The first annual report of a large state-owned bank is released.

A few days ago, Bank of Communications (601328.SH, 3328.HK) disclosed its annual report. In 2021, Bank of Communications achieved operating income of 269.39 billion yuan, a year-on-year increase of 9.42; net profit attributable to shareholders of the parent company was 87.581 billion yuan, a year-on-year increase of 11.89.

The annual report shows that in 2021, Bank of Communications achieved net interest income of 161.693 billion yuan, a year-on-year increase of 8.357 billion yuan, accounting for 60.02% of operating income and is the main component of the bank's business income. During the reporting period, Bank of Communications' net interest income increased by 5.45% year-on-year, the net interest margin decreased by 1.47% year-on-year, and the net interest margin decreased by 1.56% year-on-year.

Among them, financial management business and agency business achieved net fee and commission income of 11.775 billion yuan and 5.664 billion yuan respectively, a year-on-year increase of 19.47 and 34.86, becoming the main growth point of Bank of Communications' fee and commission income.

In the face of a more complex and severe external environment, Bank of Communications continues to increase provisions and maintain a good ability to resist risks. In 2021, Bank of Communications' asset impairment losses were 68.691 billion yuan, an increase of 6.148 billion yuan, an increase of 9.83%, of which loan credit impairment losses were 62.945 billion yuan, an increase of 6.676 billion yuan, an increase of 11.86%.

As of the end of 2021, Bank of Communications’ total assets were 11.67 trillion yuan, an increase of 9.05% from the end of the previous year. Among them, the balance of customer loans was 6.56 trillion yuan, an increase of 12.17% from the end of the previous year. At the end of the reporting period, Bank of Communications' non-performing ratio was 1.48, a decrease of 19 basis points from the end of last year; the provision coverage ratio was 166.5, an increase of 22.63 percentage points from the end of last year.

State-owned banks bear the brunt of increasing continued support to the real economy. In terms of inclusive small and micro enterprise services, at the end of the reporting period, the balance of Bank of Communications’ inclusive small and micro enterprise loans was 338.819 billion yuan, an increase of 49.23% from the end of the previous year; the number of customers with loan balances was 212,200, an increase of 43.49% from the end of the previous year; Pratt average interest rate. Whitney Small and Micro Enterprise Loan 4, the comprehensive financing cost of small and micro customers decreased by 0.49 percentage points; Pratt Bank’s non-performing loan ratio; Whitney Small and Micro Enterprises was 1.16, a decrease of 1.02 percentage points from the end of last year.

Accelerating digital transformation is also the focus of Bank of Communications’ work. In 2021, Bank of Communications will comprehensively accelerate digital transformation, accelerate the transformation of business models from empirical judgment to data analysis, and from labor-intensive to human-computer interaction. The total investment in science and technology will be 8.75 billion yuan, a year-on-year increase of 23.6%; accounting for 4.03% of operating income, a year-on-year increase 0.5 percentage points. At the end of the reporting period, Bank of Communications had 4,539 financial technicians, accounting for 5.03% of the total number of employees in the group.

At the end of the reporting period, Bank of Communications' capital adequacy ratio was 15.45, its tier-one capital adequacy ratio was 13.01, and its core tier-one capital adequacy ratio was 10.62, representing changes of 0.2, 0.13 and -0.25 percentage points respectively from the end of the previous year. Related questions and answers: