TIDMB052
RNS Number : 4373W
Agricultural Bank of China Lon Br
17 April 2023
Agricultural Bank of China Limited
(Incorporated in the People's Republic of China with Limited
Liability)
Auditor's Report and Consolidated Financial Statements
For the year ended 31 December 2022
(Incorporated in the People's Republic of China with limited
liability)
Opinion
We have audited the consolidated financial statements of
Agricultural Bank of China Limited (the "Bank") and its
subsidiaries (the "Group") set out on pages 1 to 211, which
comprise the consolidated statement of financial position as at 31
December 2022, the consolidated statement of profit or loss, the
consolidated statement of comprehensive income, the consolidated
statement of changes in equity and the consolidated statement of
cash flows for the year then ended and notes to the consolidated
financial statements, including a summary of significant accounting
policies.
In our opinion, the consolidated financial statements give a
true and fair view of the consolidated financial position of the
Group as at 31 December 2022, and of its consolidated financial
performance and its consolidated cash flows for the year then ended
in accordance with International Financial Reporting Standards
("IFRSs") issued by the International Accounting Standards Board
("IASB") and have been properly prepared in compliance with the
disclosure requirements of the Hong Kong Companies Ordinance.
Basis for opinion
We conducted our audit in accordance with International
Standards on Auditing ("ISAs"). Our responsibilities under those
standards are further described in the Auditor's Responsibilities
for the Audit of the Consolidated Financial Statements section of
our report. We are independent of the Group in accordance with the
International Code of Ethics for Professional Accountants
(including International Independence Standards) issued by the
International Ethics Standards Board for Accountants ("IESBA
Code"), together with any ethical requirements that are relevant to
our audit of the consolidated financial statements in the People's
Republic of China, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the
IESBA Code. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the
consolidated financial statements of the current period. These
matters were addressed in the context of our audit of the
consolidated financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these
matters.
Key audit matters (continued)
Measurement of expected credit losses for loans and advances to
customers
Refer to the accounting policy in "Note II 8.5 Impairment of financial
instruments, Note III 2 Measurement of the expected credit loss
allowance", and "Note IV 8 Credit impairment losses, Note IV 17
Loans and advances to customers, Note IV 44.1 Credit risk" to
the consolidated financial statements.
How the matter was addressed in
The Key Audit Matter our audit
--------------------------------------------------------------
The Group uses an expected credit Our audit procedures to assess
loss ("ECL") model to measure the ECL for loans and advances to customers
loss allowance for loans and advances included the following:
to customers in accordance with * with the assistance of KPMG's IT specialists,
International Financial Reporting understanding and assessing the design,
Standard 9, Financial instruments. implementation and operating effectiveness of key
internal controls of financial reporting over the
The determination of loss allowance approval, recording and monitoring of loans and
for loans and advances to customers advances to customers, the credit risk staging
using the expected credit loss process and the measurement of ECL for loans and
model is subject to the application advances to customers.
of a number of key parameters and
assumptions, including the credit
risk staging, probability of default,
loss given default, exposures at * with the assistance of KPMG's financial risk
default and discount rate, adjustments specialists, assessing the appropriateness of the ECL
for forward-looking information model in determining loss allowances and the
and other adjustment factors. Extensive appropriateness of the key parameters and assumptions
management judgement is involved in the model, which included credit risk staging,
in the selection of those parameters probability of default, loss given default, exposure
and the application of the assumptions. at default, adjustments for forward-looking
information and other adjustments, and assessing the
appropriateness of related key management judgement.
--------------------------------------------------------------
Key audit matters (continued)
Measurement of expected credit losses for loans and advances to
customers (continued)
Refer to the accounting policy in "Note II 8.5 Impairment of financial
instruments, Note III 2 Measurement of the expected credit loss
allowance", and "Note IV 8 Credit impairment losses, Note IV 17
Loans and advances to customers, Note IV 44.1 Credit risk" to
the consolidated financial statements.
How the matter was addressed in
The Key Audit Matter our audit
--------------------------------------------------------------
In particular, the determination
of the loss allowance is heavily * for key parameters involving judgement, critically
dependent on the external macro assessing input parameters by seeking evidence from
environment and the Group's internal external sources and comparing to the Group's
credit risk management strategy. internal records including historical loss experience
The ECL for corporate loans and and type of collateral. As part of these procedures,
advances are derived from estimates we challenged management's revisions to estimates and
including the historical losses, input parameters by comparing with prior period and
internal and external credit grading considered the consistency of judgement.
and other adjustment factors. The
ECL for personal loans and advances
are derived from estimates whereby
management takes into consideration * comparing the macroeconomic forward- looking
historical overdue data, the historical information used in the model with market information
loss experience for personal loans to assess whether they were aligned with market and
and other adjustment factors. economic development.
* assessing the completeness and accuracy of data used
in the ECL model. For key internal data, we compared
the total balance of the loans and advances' list
used by management to assess the ECL with the general
ledger to check the completeness of the data. We also
selected samples to compare individual loan and
advance information with the underlying agreements
and other related documentation, to check the
accuracy of the data and samples, to check the
accuracy of external data by comparing them with
public resources.
--------------------------------------------------------------
Key audit matters (continued)
Measurement of expected credit losses for loans and advances to
customers (continued)
Refer to the accounting policy in "Note II 8.5 Impairment of financial
instruments, Note III 2 Measurement of the expected credit loss
allowance", and "Note IV 8 Credit impairment losses, Note IV 17
Loans and advances to customers, Note IV 44.1 Credit risk" to
the consolidated financial statements.
How the matter was addressed in
The Key Audit Matter our audit
---------------------------------------------------------------
Management also exercises judgement
in determining the quantum of loss * for key parameters used in the ECL model which were
given default based on a range derived from system- generated internal data,
of factors. These include the financial assessing the accuracy of input data by comparing the
situation of the borrower, the input data with original documents on a sample basis.
security type, the seniority of In addition, we involved KPMG's IT specialists to
the claim, the recoverable amount assess the logics and compilation of the loans and
of collateral, and other repayment advances' overdue information on a sample basis.
sources of the borrower. Management
refers to valuation reports of
collateral issued by qualified
third party valuers and considers * evaluating the reasonableness of management's
the influence of various factors assessment on whether the credit risk of the loan and
including the market price, status advance has, or has not, increased significantly
and use when assessing the value since initial recognition and whether the loan and
of collaterals. The enforceability, advance is credit-impaired by selecting risk-based
timing and means of realisation samples. We analyzed the portfolio by industry sector
of collateral can also have an to select samples in industries more vulnerable to
impact on the recoverable amount the current economic situation with reference to
of collateral. other borrowers with potential credit risk. For
selected samples, we checked loan overdue information,
making enquiries of the credit managers about the
borrowers' business operations, checking borrowers'
financial information and researching market
information about borrowers' businesses, to check the
credit risk status of the borrower, and the
reasonableness of the loans' credit risk stage.
---------------------------------------------------------------
Key audit matters (continued)
Measurement of expected credit losses for loans and advances to
customers (continued)
Refer to the accounting policy in "Note II 8.5 Impairment of financial
instruments, Note III 2 Measurement of the expected credit loss
allowance", and "Note IV 8 Credit impairment losses, Note IV 17
Loans and advances to customers, Note IV 44.1 Credit risk" to
the consolidated financial statements.
How the matter was addressed in
The Key Audit Matter our audit
---------------------------------------------------------------
We identified the measurement of
ECL of loans and advances to customers * evaluating the reasonableness of loss given default
as a key audit matter because of for selected samples of corporate loans and advances
the inherent uncertainty and management to customers that are credit-impaired, by checking
judgement involved and because the financial situation of the borrower, the security
of its significance to the financial type, the seniority of the claim, the recoverable
results and capital of the Group. amount of collateral, and other repayment sources of
the borrower. Evaluating management's assessment of
the value of any collateral, by comparison with
evaluation result based on the category, status, use
of the collateral and market prices. For valuation
reports of collateral issued by qualified third party,
we evaluated the competence, professional quality and
objectivity of the external appraiser. We also
evaluated the timing and means of realisation of
collateral, evaluated the forecast cash flows,
challenged the viability of the Group's recovery
plans; based on the above work, we selected samples
and assessed the accuracy of calculation for loans
and advances' credit losses by using the ECL model.
---------------------------------------------------------------
Key audit matters (continued)
Measurement of expected credit losses for loans and advances to
customers (continued)
Refer to the accounting policy in "Note II 8.5 Impairment of financial
instruments, Note III 2 Measurement of the expected credit loss
allowance", and "Note IV 8 Credit impairment losses, Note IV 17
Loans and advances to customers, Note IV 44.1 Credit risk" to
the consolidated financial statements.
How the matter was addressed in
The Key Audit Matter our audit
--------------------------------------------------------------
* performing retrospective review of expected credit
loss model components and significant assumptions, to
back-test past estimates element against actual
outcomes, and assess whether the results indicate
possible management bias on loss estimation.
* assessing the reasonableness of the disclosures in
the financial statements in relation to expected
credit losses for loans and advances against
prevailing accounting standards.
--------------------------------------------------------------
Key audit matters (continued)
Measurement of interests in and consolidation of structured entities
Refer to the accounting policy in "Note II 2 Consolidation, Note
III 5 Consolidation of structured entities", and "Note IV 41 Structured
entities" to the consolidated financial statements.
How the matter was addressed in
The Key Audit Matter our audit
-------------------------------------------------------------------
Structured entities are generally Our audit procedures to assess
created to achieve a narrow and the measurement of interests in
well defined objective with restrictions and consolidation of structured
around their ongoing activities. entities included the following:
* assessing the design, implementation and operating
The Group may acquire an ownership effectiveness of key internal controls of financial
interest in a structured entity, reporting over measurement of interests in and
through initiating, investing or consolidation of structured entities.
retaining shares in a Wealth Management
Products ("WMPs"), securitization
products, funds, trust investment
plans, debt investment plans and * selecting significant structured entities of each key
asset management plans. The Group product type and performing the following procedures:
may also retain partial interests
in derecognized assets due to guarantees
or securitization structures.
* inspecting the related contracts, internal
establishment documents and information disclosed to
the investors to understand the purpose of the
establishment of the structured entity and the
involvement the Group has with the structured entity
and to assess management's judgement over whether the
Group has the ability to exercise power over the
structured entity;
* inspecting the risk and reward structure of the
structured entity, including any capital or return
guarantee, provision of liquidity support, commission
paid and distribution of the returns, to assess
management's judgement as to the exposure, or rights,
to variable returns from the Group's involvement in
such an entity;
-------------------------------------------------------------------
Key audit matters (continued)
Measurement of interests in and consolidation of structured entities
(continued)
Refer to the accounting policy in "Note II 2 Consolidation, Note
III 5 Consolidation of structured entities", and "Note IV 41 Structured
entities" to the consolidated financial statements.
How the matter was addressed in
The Key Audit Matter our audit
--------------------------------------------------------------
In determining whether the Group
retains any partial interests in * inspecting management's analysis of the structured
a structured entity or should consolidate entity, including qualitative analysis and the
a structured entity, management calculation of the magnitude and variability
is required to consider the power associated with the Group's economic interests in the
it possesses, its exposure to variable structured entity, to assess management's judgement
returns, and its ability to use over the Group's ability to affect its own returns
its power to affect returns. These from the structured entity;
factors are not purely quantitative
and need to be considered collectively
in the overall substance of the * assessing management's judgement over whether the
transactions. structured entity should be consolidated or not.
We identified the recognition of
interests in and consolidation * assessing the reasonableness of the disclosures in
of structured entities as a key the financial statements in relation to the
audit matter because of the complex measurement of interests in and consolidation of
nature of certain of these structured structured entities against prevailing accounting
entities and because of the judgement standards.
exercised by management in the
qualitative assessment of the terms
and the nature of each entity.
--------------------------------------------------------------
Key audit matters (continued)
Measurement of financial instruments' fair value
Refer to the accounting policy in "Note II 8.3 Determination of
fair value, Note III 3 Fair value of financial instruments", and
"Note IV 46 Fair value of financial instruments" to the consolidated
financial statements.
The Key Audit Matter How the matter was addressed in
our audit
--------------------------------------------------------------
Financial instruments carried at Our audit procedures to assess
fair value account for a significant measurement of financial instruments'
part of the Group's assets and fair value included the following:
liabilities. The fair value adjustments
of financial instruments may impact * assessing the design, implementation and operating
either the profit or loss or other effectiveness of key internal controls of financial
comprehensive income. reporting over the model building, model validation,
independent valuation and front office and back
The valuation of the Group's financial office reconciliations for financial instruments.
instruments, held at fair value,
is based on a combination of market
data and valuation models which
often require a considerable number * assessing the level 1 fair value of financial
of inputs. Many of these inputs instruments, on a sample basis, by comparing the fair
are obtained from readily available value applied by the Group with publicly available
data, in particular for level 1 market data.
and level 2 financial instruments
in the fair value hierarchy, the
valuation models for which use
quoted market prices and observable
inputs, respectively. Where one
or more significant unobservable
inputs, such as credit risk, liquidity
and discount rate, are involved
in the valuation techniques, as
in the case of level 3 financial
instruments, then estimates need
to be developed which can involve
extensive management judgements.
--------------------------------------------------------------
Key audit matters (continued)
Measurement of financial instruments' fair value (continued)
Refer to the accounting policy in "Note II 8.3 Determination of
fair value, Note III 3 Fair value of financial instruments", and
"Note IV 46 Fair value of financial instruments" to the consolidated
financial statements.
How the matter was addressed in
The Key Audit Matter our audit
--------------------------------------------------------------
We identified measurement of financial
instruments' fair value as a key * for level 2 and level 3 financial instruments, on a
audit matter because of the assets sample basis, involving KPMG's valuation specialists
and liabilities measured at fair to assess whether the valuation method selected is
value are material to the Group appropriate with reference to the prevailing
and the degree of complexity involved accounting standards. Our procedures included:
in the valuation techniques and developing parallel models, obtaining inputs
the degree of judgement exercised independently and verifying the inputs; assessing the
by management in determining the appropriate application of fair value adjustment that
inputs used in the valuation models. form an integral part of fair value, by inquiring of
management about any changes in the fair value
adjustment methodologies and assessing the
appropriateness of the inputs applied; and comparing
our valuation results with that of the Group.
* assessing the reasonableness of the disclosures in
the financial statements in relation to fair value of
financial instruments against prevailing accounting
standards.
--------------------------------------------------------------
Information other than the consolidated financial statements and
auditor's report thereon
The directors are responsible for the other information. The
other information comprises all the information included in the
annual report other than the consolidated financial statements and
our auditor's report thereon.
Our opinion on the consolidated financial statements does not
cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the consolidated financial
statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is
materially inconsistent with the consolidated financial statements
or our knowledge obtained in the audit or otherwise appears to be
materially misstated.
If, based on the work we have performed, we conclude that there
is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this
regard.
Responsibilities of the directors for the consolidated financial
statements
The directors are responsible for the preparation of the
consolidated financial statements that give a true and fair view in
accordance with IFRSs issued by the IASB and the disclosure
requirements of the Hong Kong Companies Ordinance, and for such
internal control as the directors determine is necessary to enable
the preparation of consolidated financial statements that are free
from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the
directors are responsible for assessing the Group's ability to
continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the
Group or to cease operations, or have no realistic alternative but
to do so.
The directors are assisted by the Audit Committee in discharging
their responsibilities for overseeing the Group's financial
reporting process.
Auditor's responsibilities for the audit of the consolidated
financial statements
Our objectives are to obtain reasonable assurance about whether
the consolidated financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue
an auditor's report that includes our opinion. This report is made
solely to you, as a body, and for no other purpose. We do not
assume responsibility towards or accept liability to any other
person for the contents of this report.
Auditor's responsibilities for the audit of the consolidated
financial statements (continued)
Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with ISAs will
always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of
these consolidated financial statements.
As part of an audit in accordance with ISAs, we exercise
professional judgement and maintain professional scepticism
throughout the audit. We also:
l Identify and assess the risks of material misstatement of the
consolidated financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide
a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal
control.
l Obtain an understanding of internal control relevant to the
audit in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Group's internal control.
l Evaluate the appropriateness of accounting policies used and
the reasonableness of accounting estimates and related disclosures
made by the directors.
l Conclude on the appropriateness of the directors' use of the
going concern basis of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Group's
ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in
our auditor's report to the related disclosures in the consolidated
financial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor's report. However, future
events or conditions may cause the Group to cease to continue as a
going concern.
l Evaluate the overall presentation, structure and content of
the consolidated financial statements, including the disclosures,
and whether the consolidated financial statements represent the
underlying transactions and events in a manner that achieves fair
presentation.
l Obtain sufficient appropriate audit evidence regarding the
financial information of the entities or business activities within
the Group to express an opinion on the consolidated financial
statements. We are responsible for the direction, supervision and
performance of the group audit. We remain solely responsible for
our audit opinion.
Auditor's responsibilities for the audit of the consolidated
financial statements (continued)
We communicate with the Audit Committee regarding, among other
matters, the planned scope and timing of the audit and significant
audit findings, including any significant deficiencies in internal
control that we identify during our audit.
We also provide the Audit Committee with a statement that we
have complied with relevant ethical requirements regarding
independence, and communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence
and, where applicable, actions taken to eliminate threats or
safeguards applied.
From the matters communicated with the Audit Committee, we
determine those matters that were of most significance in the audit
of the consolidated financial statements of the current period and
are therefore the key audit matters. We describe these matters in
our auditor's report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare
circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of
doing so would reasonably be expected to outweigh the public
interest benefits of such communication.
The engagement partner on the audit resulting in this
independent auditor's report is Wong Yuen Shan.
KPMG
Certified Public Accountants
8th Floor, Prince's Building 10 Chater Road
Central, Hong Kong 30 March 2023
For the year ended 31 December 2022
(Amounts in millions of Renminbi, unless otherwise stated)
Note Year ended 31 December
IV 2022 2021
Interest income 1 1,108,547 1,008,014
Interest expense 1 (518,581) (430,027)
Net interest income 1 589,966 577,987
Fee and commission income 2 95,518 98,721
Fee and commission expense 2 (14,236) (18,392)
Net fee and commission income 2 81,282 80,329
Net trading gain 3 5,519 14,241
Net gain on financial investments 4 5,909 15,035
Net gain on derecognition of
financial assets measured at
amortized cost 160 11
Other operating income 5 42,663 34,143
Operating income 725,499 721,746
Operating expenses 6 (274,023) (260,275)
Credit impairment losses 8 (145,267) (165,886)
Impairment losses on other assets (59) (114)
Operating profit 306,150 295,471
Share of results of associates
and joint ventures 66 409
Profit before tax 306,216 295,880
Income tax expense 9 (47,528) (53,944)
Profit for the year 258,688 241,936
For the year ended 31 December 2022 (continued)
(Amounts in millions of Renminbi, unless otherwise stated)
Note Year ended 31 December
IV 2022 2021
Attributable to:
Equity holders of the Bank 259,140 241,183
Non-controlling interests (452) 753
258,688 241,936
Earnings per share attributable
to the ordinary equity holders
of the Bank (expressed in
RMB yuan per share)
- Basic and diluted 11 0.69 0.65
The accompanying notes form an integral part of these
consolidated financial statements.
For the year ended 31 December 2022
(Amounts in millions of Renminbi, unless otherwise stated)
Year ended 31 December
2022 2021
Profit for the year 258,688 241,936
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss:
Fair value changes on debt instruments
at fair value through other comprehensive
income (16,089) 8,504
Loss allowance on debt instruments
at fair value
through other comprehensive income 16,717 3,572
Income tax impact for fair value
changes and loss
allowance on debt instruments at
fair value through other comprehensive
income (516) (2,865)
Foreign currency translation differences 3,853 (1,724)
Subtotal 3,965 7,487
Items that will not be reclassified
subsequently to profit or loss:
Fair value changes on other equity
investments designated at fair value
through other
comprehensive income 128 (282)
Income tax impact for fair value
changes on other equity investments
designated at fair value through
other comprehensive income (33) 115
Subtotal 95 (167)
Other comprehensive income, net of
tax 4,060 7,320
Total comprehensive income for the
year 262,748 249,256
For the year ended 31 December 2022 (continued)
(Amounts in millions of Renminbi, unless otherwise stated)
Year ended 31 December
2022 2021
Total comprehensive income attributable to:
Equity holders of the Bank 263,424 248,399
Non-controlling interests (676) 857
262,748 249,256
The accompanying notes form an integral part of these
consolidated financial statements.
As at 31 December 2022
(Amounts in millions of Renminbi, unless otherwise stated)
Note As at 31 December
IV 2022 2021
Assets
Cash and balances with central
banks 12 2,549,130 2,321,406
Deposits with banks and other
financial institutions 13 630,885 218,500
Precious metals 83,389 96,504
Placements with and loans to
banks and other financial institutions 14 500,330 446,944
Derivative financial assets 15 30,715 21,978
Financial assets held under resale
agreements 16 1,172,187 837,637
Loans and advances to customers 17 18,982,886 16,454,503
Financial investments 18
Financial assets at fair value
through profit or loss 522,057 460,241
Debt instrument investments at
amortized
cost 7,306,000 6,372,522
Other debt instrument and other
equity investments at fair value
through other
comprehensive income 1,702,106 1,397,280
Investment in associates and
joint ventures 20 8,092 8,297
Property and equipment 21 152,572 153,299
Goodwill 1,381 1,381
Deferred tax assets 22 149,698 143,027
Other assets 23 136,105 135,636
Total assets 33,927,533 29,069,155
Note As at 31 December
IV 2022 2021
Liabilities
Borrowings from central banks 24 901,116 747,213
Deposits from banks and other
financial institutions 25 2,459,178 1,622,366
Placements from banks and other
financial institutions 26 333,755 291,105
Financial liabilities at fair
value through profit or loss 27 12,287 15,860
Derivative financial liabilities 15 31,004 19,337
Financial assets sold under repurchase
agreements 28 43,779 36,033
Due to customers 29 25,121,040 21,907,127
Dividends payable 10 1,936 -
Debt securities issued 30 1,869,398 1,507,657
Deferred tax liabilities 22 9 655
Other liabilities 31 479,580 500,443
Total liabilities 31,253,082 26,647,796
Note As at 31 December
IV 2022 2021
Equity
Ordinary shares 32 349,983 349,983
Other equity instruments 33 440,000 360,000
Preference shares 80,000 80,000
Perpetual bonds 360,000 280,000
Capital reserve 34 173,426 173,428
Investment revaluation reserve 35 35,354 34,927
Surplus reserve 36 246,764 220,792
General reserve 37 388,600 351,616
Retained earnings 1,032,524 925,955
Foreign currency translation
reserve 1,761 (2,096)
Equity attributable to equity
holders of the Bank 2,668,412 2,414,605
Non-controlling interests 6,039 6,754
Total equity 2,674,451 2,421,359
Total equity and liabilities 33,927,533 29,069,155
Approved and authorized for issue by the Board of Directors on
30 March 2023.
Gu Shu Fu Wanjun Chairman Vice Chairman
The accompanying notes form an integral part of these
consolidated financial statements.
Total equity attributable to equity holders of the Bank
Foreign
Note Ordinary Other Capital Investment Surplus General Retained currency Non-
IV shares equity reserve revaluation reserve reserve earnings translation Subtotal controlling Total
instruments reserve reserve interests
As at 31
December 2021 349,983 360,000 173,428 34,927 220,792 351,616 925,955 (2,096) 2,414,605 6,754 2,421,359
Profit for the
year - - - - - - 259,140 - 259,140 (452) 258,688
Other
comprehensive
income - - - 427 - - - 3,857 4,284 (224) 4,060
Total
comprehensive
income
for the year - - - 427 - - 259,140 3,857 263,424 (676) 262,748
Capital
contribution
from
equity holders 33 - 80,000 (3) - - - - - 79,997 - 79,997
Appropriation to
surplus
reserve 36 - - - - 25,972 - (25,972) - - - -
Appropriation to
general
reserve 37 - - - - - 36,984 (36,984) - - - -
Dividends paid
to ordinary
equity holders 10 - - - - - - (72,376) - (72,376) - (72,376)
Dividends paid
to other
equity
instruments
holders 10 - - - - - - (17,239) - (17,239) - (17,239)
Dividends paid
to
non-controlling
equity holders - - - - - - - - - (2) (2)
Others - - 1 - - - - - 1 (37) (36)
As at 31
December 2022 349,983 440,000 173,426 35,354 246,764 388,600 1,032,524 1,761 2,668,412 6,039 2,674,451
----------------- ----------------- ----------------- ----------------- ----------------- ================= ================= ================= ================= ==========
Total equity attributable to equity holders of the Bank
Foreign
Note Ordinary Other Capital Investment Surplus General Retained currency Non-
IV shares equity reserve revaluation reserve reserve earnings translation Subtotal controlling Total
instruments reserve reserve interests
As at 31
December 2020 349,983 320,000 173,431 25,987 196,071 311,449 828,240 (372) 2,204,789 5,957 2,210,746
Profit for the
year - - - - - - 241,183 - 241,183 753 241,936
Other
comprehensive
income - - - 8,940 - - - (1,724) 7,216 104 7,320
Total
comprehensive
income
for the year - - - 8,940 - - 241,183 (1,724) 248,399 857 249,256
Capital
contribution
from
equity holders 33 - 40,000 (3) - - - - - 39,997 37 40,034
Appropriation to
surplus
reserve 36 - - - - 24,721 - (24,721) - - - -
Appropriation to
general
reserve 37 - - - - - 40,167 (40,167) - - - -
Dividends paid
to ordinary
equity holders 10 - - - - - - (64,782) - (64,782) - (64,782)
Dividends paid
to other
equity
instruments
holders 10 - - - - - - (13,798) - (13,798) - (13,798)
Dividends paid
to
non-controlling
equity holders - - - - - - - - - (97) (97)
As at 31
December 2021 349,983 360,000 173,428 34,927 220,792 351,616 925,955 (2,096) 2,414,605 6,754 2,421,359
----------------- ----------------- ----------------- ----------------- ----------------- ================= ================= ================= ================= ==========
The accompanying notes form an integral part of these
consolidated financial statements.
For the year ended 31 December 2022
(Amounts in millions of Renminbi, unless otherwise stated)
Note Year ended 31 December
IV 2022 2021
Cash flows from operating activities
Profit before tax 306,216 295,880
Adjustments for:
Amortization of intangible assets
and
other assets 3,494 2,322
Depreciation of property, equipment
and right-of-use assets 17,883 17,475
Credit impairment losses 145,267 165,886
Impairment losses on other assets 59 114
Interest income arising from investment
securities (277,557) (252,804)
Interest expense on debt securities
issued 45,140 39,188
Revaluation (gain)/loss on financial
instruments at fair value through
profit
or loss (5,647) 4,019
Net gain on investment securities (847) (1,285)
Share of results of associates and
joint
ventures (66) (409)
Net gain on disposal and stocktake
of property, equipment and other
assets (797) (921)
Net foreign exchange (gain)/loss (2,547) 16,877
230,598 286,342
Note Year ended 31 December
IV 2022 2021
Cash flows from operating activities
(continued)
Net changes in operating assets and
operating liabilities:
Net (increase)/decrease in balances
with central banks, deposits with
banks and other financial institutions (444,340) 313,337
Net decrease/(increase) in placements
with and loans to banks and other
financial institutions 17,681 (4,992)
Net (increase)/decrease in financial
assets held under resale agreements (16,796) 48,919
Net increase in loans and advances
to customers (2,598,793) (2,026,482)
Net increase in borrowings from central
banks 150,974 10,483
Net increase/(decrease) in placements
from banks and other financial
institutions 41,292 (99,232)
Net increase in due to customers
and deposits from banks and other
financial
institutions 3,972,068 1,712,770
(Increase)/decrease in other operating
assets (54,148) 173,587
Increase/(decrease) in other operating
liabilities 92,784 (116,370)
Cash from operations 1,391,320 298,362
Income tax paid (69,317) (58,747)
Net cash from operating activities 1,322,003 239,615
Note Year ended 31 December
IV 2022 2021
Cash flows from investing activities
Cash received from disposal/redemption
of investment securities 2,006,183 1,619,583
Cash received from investment income 266,576 247,470
Cash received from disposal of investment
in associates and joint
ventures 1,685 2,793
Cash received from disposal of property,
equipment and other assets 5,857 5,790
Cash paid for purchase of investment
securities (3,308,162) (2,178,694)
Acquisition of non-controlling interests (37) -
Increase in investment in associates
and
joint ventures (2,000) (2,146)
Cash paid for purchase of property,
equipment and other assets (22,092) (26,033)
Net cash used in investing activities (1,051,990) (331,237)
Cash flows from financing activities
Contribution from issues of other
equity instruments 80,000 40,000
Cash payments for transaction cost
of other equity instruments issued (3) (3)
Cash received from debt securities
issued 2,035,552 1,635,127
Cash payments for transaction cost
of debt securities issued (18) (39)
Repayments of debt securities issued (1,656,608) (1,497,003)
Cash payments for interest on debt
securities issued (68,079) (40,429)
Cash payments for principal portion
and interest portion of lease liability (4,946) (5,010)
Capital contribution from non-controlling
interests - 37
Dividends paid (87,681) (78,677)
Net cash from financing activities 298,217 54,003
Note Year ended 31 December
IV 2022 2021
Net increase/(decrease) in cash
and cash equivalents 568,230 (37,619)
Cash and cash equivalents as
at 1 January 1,124,762 1,175,153
Effect of exchange rate changes
on cash and cash equivalents 12,641 (12,772)
Cash and cash equivalents as
at 31 December 38 1,705,633 1,124,762
Net cash flows from operating
activities include:
Interest received 775,043 717,022
Interest paid (389,721) (342,465)
The accompanying notes form an integral part of these
consolidated financial statements.
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