China Construction Bank

Construction Bank's capital adequacy ratio rose 9.08% yoy to 17.1% in 2Q2019

By Helgi Analytics - October 10, 2019

China Construction Bank's capital adequacy ratio reached 17.1% at the end of second quarter of 2019, down from 17.1% when compare...

Construction Bank's net profit rose 5.55% yoy to CNY 77,274 mil in 2Q2019

By Helgi Analytics - October 10, 2019

China Construction Bank made a net profit of CNY 77,274 mil under revenues of CNY 178,636 mil in the second quarter of 2019, up 5.55%...

Construction Bank's market capitalisation (end of period) rose 2.52% to USD 189,398 mil in 2Q2019

By Helgi Analytics - October 23, 2019

China Construction Bank stock traded at JPY 1,645 per share at the end of second quarter of 2019 implying a market capitalization of ...

Profit Statement 2016 2017 2018
Net Interest Income CNY mil 420,357 454,651 487,051
Net Fee Income CNY mil 118,509 117,798 123,035
Other Income CNY mil 78,754 64,445 64,852
Total Revenues CNY mil 617,620 636,894 674,938
Operating Profit CNY mil 396,686 438,401 474,125
Provisions CNY mil 89,588 123,389 143,045
Net Profit CNY mil 231,460 242,264 254,655
Balance Sheet 2016 2017 2018
Interbank Loans CNY mil 858,462 708,598 1,038,500
Customer Loans CNY mil 11,488,400 12,574,500 13,365,400
Debt Securities CNY mil 5,271,400 5,338,700 5,748,800
Total Assets CNY mil 20,963,700 22,124,400 23,222,700
Shareholders' Equity CNY mil 1,576,500 1,779,800 1,976,500
Interbank Borrowing CNY mil 2,565,500 2,342,200 2,432,900
Customer Deposits CNY mil 15,601,900 16,685,100 17,480,300
Issued Debt Securities CNY mil 252,546 275,160 404,202
Ratios 2016 2017 2018
ROE % 15.4 14.4 13.6
ROA % 1.18 1.12 1.12
Costs (As % Of Assets) % 1.12 0.921 0.886
Costs (As % Of Income) % 35.8 31.2 29.8
Capital Adequacy Ratio % 14.9 15.5 17.2
Net Interest Margin % 2.14 2.11 2.15
Loans (As % Of Deposits) % 73.6 75.4 76.5
NPLs (As % Of Loans) % 1.58 1.54 1.47
Provisions (As % Of NPLs) % 144 166 206
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 172,401 191,838 181,149
Share Price (End Of Period) HKD 5.35 6.00 5.67
Price/Earnings (P/E) 6.44 7.43 6.34
Price/Book Value (P/BV) 0.946 1.01 0.817
Earnings Per Share (EPS) CNY 0.926 0.969 1.02
Book Value Per Share CNY 6.31 7.12 7.91

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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                     353,441 389,990 437,893 458,485 420,357    
Total Revenues CNY mil                     463,905 514,034 559,310 617,533 617,620    
Operating Profit CNY mil                     294,029 325,849 363,322 400,547 396,686    
Net Profit CNY mil                     193,179 214,657 227,830 228,145 231,460    
balance sheet                                  
Interbank Loans CNY mil                     1,032,200 754,798 788,737 974,472 858,462    
Customer Loans CNY mil                     7,309,900 8,361,400 9,222,900 10,234,500 11,488,400    
Debt Securities CNY mil                     2,905,100 3,450,300 3,775,800 4,358,000 5,271,400    
Total Assets CNY mil                     13,972,800 15,363,200 16,744,100 18,349,500 20,963,700    
Shareholders' Equity CNY mil                     941,668 1,066,000 1,241,500 1,434,000 1,576,500    
Interbank Borrowing CNY mil                     1,106,400 989,042 1,479,300 2,071,200 2,565,500    
Customer Deposits CNY mil                     11,444,300 12,416,800 13,139,500 13,839,300 15,601,900    
Issued Debt Securities CNY mil                     161,768 163,791 191,349 244,748 252,546    
ratios                                  
ROE %                     22.0 21.4 19.7 17.1 15.4    
ROA %                     1.47 1.46 1.42 1.30 1.18    
Costs (As % Of Assets) %                     1.29 1.28 1.22 1.24 1.12    
Costs (As % Of Income) %                     36.6 36.6 35.0 35.1 35.8    
Capital Adequacy Ratio % ... ...                 14.3 13.3 14.9 15.4 14.9    
Net Interest Margin %                     2.69 2.66 2.73 2.61 2.14    
Interest Income (As % Of Revenues) %                     76.2 75.9 78.3 74.2 68.1    
Fee Income (As % Of Revenues) %                     20.2 20.3 19.4 18.4 19.2    
Equity (As % Of Assets) %                     6.74 6.94 7.41 7.81 7.52    
Loans (As % Of Deposits) %                     63.9 67.3 70.2 74.0 73.6    
Loans (As % Assets) %                     52.3 54.4 55.1 55.8 54.8    
NPLs (As % Of Loans) %                     1.05 1.02 1.26 1.66 1.58    
Provisions (As % Of NPLs) %                     257 260 210 144 144    
valuation                                  
Market Capitalisation (End Of Period) USD mil ... ... ...               160,900 147,231 166,445 145,036 172,401    
Number Of Shares (Average) mil                     250,011 250,011 250,011 250,011 250,011    
Share Price (End Of Period) HKD ... ... ...               4.99 4.57 5.16 4.50 5.35    
Earnings Per Share (EPS) CNY                     0.773 0.859 0.911 0.913 0.926    
Book Value Per Share CNY                     3.77 4.26 4.97 5.74 6.31    
Price/Earnings (P/E) ... ... ...               8.03 6.81 7.08 5.88 6.44    
Price/Book Value (P/BV) ... ... ...               1.65 1.37 1.30 0.936 0.946    
Earnings Per Share Growth % ...                   14.1 11.1 6.14 0.138 1.45    
Book Value Per Share Growth % ...                   16.1 13.2 16.5 15.5 9.94    
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                     603,480 646,699 739,621 771,292 699,195    
Interest Cost CNY mil                     250,039 256,709 301,728 312,807 278,838    
Net Interest Income CNY mil                     353,441 389,990 437,893 458,485 420,357    
Net Fee Income CNY mil                     93,507 104,283 108,517 113,530 118,509    
Other Income CNY mil                     16,957 19,761 12,900 45,518 78,754    
Total Revenues CNY mil                     463,905 514,034 559,310 617,533 617,620    
Operating Cost CNY mil                     169,876 188,185 195,988 216,986 220,934    
Operating Profit CNY mil                     294,029 325,849 363,322 400,547 396,686    
Provisions CNY mil                     38,330 42,666 59,264 92,610 89,588    
Extra and Other Cost CNY mil                     4,260 3,377 4,972 9,440 11,888    
Pre-Tax Profit CNY mil                     251,439 279,806 299,086 298,497 295,210    
Tax CNY mil                     57,837 64,684 70,839 69,611 62,821    
Minorities CNY mil                     423 465 417 741 929    
Net Profit CNY mil                     193,179 214,657 227,830 228,145 231,460    
growth rates                                  
Net Interest Income Growth % ...                   16.0 10.3 12.3 4.70 -8.32    
Net Fee Income Growth % ...                   7.49 11.5 4.06 4.62 4.39    
Total Revenue Growth % ...                   16.1 10.8 8.81 10.4 0.014    
Operating Cost Growth % ...                   17.5 10.8 4.15 10.7 1.82    
Operating Profit Growth % ...                   15.3 10.8 11.5 10.2 -0.964    
Pre-Tax Profit Growth % ...                   14.8 11.3 6.89 -0.197 -1.10    
Net Profit Growth % ...                   14.1 11.1 6.14 0.138 1.45    
market share                                  
Market Share in Revenues % ... ... ... ... ... ... ... ...     14.7 14.4 13.3 13.3 13.1   ...
Market Share in Net Profit % ... ... ... ... ...           12.8 ... ... ... ... ... ...
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                     2,458,100 2,475,000 2,610,800 2,401,500 2,849,300    
Interbank Loans CNY mil                     1,032,200 754,798 788,737 974,472 858,462    
Customer Loans CNY mil                     7,309,900 8,361,400 9,222,900 10,234,500 11,488,400    
Retail Loans CNY mil                     2,051,100 2,504,800 2,935,800 3,532,000 4,338,300    
Mortgage Loans CNY mil ... ... ... ... ... ... ...       1,544,000 1,896,200 2,273,100 2,797,200 3,585,600    
Consumer Loans CNY mil ... ... ... ... ... ... ...       507,100 608,600 662,700 734,800 752,700    
Corporate Loans CNY mil                     5,461,200 6,085,200 6,538,700 6,953,200 6,360,000    
Debt Securities CNY mil                     2,905,100 3,450,300 3,775,800 4,358,000 5,271,400    
Fixed Assets CNY mil                     133,890 155,072 172,053 179,005 190,383    
Total Assets CNY mil                     13,972,800 15,363,200 16,744,100 18,349,500 20,963,700    
Shareholders' Equity CNY mil                     941,668 1,066,000 1,241,500 1,434,000 1,576,500    
Of Which Minority Interest CNY mil                     7,877 8,378 10,338 11,063 13,154    
Liabilities CNY mil                     13,031,100 14,297,200 15,502,600 16,915,500 19,387,200    
Interbank Borrowing CNY mil                     1,106,400 989,042 1,479,300 2,071,200 2,565,500    
Customer Deposits CNY mil                     11,444,300 12,416,800 13,139,500 13,839,300 15,601,900    
Sight Deposits CNY mil                     5,923,700 6,692,800 6,318,500 6,873,300 8,228,800    
Term Deposits CNY mil                     5,520,600 5,724,000 6,821,000 6,966,000 7,373,100    
Issued Debt Securities CNY mil                     161,768 163,791 191,349 244,748 252,546    
Other Liabilities CNY mil                     318,664 727,567 692,451 760,252 967,254    
asset quality                                  
Non-Performing Loans CNY mil                     78,873 87,961 119,802 174,564 186,121    
Gross Loans CNY mil                     7,512,300 8,590,100 9,474,500 10,485,100 11,757,000    
Total Provisions CNY mil                     202,433 228,696 251,613 250,617 268,677    
growth rates                                  
Customer Loan Growth % ...                   15.6 14.4 10.3 11.0 12.3    
Retail Loan Growth % ...                   20.3 22.1 17.2 20.3 22.8    
Mortgage Loan Growth % ... ... ... ... ... ... ... ...     16.1 22.8 19.9 23.1 28.2    
Consumer Loan Growth % ... ... ... ... ... ... ... ...     35.1 20.0 8.89 10.9 2.44    
Corporate Loan Growth % ...                   14.0 11.4 7.45 6.34 -8.53    
Total Asset Growth % ...                   13.8 9.95 8.99 9.59 14.2    
Shareholders' Equity Growth % ...                   16.1 13.2 16.5 15.5 9.94    
Customer Deposit Growth % ...                   14.0 8.50 5.82 5.33 12.7    
market share                                  
Market Share in Customer Loans % ...                   10.9 10.5 10.2 9.74 9.85    
Market Share in Total Assets % ...                   10.5 10.1 9.72 9.21 9.10    
Market Share in Customer Deposits % ...                   12.1 29.8 29.0 24.3 22.0    
ratios Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                  
ROE %                     22.0 21.4 19.7 17.1 15.4    
ROA %                     1.47 1.46 1.42 1.30 1.18    
Costs (As % Of Assets) %                     1.29 1.28 1.22 1.24 1.12    
Costs (As % Of Income) %                     36.6 36.6 35.0 35.1 35.8    
Capital Adequacy Ratio % ... ...                 14.3 13.3 14.9 15.4 14.9    
Tier 1 Ratio % ... ...                 11.3 10.8 12.1 13.3 13.2    
Net Interest Margin %                     2.69 2.66 2.73 2.61 2.14    
Interest Spread % ...                   2.56 2.53 2.58 2.47 2.02    
Asset Yield %                     4.60 4.41 4.61 4.40 3.56    
Cost Of Liabilities % ...                   2.04 1.88 2.03 1.93 1.54    
Interest Income (As % Of Revenues) %                     76.2 75.9 78.3 74.2 68.1    
Fee Income (As % Of Revenues) %                     20.2 20.3 19.4 18.4 19.2    
Other Income (As % Of Revenues) %                     3.66 3.84 2.31 7.37 12.8    
Equity (As % Of Assets) %                     6.74 6.94 7.41 7.81 7.52    
Loans (As % Of Deposits) %                     63.9 67.3 70.2 74.0 73.6    
Loans (As % Assets) %                     52.3 54.4 55.1 55.8 54.8    
NPLs (As % Of Loans) %                     1.05 1.02 1.26 1.66 1.58    
Provisions (As % Of NPLs) %                     257 260 210 144 144    
Provisions (As % Of Loans) %                     2.77 2.74 2.73 2.45 2.34    
Cost of Provisions (As % Of Loans) %                     0.562 0.545 0.674 0.952 0.825    
other data Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                  
Employees ... ...                 348,955 368,410 372,321 369,183 362,482    
Sight (As % Of Customer Deposits) %                     51.8 53.9 48.1 49.7 52.7    
On-balance Sheet Loans RMB mil ... ... ... ... ... ... ... ... ... ... ... 8,361,400 9,222,900 10,234,500 11,488,400    

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Construction Bank's share price (end of period) fell 3.33% yoy to HKD 5.92 in 2Q2019

By Helgi Analytics - October 10, 2019

China Construction Bank stock traded at HKD 5.92 per share at the end of second quarter of 2019 implying a market capitalization of USD 189,398 mil. Over the last five years, the stock has appreciated by 26.1 % implying an annual average growth of 4.75 %. In absolute ...

Construction Bank's npls (as % of loans) fell 4.24% yoy to 1.44% in 2Q2019

By Helgi Analytics - October 10, 2019

China Construction Bank's non-performing loans reached 1.44% of total loans at the end of 2019-06-30, down from 1.51% compared to the previous year. Historically, the NPL ratio hit an all time high of 1.72% in 2016-06-30 and an all time low of 0.980% in 2013-09-3...

Construction Bank's net interest margin fell 1.38% yoy to 2.07% in 2Q2019

By Helgi Analytics - October 10, 2019

China Construction Bank's net interest margin amounted to 2.07% in the second quarter of 2019, down from 2.11% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 5.26% in 4Q2017 and an all time low...

Construction Bank's price/earnings (P/E) fell 11.2% yoy to 6.42 in 2Q2019

By Helgi Analytics - October 10, 2019

China Construction Bank stock traded at HKD 5.92 per share at the end second quarter of 2019 implying a market capitalization of USD 189,398 mil. Since the end of 2Q2014, the stock has appreciated by 26.1 % implying an annual average growth of 4.75 %. In absolute term...

Construction Bank's customer loan growth rose 10.1% yoy to 7.80% in 2Q2019

By Helgi Analytics - October 10, 2019

China Construction Bank's customer loan growth reached 7.80% in 2019-06-30, up from 7.08% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 17.8% in 2010-12-31 and an all time low of 6.29% in 2018-12-31. In t...

Construction Bank's net interest income rose 4.93% yoy to CNY 125,644 mil in 2Q2019

By Helgi Analytics - October 10, 2019

China Construction Bank generated total banking revenues of CNY 178,636 mil in the second quarter of 2019, up 9.7% when compared to the same period of last year and down 6.33% when compared to the previous quarter. Historically, the bank’s revenue...

Construction Bank's equity (as % of assets) rose 3.93% yoy to 8.50% in 2Q2019

By Helgi Analytics - October 10, 2019

China Construction Bank's Equity reached 7.25% of total assets in the 2Q2019, up from 7.16% for the previous year. As a share of net customer loans, the ratio amounted to 13.9% at the end of the second quarter of 2019. ...

Construction Bank's net profit rose 5.11% to CNY 254,655 mil in 2018

By Helgi Analytics - October 10, 2019

China Construction Bank made a net profit of CNY 254,655 mil under revenues of CNY 674,938 mil in 2018, up 5.11% and 5.97% respectively compared to the previous year. Historically, the bank’s net profit reached an all time high of CNY 254,655 mil in 2018 and an all time ...

Construction Bank's capital adequacy ratio rose 10.9% to 17.2% in 2018

By Helgi Analytics - October 10, 2019

China Construction Bank's capital adequacy ratio reached 17.2% at the end of 2018, up from 15.5% compared to the previous year. Historically, the bank’s capital ratio hit an all time high of 17.2% in 2018 and an all time low of 11.3% in 2004. The Tier 1 ratio...

Construction Bank's net interest margin rose 1.79% to 2.15% in 2018

By Helgi Analytics - October 10, 2019

China Construction Bank's net interest margin amounted to 2.15% in 2018, up from 2.11% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 3.21% in 2007 and an all time low of 2.11% in 2017. The averag...

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Finance

China Construction Bank has been growing its revenues and asset by 10.2% and 11.9% a year on average in the last 10 years. Its loans and deposits have grown by 13.8% and 10.6% a year during that time and loans to deposits ratio reached 76.5% at the end of 2018. The company achieved an average return on equity of 18.8% in the last decade with net profit growing 10.6% a year on average. In terms of operating efficiency, its cost to income ratio reached 29.8% in 2018, compared to 35.3% average in the last decade.

Equity represented 8.51% of total assets or 14.8% of loans at the end of 2018. China Construction Bank's non-performing loans were 1.47% of total loans while provisions covered some 206% of NPLs at the end of 2018.

Valuation

China Construction Bank stock traded at HKD 5.67 per share at the end of 2018 resulting in a market capitalization of USD 181,149 mil. Over the previous five years, stock price rose by 24.2% or 4.44% a year on average. That’s compared to an average ROE of 16.0% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 6.34x and price to book value (PBV) of 0.817x in 2018.