Bank of Communications

Bank of Communications's net profit rose 4.83% yoy to CNY 21,678 mil in 2Q2019

By Helgi Analytics - November 05, 2019

Bank of Communications made a net profit of CNY 21,678 mil under revenues of CNY 56,651 mil in the second quarter of 2019, up 4.83% a...

Bank of Communications's corporate loans rose 13.5% yoy to CNY 3,476,400 mil in 2Q2019

By Helgi Analytics - November 05, 2019

Bank of Communications's loans reached CNY 5,130,600 mil in the second quarter of 2019, up from CNY 5,068,200 mil when compa...

Bank of Communications's npls (as % of loans) fell 1.41% yoy to 1.49% in 2Q2019

By Helgi Analytics - November 05, 2019

Bank of Communications's non-performing loans reached 1.49% of total loans at the end of 2019-06-30, down from 1.51% compared to ...

Profit Statement 2016 2017 2018
Net Interest Income CNY mil 134,871 124,873 130,908
Fee Income (As % Of Revenues) % 18.8 20.4 19.1
Other Income CNY mil 23,766 33,417 43,987
Total Revenues CNY mil 195,432 198,841 216,132
Operating Profit CNY mil 116,807 116,381 132,718
Provisions CNY mil 28,480 30,161 43,514
Net Profit CNY mil 67,210 70,223 73,630
Balance Sheet 2016 2017 2018
Interbank Loans CNY mil 715,787 782,468 848,067
Customer Loans CNY mil 4,009,000 4,354,500 4,742,400
Debt Securities CNY mil 2,323,200 2,536,500 2,829,800
Total Assets CNY mil 8,403,200 9,038,300 9,531,200
Shareholders' Equity CNY mil 632,407 676,271 705,308
Interbank Borrowing CNY mil 2,231,100 2,402,800 2,173,700
Customer Deposits CNY mil 5,047,500 5,419,300 6,160,100
Issued Debt Securities CNY mil 229,515 267,585 317,688
Ratios 2016 2017 2018
ROE % 11.5 10.7 10.7
ROA % 0.864 0.805 0.793
Costs (As % Of Assets) % 1.01 0.946 0.898
Costs (As % Of Income) % 40.2 41.5 38.6
Capital Adequacy Ratio % 14.0 14.0 14.4
Net Interest Margin % 1.73 1.43 1.41
Loans (As % Of Deposits) % 79.4 80.4 77.0
NPLs (As % Of Loans) % 1.54 1.52 1.51
Provisions (As % Of NPLs) % 148 151 153
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 51,879 52,832 50,893
Share Price (End Of Period) HKD 5.42 5.56 5.37
Price/Earnings (P/E) 6.68 7.06 6.16
Price/Book Value (P/BV) 0.710 0.733 0.643
Earnings Per Share (EPS) CNY 0.905 0.946 0.991
Book Value Per Share CNY 8.52 9.11 9.50

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summary Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                  
Net Interest Income CNY mil                     120,206 130,761 134,854 144,172 134,871    
Total Revenues CNY mil                     150,945 168,289 179,772 196,346 195,432    
Operating Profit CNY mil                     92,880 101,655 108,504 116,070 116,807    
Net Profit CNY mil                     58,369 62,295 65,850 66,528 67,210    
balance sheet                                  
Interbank Loans CNY mil                     520,963 566,429 525,033 611,191 715,787    
Customer Loans CNY mil                     2,879,600 3,193,100 3,354,800 3,634,600 4,009,000    
Debt Securities CNY mil                     879,483 1,070,900 1,170,200 1,666,700 2,323,200    
Total Assets CNY mil                     5,273,400 5,960,900 6,268,300 7,155,400 8,403,200    
Shareholders' Equity CNY mil                     381,447 421,484 473,605 538,092 632,407    
Interbank Borrowing CNY mil                     945,422 1,127,700 1,413,600 1,658,700 2,231,100    
Customer Deposits CNY mil                     3,728,400 4,182,500 4,068,300 4,574,100 5,047,500    
Issued Debt Securities CNY mil                     79,572 82,238 129,547 170,106 229,515    
ratios                                  
ROE %                     17.8 15.5 14.7 13.2 11.5    
ROA %                     1.18 1.11 1.08 0.991 0.864    
Costs (As % Of Assets) %                     1.17 1.19 1.17 1.20 1.01    
Costs (As % Of Income) %                     38.5 39.6 39.6 40.9 40.2    
Capital Adequacy Ratio % ... ...                 14.1 12.1 14.0 13.5 14.0    
Net Interest Margin %                     2.43 2.33 2.21 2.15 1.73    
Interest Income (As % Of Revenues) %                     79.6 77.7 75.0 73.4 69.0    
Fee Income (As % Of Revenues) %                     13.8 15.4 16.5 17.8 18.8    
Equity (As % Of Assets) %                     7.23 7.07 7.56 7.52 7.53    
Loans (As % Of Deposits) %                     77.2 76.3 82.5 79.5 79.4    
Loans (As % Assets) %                     54.6 53.6 53.5 50.8 47.7    
NPLs (As % Of Loans) %     ... ... ...           1.03 1.13 1.47 2.42 1.54    
Provisions (As % Of NPLs) %     ... ... ...           224 199 153 97.3 148    
valuation                                  
Market Capitalisation (End Of Period) USD mil ... ... ...               46,238 38,718 60,593 53,261 51,879    
Number Of Shares (Average) mil                     74,263 74,263 74,263 74,263 74,263    
Share Price (End Of Period) HKD ... ... ...               4.83 4.04 6.33 5.56 5.42    
Earnings Per Share (EPS) CNY                     0.786 0.839 0.887 0.896 0.905    
Book Value Per Share CNY                     5.14 5.68 6.38 7.25 8.52    
Price/Earnings (P/E) ... ... ...               7.64 6.17 8.92 7.41 6.68    
Price/Book Value (P/BV) ... ... ...               1.17 0.912 1.24 0.916 0.710    
Earnings Per Share Growth % ...                   -4.13 6.73 5.71 1.03 1.03    
Book Value Per Share Growth % ...                   16.5 10.5 12.4 13.6 17.5    
income statement Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                  
Interest Income CNY mil                     240,676 259,395 288,587 305,126 289,844    
Interest Cost CNY mil                     120,470 128,634 153,733 160,954 154,973    
Net Interest Income CNY mil                     120,206 130,761 134,854 144,172 134,871    
Net Fee Income CNY mil                     20,882 25,968 29,604 35,027 36,795    
Other Income CNY mil                     9,857 11,560 15,314 17,147 23,766    
Total Revenues CNY mil                     150,945 168,289 179,772 196,346 195,432    
Operating Cost CNY mil                     58,065 66,634 71,268 80,276 78,625    
Operating Profit CNY mil                     92,880 101,655 108,504 116,070 116,807    
Provisions CNY mil                     14,537 18,410 20,439 27,160 28,480    
Extra and Other Cost CNY mil                     3,132 3,336 3,138 2,898 2,217    
Pre-Tax Profit CNY mil                     75,211 79,909 84,927 86,012 86,110    
Tax CNY mil                     16,739 17,448 18,892 19,181 18,459    
Minorities CNY mil     ...               103 166 185 303 441    
Net Profit CNY mil                     58,369 62,295 65,850 66,528 67,210    
growth rates                                  
Net Interest Income Growth % ...                   16.1 8.78 3.13 6.91 -6.45    
Net Fee Income Growth % ...                   11.9 24.4 14.0 18.3 5.05    
Total Revenue Growth % ...                   15.7 11.5 6.82 9.22 -0.466    
Operating Cost Growth % ...                   16.6 14.8 6.95 12.6 -2.06    
Operating Profit Growth % ...                   15.2 9.45 6.74 6.97 0.635    
Pre-Tax Profit Growth % ...                   14.9 6.25 6.28 1.28 0.114    
Net Profit Growth % ...                   15.0 6.73 5.71 1.03 1.03    
market share                                  
Market Share in Revenues % ... ... ... ... ... ... ... ...     4.77 4.70 4.28 4.22 4.16   ...
Market Share in Net Profit % ... ... ... ... ...           3.86 ... ... ... ... ... ...
Market Share in Employees % ... ... ... ... ... ... ... ...   ... ... ... ... ... ... ... ...
balance sheet Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                  
Cash CNY mil                     816,846 896,556 938,055 920,228 991,435    
Interbank Loans CNY mil                     520,963 566,429 525,033 611,191 715,787    
Customer Loans CNY mil                     2,879,600 3,193,100 3,354,800 3,634,600 4,009,000    
Retail Loans CNY mil ... ...                 601,522 751,310 868,357 993,319 1,186,200    
Mortgage Loans CNY mil ... ... ... ... ... ... ...       358,258 458,356 529,871 604,357 770,280    
Consumer Loans CNY mil ... ... ... ... ... ... ...       243,264 292,954 338,486 388,962 415,920    
Corporate Loans CNY mil ... ...                 2,345,800 2,515,100 2,563,400 2,728,700 2,916,800    
Debt Securities CNY mil                     879,483 1,070,900 1,170,200 1,666,700 2,323,200    
Fixed Assets CNY mil                     46,125 57,870 70,685 91,293 115,441    
Total Assets CNY mil                     5,273,400 5,960,900 6,268,300 7,155,400 8,403,200    
Shareholders' Equity CNY mil                     381,447 421,484 473,605 538,092 632,407    
Of Which Minority Interest CNY mil                     1,529 1,923 2,550 3,207 3,265    
Liabilities CNY mil                     4,891,950 5,539,420 5,794,700 6,617,310 7,770,790    
Interbank Borrowing CNY mil                     945,422 1,127,700 1,413,600 1,658,700 2,231,100    
Customer Deposits CNY mil                     3,728,400 4,182,500 4,068,300 4,574,100 5,047,500    
Sight Deposits CNY mil                     1,698,600 1,874,300 1,937,800 2,028,500 2,448,200    
Term Deposits CNY mil                     2,029,800 2,308,200 2,130,500 2,545,600 2,599,300    
Issued Debt Securities CNY mil                     79,572 82,238 129,547 170,106 229,515    
Other Liabilities CNY mil                     138,559 146,978 183,248 214,402 262,678    
asset quality                                  
Non-Performing Loans CNY mil     ... ... ...           30,228 36,757 50,282 89,900 63,292    
Gross Loans CNY mil                     2,947,300 3,266,400 3,431,700 3,722,000 4,103,000    
Total Provisions CNY mil                     67,671 73,305 76,948 87,438 93,913    
growth rates                                  
Customer Loan Growth % ...                   14.9 10.9 5.06 8.34 10.3    
Retail Loan Growth % ... ... ...               18.1 24.9 15.6 14.4 19.4    
Mortgage Loan Growth % ... ... ... ... ... ... ... ...     14.5 27.9 15.6 14.1 27.5    
Consumer Loan Growth % ... ... ... ... ... ... ... ...     23.9 20.4 15.5 14.9 6.93    
Corporate Loan Growth % ... ... ...               14.3 7.22 1.92 6.45 6.89    
Total Asset Growth % ...                   14.4 13.0 5.16 14.2 17.4    
Shareholders' Equity Growth % ...                   39.8 10.5 12.4 13.6 17.5    
Customer Deposit Growth % ...                   13.6 12.2 -2.73 12.4 10.3    
market share                                  
Market Share in Customer Loans % ...                   4.28 4.01 3.72 3.46 3.44    
Market Share in Total Assets % ...                   3.95 3.91 3.64 3.59 3.65    
Market Share in Customer Deposits % ...                   3.95 10.0 8.99 8.03 7.11    
ratios Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                  
ROE %                     17.8 15.5 14.7 13.2 11.5    
ROA %                     1.18 1.11 1.08 0.991 0.864    
Costs (As % Of Assets) %                     1.17 1.19 1.17 1.20 1.01    
Costs (As % Of Income) %                     38.5 39.6 39.6 40.9 40.2    
Capital Adequacy Ratio % ... ...                 14.1 12.1 14.0 13.5 14.0    
Tier 1 Ratio %     ... ...       ... ... ... 11.2 9.76 11.3 11.5 12.2    
Net Interest Margin %                     2.43 2.33 2.21 2.15 1.73    
Interest Spread % ...                   2.26 2.15 2.01 1.95 1.57    
Asset Yield %                     4.87 4.62 4.72 4.55 3.73    
Cost Of Liabilities % ...                   2.61 2.47 2.71 2.59 2.15    
Interest Income (As % Of Revenues) %                     79.6 77.7 75.0 73.4 69.0    
Fee Income (As % Of Revenues) %                     13.8 15.4 16.5 17.8 18.8    
Other Income (As % Of Revenues) %                     6.53 6.87 8.52 8.73 12.2    
Equity (As % Of Assets) %                     7.23 7.07 7.56 7.52 7.53    
Loans (As % Of Deposits) %                     77.2 76.3 82.5 79.5 79.4    
Loans (As % Assets) %                     54.6 53.6 53.5 50.8 47.7    
NPLs (As % Of Loans) %     ... ... ...           1.03 1.13 1.47 2.42 1.54    
Provisions (As % Of NPLs) %     ... ... ...           224 199 153 97.3 148    
Provisions (As % Of Loans) %                     2.35 2.30 2.29 2.41 2.34    
Cost of Provisions (As % Of Loans) %                     0.540 0.606 0.624 0.777 0.745    
other data Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                  
Employees                     96,259 99,919 93,658 91,468 92,556    
Sight (As % Of Customer Deposits) %                     45.6 44.8 47.6 44.3 48.5    
On-balance Sheet Loans RMB mil ... ... ... ... ... ... ... ... ... ... ... 3,193,100 3,354,800 3,634,600 4,009,000    

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Bank of Communications's net interest margin rose 5.79% yoy to 1.43% in 2Q2019

By Helgi Analytics - November 05, 2019

Bank of Communications's net interest margin amounted to 1.43% in the second quarter of 2019, down from 1.44% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 5.09% in 4Q2015 and an all time low ...

Bank of Communications's price/earnings (P/E) fell 6.17% yoy to 5.82 in 2Q2019

By Helgi Analytics - November 05, 2019

Bank of Communications stock traded at HKD 5.28 per share at the end second quarter of 2019 implying a market capitalization of USD 49,570 mil. Since the end of 2Q2014, the stock has appreciated by 23.4 % implying an annual average growth of 4.29 %. In absolute terms,...

Bank of Communications's market capitalisation (end of period) fell 11.0% to USD 49,570 mil in 2Q2019

By Helgi Analytics - November 05, 2019

Bank of Communications stock traded at HKD 5.28 per share at the end of second quarter of 2019 implying a market capitalization of USD 49,570 mil. Over the last five years, the stock has appreciated by 23.4 implying an annual average growth of 4.29% In ab...

Bank of Communications's capital adequacy ratio fell 0.144% yoy to 13.8% in 2Q2019

By Helgi Analytics - November 05, 2019

Bank of Communications's capital adequacy ratio reached 13.8% at the end of second quarter of 2019, down from 14.2% when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 14.5% in 3Q2012 and an all time low of 12.1% in...

Bank of Communications's share price (end of period) rose 4.13% yoy to HKD 5.28 in 2Q2019

By Helgi Analytics - November 05, 2019

Bank of Communications stock traded at HKD 5.28 per share at the end of second quarter of 2019 implying a market capitalization of USD 49,570 mil. Over the last five years, the stock has appreciated by 23.4 % implying an annual average growth of 4.29 %. In absolute te...

Bank of Communications's retail loan growth fell 73.9% yoy to 5.53% in 2Q2019

By Helgi Analytics - November 05, 2019

Bank of Communications's retail loans reached CNY 1,654,200 mil at the end of 2019-06-30, up 1.24% compared to the previous year. In the last decade, the average annual loan growth amounted to 0%. Overall, retail loans accounted for 33.0% of the bank's loan...

Bank of Communications's net interest income rose 12.0% yoy to CNY 35,205 mil in 2Q2019

By Helgi Analytics - November 05, 2019

Bank of Communications generated total banking revenues of CNY 56,651 mil in the second quarter of 2019, up 9.07% when compared to the same period of last year and down 10% when compared to the previous quarter. Historically, the bank’s revenues c...

Bank of Communications's equity (as % of assets) rose 1.85% yoy to 7.32% in 2Q2019

By Helgi Analytics - November 05, 2019

Bank of Communications's Equity reached 4.91% of total assets in the 2Q2019, up from 4.86% for the previous year. As a share of net customer loans, the ratio amounted to 10.9% at the end of the second quarter of 2019. ...

Bank of Communications's customer loan growth fell 21.0% yoy to 7.38% in 2Q2019

By Helgi Analytics - November 05, 2019

Bank of Communications's customer loan growth reached 7.38% in 2019-06-30, down from 9.34% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 21.6% in 2010-12-31 and an all time low of 4.68% in 2014-03-31. In ...

Bank of Communications's net interest margin fell 1.54% to 1.41% in 2018

By Helgi Analytics - November 05, 2019

Bank of Communications's net interest margin amounted to 1.41% in 2018, down from 1.43% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 2.83% in 2007 and an all time low of 1.41% in 2018. The avera...

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Finance

Bank of Communications has been growing its revenues and asset by 10.7% and 14.1% a year on average in the last 10 years. Its loans and deposits have grown by 13.8% and 12.7% a year during that time and loans to deposits ratio reached 77.0% at the end of 2018. The company achieved an average return on equity of 15.4% in the last decade with net profit growing 9.95% a year on average. In terms of operating efficiency, its cost to income ratio reached 38.6% in 2018, compared to 39.5% average in the last decade.

Equity represented 7.40% of total assets or 14.9% of loans at the end of 2018. Bank of Communications's non-performing loans were 1.51% of total loans while provisions covered some 153% of NPLs at the end of 2018.

Valuation

Bank of Communications stock traded at HKD 5.37 per share at the end of 2018 resulting in a market capitalization of USD 50,893 mil. Over the previous five years, stock price rose by 32.7% or 5.83% a year on average. That’s compared to an average ROE of 12.1% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 6.16x and price to book value (PBV) of 0.643x in 2018.