- -- -- --
Operating income 32,204.03M 34,151.82M 35,842.57M 36,492.53M 42,653.08M
Income before tax 32,810.55M 34,386.06M 36,120.58M 35,672.50M 42,661.91M
Net income 25,510.70M 27,215.60M 27,121.40M 27,943.12M 33,578.38M
EBITDA -- -- -- -- --
Diluted EPS 0.07 0.07 0.07 0.07 0.09
Dividends Per Share 0.02 0.02 0.02 0.03 0.03
Total Assets 2,989.46B 3,097.61B 3,268.83B 3,731.40B 4,192.83B
Total liabilities 2,747.35B 2,846.30B 2,990.80B 3,420.56B 3,855.39B
Total equity 229,732.18M 234,933.08M 260,090.01M 291,820.55M 317,760.37M
Operating cash flow 57,706.74M 31,345.87M 33,930.95M 68,702.38M 66,527.70M

Valuation Measures

Dec 2021
PER3.28
ROA0.84%
ROE11.01%
Operating margin28.30%
Profit margin22.28%

Key executives

  • Vice Chairman & President: Jin Liu
  • Chief Information Officer: Qian Meng
  • Executive Vice President: Huai Yu Chen
  • Executive Vice President: Zhi Heng Wang
  • Executive Director & Executive Vice President: Jing Zhen Lin

Shareholders

  • National Council for Social Security Fund (4.9%)
  • The Vanguard Group, Inc. (2.8%)
  • BlackRock Fund Advisors (2.8%)
  • State Street Global Advisors Asia Ltd. (0.9%)
  • Norges Bank Investment Management (0.8%)
  • Dimensional Fund Advisors LP (0.7%)
  • BlackRock Advisors (UK) Ltd. (0.7%)
  • Hang Seng Investment Management Ltd. (0.6%)
  • Mitsubishi UFJ Financial Group, Inc. (0.6%)
  • Geode Capital Management LLC (0.5%)

Contact Details

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

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Competitors

  • Kasikornbank Public Co. Ltd.
Last Updated on 29 Sep, 2022

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