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Bank of Communications

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

By Helgi Library - October 11, 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 customer deposits rose 10.3% yoy to CNY 5,047,500 mil in 4Q2016

By Helgi Library - October 11, 2019

Bank of Communications's customer deposits reached CNY 5,047,500 mil in 2016-12-31, up 1.75% compared to the previous year. Chi...

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

By Helgi Library - October 11, 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 ...

Annual Quarterly LTM
Profit Statement Dec 2018 Mar 2019 Jun 2019
Net Interest Income CNY mil -8,509 34,857 35,205
Net Fee Income CNY mil 9,844 12,056 11,066
Other Income CNY mil 54,389 16,060 10,380
Total Revenues CNY mil 55,724 62,973 56,651
Operating Profit CNY mil 35,117 36,094 35,746
Provisions CNY mil 14,733 10,705 10,844
Net Profit CNY mil 16,326 21,071 21,678
Balance Sheet Dec 2018 Mar 2019 Jun 2019
Interbank Loans CNY mil 848,067 779,169 786,782
Customer Loans CNY mil 4,742,400 4,952,500 5,013,600
Total Assets CNY mil 9,531,200 9,785,700 9,886,600
Shareholders' Equity CNY mil 705,308 725,882 723,748
Interbank Borrowing CNY mil 2,173,700 1,974,300 1,971,800
Customer Deposits CNY mil 6,160,100 6,576,300 6,624,600
Issued Debt Securities CNY mil 317,688 332,909 337,972
Ratios Dec 2018 Mar 2019 Jun 2019
ROE % 9.37 11.8 12.0
ROA % 0.690 0.873 0.882
Costs (As % Of Assets) % 0.871 1.11 0.850
Costs (As % Of Income) % 37.0 42.7 36.9
Capital Adequacy Ratio % 14.4 14.2 13.8
Net Interest Margin % -0.360 1.44 1.43
Loans (As % Of Deposits) % 77.0 75.3 75.7
NPLs (As % Of Loans) % 1.51 1.47 1.49
Provisions (As % Of NPLs) % 153 155 153
Valuation Dec 2018 Mar 2019 Jun 2019
Price/Earnings (P/E) 6.16 6.86 5.82
Price/Book Value (P/BV) 0.643 0.705 0.608
Dividend Yield % 0 0 0
Earnings Per Share (EPS) CNY 0.991 1.00 1.03
Book Value Per Share CNY 9.50 9.77 9.88
Dividend Per Share CNY 0 0 0

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summary Unit Sep 2009 Dec 2009 Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
income statement                                                                                
Net Interest Income CNY mil ... ...                                                               31,411 29,212 31,446 34,517 -8,509    
Total Revenues CNY mil ... ...                                                               46,696 49,854 51,940 56,985 55,724    
Operating Profit CNY mil ... ...                                                               27,733 31,125 32,920 33,547 35,117    
Net Profit CNY mil ... ...                                                               15,804 20,091 20,680 16,533 16,326    
balance sheet                                                                                
Interbank Loans CNY mil                                                                   782,468 807,894 733,308 708,349 848,067    
Customer Loans CNY mil                                                                   4,354,500 4,583,400 4,669,200 4,725,200 4,742,400    
Debt Securities CNY mil                                                                   2,536,500 703,738 2,684,200 2,807,400 2,829,800    
Total Assets CNY mil                                                                   9,038,300 9,266,800 9,322,700 9,391,500 9,531,200    
Shareholders' Equity CNY mil                                                                   676,271 668,501 670,061 689,085 705,308    
Interbank Borrowing CNY mil                                                                   2,397,100 1,978,300 2,003,600 2,093,800 2,173,700    
Customer Deposits CNY mil                                                                   5,419,300 6,046,800 6,051,700 6,003,200 6,160,100    
Issued Debt Securities CNY mil                                                                   287,662 289,574 293,818 303,834 317,688    
ratios                                                                                
ROE % ... ...                                                               9.44 12.0 12.4 9.73 9.37    
ROA % ... ...                                                               0.703 0.878 0.890 0.707 0.690    
Costs (As % Of Assets) % ... ...                                                               0.844 0.819 0.819 1.00 0.871    
Costs (As % Of Income) % ... ...                                                               40.6 37.6 36.6 41.1 37.0    
Capital Adequacy Ratio % ... ...                                                               14.0 14.0 13.9 14.1 14.4    
Net Interest Margin % ... ...                                                               1.40 1.28 1.35 1.48 -0.360    
Interest Income (As % Of Revenues) % ... ...                                                               67.3 58.6 60.5 60.6 -15.3    
Fee Income (As % Of Revenues) % ... ...                                                               21.3 21.8 19.9 17.9 17.7    
Equity (As % Of Assets) %                                                                   7.48 7.21 7.19 7.34 7.40    
Loans (As % Of Deposits) %                                                                   80.4 75.8 77.2 78.7 77.0    
Loans (As % Assets) %                                                                   48.2 49.5 50.1 50.3 49.8    
NPLs (As % Of Loans) %                     ...   ...                                         1.52 1.50 1.51 1.49 1.51    
Provisions (As % Of NPLs) %                     ...   ...                                         151 171 172 176 153    
valuation                                                                                
Market Capitalisation (End Of Period) USD mil ... ...                                                               52,866 52,931 47,999 48,869 50,893    
Number Of Shares (Average) mil ... ...                                                               74,263 74,263 74,263 74,263 74,263    
Share Price (End Of Period) HKD ... ...                                                               5.56 5.60 5.07 5.15 5.37    
Earnings Per Share (EPS) CNY ... ...                                                               0.946 0.956 0.970 0.984 0.991    
Book Value Per Share CNY ... ...                                                               9.11 9.00 9.02 9.28 9.50    
Dividend Per Share CNY ... ...                                                               0 0 0 0 0    
Price/Earnings (P/E) ... ...                                                               7.05 7.30 6.20 5.97 6.16    
Price/Book Value (P/BV) ... ...                                                               0.732 0.776 0.667 0.633 0.643    
Dividend Yield % ... ...                                                               0 0 0 0 0    
Earnings Per Share Growth % ... ... ... ... ... ...                                                       4.48 5.22 5.10 5.88 4.85    
Book Value Per Share Growth % ... ... ... ... ... ...                                                       6.94 2.51 3.34 3.86 4.29    
income statement Unit Sep 2009 Dec 2009 Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
income statement                                                                                
Interest Income CNY mil ... ...                                                               81,015 83,992 86,554 89,392 44,684    
Interest Cost CNY mil ... ...                                                               49,604 54,780 55,108 54,875 53,193    
Net Interest Income CNY mil ... ...                                                               31,411 29,212 31,446 34,517 -8,509    
Net Fee Income CNY mil ... ...                                                               9,943 10,844 10,338 10,211 9,844    
Other Income CNY mil ... ...                                                               5,342 9,798 10,156 12,257 54,389    
Total Revenues CNY mil ... ...                                                               46,696 49,854 51,940 56,985 55,724    
Operating Cost CNY mil ... ...                                                               18,963 18,729 19,020 23,438 20,607    
Operating Profit CNY mil ... ...                                                               27,733 31,125 32,920 33,547 35,117    
Provisions CNY mil ... ...                                                               9,820 7,073 8,129 13,579 14,733    
Extra and Other Cost CNY mil ... ...                                                               584 667 706 911 844    
Pre-Tax Profit CNY mil ... ...                                                               17,329 23,385 24,085 19,057 19,540    
Tax CNY mil ... ...                                                               1,430 3,153 3,323 2,378 3,048    
Minorities CNY mil ... ...                                                               95.0 141 82.0 146 166    
Net Profit CNY mil ... ...                                                               15,804 20,091 20,680 16,533 16,326    
growth rates                                                                                
Net Interest Income Growth % ... ... ... ... ... ...                                                       -7.90 -6.42 4.42 7.43 -127    
Net Fee Income Growth % ... ... ... ... ... ...                                                       25.9 -3.86 3.57 9.24 -0.996    
Total Revenue Growth % ... ... ... ... ... ...                                                       0.621 -10.8 4.50 20.5 19.3    
Operating Cost Growth % ... ... ... ... ... ...                                                       -4.11 -20.5 4.30 11.3 8.67    
Operating Profit Growth % ... ... ... ... ... ...                                                       4.13 -3.69 4.62 27.8 26.6    
Pre-Tax Profit Growth % ... ... ... ... ... ...                                                       -7.28 -2.61 3.18 2.56 12.8    
Net Profit Growth % ... ... ... ... ... ...                                                       8.01 3.97 5.23 7.05 3.30    
balance sheet Unit Sep 2009 Dec 2009 Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
balance sheet                                                                                
Cash CNY mil                                                                   938,571 908,273 917,282 862,661 840,171    
Interbank Loans CNY mil                                                                   782,468 807,894 733,308 708,349 848,067    
Customer Loans CNY mil                                                                   4,354,500 4,583,400 4,669,200 4,725,200 4,742,400    
Retail Loans CNY mil                                                                   1,409,900 1,483,800 1,567,500 1,601,550 1,635,600    
Mortgage Loans CNY mil                                                                   897,264 924,958 952,652 980,076 1,007,500    
Consumer Loans CNY mil                                                                   512,636 558,842 614,848 621,474 628,100    
Corporate Loans CNY mil                                                                   3,047,000 3,220,300 3,062,800 3,140,700 3,218,600    
Debt Securities CNY mil                                                                   2,536,500 703,738 2,684,200 2,807,400 2,829,800    
Fixed Assets CNY mil                                                                   134,326 134,395 141,901 147,249 155,155    
Total Assets CNY mil                                                                   9,038,300 9,266,800 9,322,700 9,391,500 9,531,200    
Shareholders' Equity CNY mil                                                                   676,271 668,501 670,061 689,085 705,308    
Of Which Minority Interest CNY mil                                                                   5,128 5,165 6,408 6,627 6,903    
Liabilities CNY mil                                                                   8,362,030 8,598,300 8,652,640 8,702,420 8,825,890    
Interbank Borrowing CNY mil                                                                   2,397,100 1,978,300 2,003,600 2,093,800 2,173,700    
Customer Deposits CNY mil                                                                   5,419,300 6,046,800 6,051,700 6,003,200 6,160,100    
Sight Deposits CNY mil                                                                   2,497,900 2,500,650 2,503,400 2,469,850 2,436,300    
Term Deposits CNY mil                                                                   2,921,400 3,546,150 3,548,300 3,533,350 3,723,800    
Issued Debt Securities CNY mil                                                                   287,662 289,574 293,818 303,834 317,688    
Other Liabilities CNY mil                                                                   257,967 283,625 303,521 301,581 174,404    
asset quality                                                                                
Non-Performing Loans CNY mil                                                                   67,808 70,561 72,350 72,280 73,336    
Gross Loans CNY mil                     ...   ...                                         4,456,900 4,704,100 4,794,000 4,852,000 4,854,200    
Total Provisions CNY mil                     ...   ...                                         102,415 120,715 124,758 126,854 111,856    
growth rates                                                                                
Customer Loan Growth % ... ... ... ...                                                           8.62 7.97 9.34 9.57 8.91    
Retail Loan Growth % ... ... ... ...                                                           18.9 19.7 21.2 18.5 16.0    
Mortgage Loan Growth % ... ... ... ...                                                           16.5 15.2 13.9 13.1 12.3    
Consumer Loan Growth % ... ... ... ...                                                           23.3 28.0 34.5 28.2 22.5    
Corporate Loan Growth % ... ... ... ...                                                           4.46 7.45 -0.461 2.57 5.63    
Total Asset Growth % ... ... ... ...                                                           7.56 6.10 4.39 5.10 5.45    
Shareholders' Equity Growth % ... ... ... ...                                                           6.94 2.51 3.34 3.86 4.29    
Customer Deposit Growth % ... ... ... ...                                                           7.37 13.8 12.4 12.2 13.7    
market share                                                                                
Market Share in Customer Loans %                                                                   3.38 3.42 3.40 3.32 3.27   ...
Market Share in Total Assets % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                 ... ... ... ... ... ... ... ... ... ...
Market Share in Customer Deposits % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                 ... ... ... ... ... ... ... ... ... ...
ratios Unit Sep 2009 Dec 2009 Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
ratios                                                                                
ROE % ... ...                                                               9.44 12.0 12.4 9.73 9.37    
ROA % ... ...                                                               0.703 0.878 0.890 0.707 0.690    
Costs (As % Of Assets) % ... ...                                                               0.844 0.819 0.819 1.00 0.871    
Costs (As % Of Income) % ... ...                                                               40.6 37.6 36.6 41.1 37.0    
Capital Adequacy Ratio % ... ...                                                               14.0 14.0 13.9 14.1 14.4    
Tier 1 Ratio % ... ... ... ... ... ... ... ... ... ...   ...     ...                                     11.9 11.8 11.7 11.9 12.2    
Net Interest Margin % ... ...                                                               1.40 1.28 1.35 1.48 -0.360    
Interest Spread % ... ...                                                               1.22 1.09 1.17 1.29 -0.539    
Asset Yield % ... ...                                                               3.61 3.67 3.72 3.82 1.89    
Cost Of Liabilities % ... ...                                                               2.39 2.58 2.56 2.53 2.43    
Payout Ratio % ... ...                                                               0 0 0 0 0    
Interest Income (As % Of Revenues) % ... ...                                                               67.3 58.6 60.5 60.6 -15.3    
Fee Income (As % Of Revenues) % ... ...                                                               21.3 21.8 19.9 17.9 17.7    
Other Income (As % Of Revenues) % ... ...                                                               11.4 19.7 19.6 21.5 97.6    
Equity (As % Of Assets) %                                                                   7.48 7.21 7.19 7.34 7.40    
Loans (As % Of Deposits) %                                                                   80.4 75.8 77.2 78.7 77.0    
Loans (As % Assets) %                                                                   48.2 49.5 50.1 50.3 49.8    
NPLs (As % Of Loans) %                     ...   ...                                         1.52 1.50 1.51 1.49 1.51    
Provisions (As % Of NPLs) %                     ...   ...                                         151 171 172 176 153    
Provisions (As % Of Loans) %                     ...   ...                                         2.35 2.63 2.67 2.68 2.36    
Cost of Provisions (As % Of Loans) % ... ...                                                               0.906 0.633 0.703 1.16 1.24    
other data Unit Sep 2009 Dec 2009 Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
other data                                                                                
Employees                                                                   91,240 89,923 88,605 89,074 89,542    
Sight (As % Of Customer Deposits) %                                                                   46.1 41.4 41.4 41.1 39.5    
On-balance Sheet Loans RMB mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                                 4,354,500 4,583,400 4,669,200 4,725,200 4,742,400    

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

By Helgi Library - October 11, 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 compared to the previous quarter and up from CNY 4,794,000 mil when compared to the same period of last year. Historically, the bank...

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

By Helgi Library - October 11, 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 Library - October 11, 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 Library - October 23, 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 Library - October 11, 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 retail loan growth fell 73.9% yoy to 5.53% in 2Q2019

By Helgi Library - October 11, 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 share price (end of period) rose 4.13% yoy to HKD 5.28 in 2Q2019

By Helgi Library - October 11, 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 net interest income rose 12.0% yoy to CNY 35,205 mil in 2Q2019

By Helgi Library - October 11, 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 customer loan growth fell 21.0% yoy to 7.38% in 2Q2019

By Helgi Library - October 11, 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 equity (as % of assets) rose 1.85% yoy to 7.32% in 2Q2019

By Helgi Library - October 11, 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. ...

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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.

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