Results Announcement for the Year Ended December 31, 2017

333 Pages·2017·4.4 MB·English

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the
contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability
whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
Postal Savings Bank of China Co., Ltd.
中 國 郵 政 儲 蓄 銀 行 股 份 有 限 公 司
(A joint stock limited liability company incorporated in the People’s Republic of China)
(Stock Code: 1658)
(Stock Code of Preference Shares: 4612)
RESULTS ANNOUNCEMENT
FOR THE YEAR ENDED DECEMBER 31, 2017
The board of directors (the “Board”) of Postal Savings Bank of China Co., Ltd. (the “Bank”) is
pleased to announce the audited annual results of the Bank and its subsidiary for the year ended
December 31, 2017 and the proposed payment of cash dividend for 2017. The Audit Committee of
the Board has reviewed such audited annual results. This announcement complies with the relevant
content requirements of the Rules Governing the Listing of Securities on The Stock Exchange
of Hong Kong Limited in relation to preliminary announcements of annual results. The printed
version of the Bank’s Annual Report for 2017 will be sent to the shareholders of the Bank in due
course and available for viewing on the websites of Hong Kong Exchanges and Clearing Limited at
www.hkexnews.hk and of the Bank at www.psbc.com.
By order of the Board
Postal Savings Bank of China Co., Ltd.
Du Chunye
Joint Company Secretary
Beijing, China
March 27, 2018
As at the date of this announcement, the Board comprises Mr. Li Guohua as Chairman and non-executive Director; Mr. Lyu
Jiajin, Mr. Zhang Xuewen and Ms. Yao Hong as executive Directors; Mr. Han Wenbo, Mr. Tang Jian, Mr. Liu Yaogong, Mr.
Chin Hung I David, Mr. Liu Yue and Mr. Ding Xiangming as non-executive Directors; Mr. Ma Weihua, Ms. Bi Zhonghua, Mr. Fu
Tingmei, Mr. Gan Peizhong and Mr. Hu Xiang as independent non-executive Directors.
* Postal Savings Bank of China Co., Ltd. is not an authorized institution within the meaning of the Banking Ordinance
(Chapter 155 of the Laws of Hong Kong), not subject to the supervision of the Hong Kong Monetary Authority, and not
authorized to carry on banking and/or deposit-taking business in Hong Kong.
1
A
n
n
u
a
2 / Company Profi le l R
e
p
o
3 / Defi nitions rt
8 / Important Notice
9 / Corporate Information
11 / Financial Highlights
17 / Honors and Awards
20 / Message from the Chairman
24 / Message from the President
29 / Discussion and Analysis
92 / Directors, Supervisors and
Senior Management
103 / Corporate Governance
Contents
124 / Report of the Board of Directors
137 / Report of the Board of Supervisors
141 / Connected Transactions and
the Implementation of the Management
System for Connected Transactions
148 / Signifi cant Events
150 / Organizational Structure
152 / Independent Auditor’s Report and the
Consolidated Financial Statements
308 / Appendix I : Unaudited Supplementary Financial
Information
312 / Appendix II : Liquidity Coverage Ratio
313 / Appendix III : Leverage Ratio
315 / Appendix IV : Composition of Capital
330 / Appendix V : Reference Materials for Shareholders
Postal Savings Bank of China Co., Ltd.
Company Profi le
Postal Savings Bank of China is a leading large retail bank in China, strategically focuses on providing fi nancial
services to communities, SMEs and “Sannong” customers and is committed to meeting the fi nancial needs of the
most promising customers during China’s economic transformation. Meanwhile, Postal Savings Bank of China
actively serves large corporate customers, and participates in the construction of major projects, making important
contributions to China’s economic development.
With approximately 40,000 outlets and services covering over 553 million individual customers, Postal Savings Bank
of China has shown its superior asset quality and signifi cant development potential. At present, we have established
an all-around e-banking system consisting of online banking, mobile banking, self-service banking, telephone banking,
and WeChat banking etc., forming a fi nancial service landscape in which electronic banking connects with physical
network and offl ine physical banking keeps pace with online virtual banking. In 2015, we introduced ten domestic and
foreign strategic investors, which further improved our comprehensive strength. In 2016, Postal Savings Bank of China
successfully completed the initial public offering on the Main Board of the Hong Kong Stock Exchange and gained
access to international capital markets, representing a successful implementation of the 3-step reform objective,
namely “transformation of ownership, introduction of strategic investors and initial public offering”. In 2017, Postal
Savings Bank of China successfully issued offshore preference shares, further optimizing our capital structure and
expanding our capital replenishment channels. We ranked 21st in terms of total assets as of the end of 2016 by The
Banker’s list of “Top 1000 World Banks 2017”, ranked 55th in The Forbes’ “World’s 2000 Biggest Public Companies
2016” and ranked 34th in The Fortune’s “China Top 500 Companies 2016”.
Against the background of transformation and upgrade of China’s economy, deepening advancement of fi nancial
reform and thriving development of information technology, Postal Savings Bank of China will commit itself to becoming
the most trusted and valuable fi rst-tier large retail bank by providing more comprehensive and convenient fi nancial
services for customers while seizing new strategic opportunities, giving full play to its advantages, consistently
enriching its business varieties, expanding its service channels and improving its service capability.
2
Annual Report
Defi nitions
In this r esults announcement, unless the context otherwise requires, the following terms shall h ave the meanings set
out below:
“A Share(s)” domestically listed ordinary shares that are subscribed and traded in Renminbi
“A Shares Offering” the proposed initial public offering of not more than 5,172,164,200
A Shares (excluding over-allotment) in China by the Bank, to be listed on the Shanghai
Stock Exchange
“Articles of Association” the Articles of Association of Postal Savings Bank of China, approved by the CBRC on
August 2, 2017, as amended, supplemented and otherwise modifi ed from time to time
“Bank/Postal Savings Bank Postal Savings Bank of China Co., Ltd., a joint stock limited liability company
of China/PSBC/us/we” established in the PRC in accordance with PRC laws, includes its predecessors,
branches and sub-branches, directly-operated outlets and agency outlets (to the
extent of agency outlets’ operations, risk management and licenses in relation to
agency banking businesses they conduct) and subsidiary (where the context so
requires)
“basis point(s)” a unit for measuring changes in interest rate or exchange rate (BP), equal to 1% of
one percentage point, namely 0.01%
“Board of Directors/Board” Board of directors of the Bank
“Board of Supervisors” Board of supervisors of the Bank
“CBRC” China Banking Regulatory Commission
“central bank/PBOC” The People’s Bank of China
“China” or “PRC” the People’s Republic of China, but for the purpose of this r esults announcement and,
unless the context otherwise requires, excludes Hong Kong Special Administrative
Region of the PRC, Macau Special Administrative Region of the PRC and Taiwan
“China Post Group” China Post Group Corporation, an enterprise owned by the whole people established
in the PRC on October 4, 1995, and our controlling shareholder
“corporate loans to small the loans provided by the Bank to the enterprises classifi ed as small, micro, and
enterprises” medium-sized enterprises under the Classifi cation Standards of Small and Medium
Enterprises
3
Postal Savings Bank of China Co., Ltd.
Defi nitions
“corporate loans to small the loans to small and micro-sized enterprises which comply with the calculation
and micro enterprises” method of the CBRC, including the loans to small-sized enterprises, loans to
micro-sized enterprises, loans to individual businesses and loans to small and micro-
sized business owners; the classifi cation standards of enterprises strictly follow the
Classifi cation Standards of Small and Medium Enterprises
“County Area(s)” areas designated as counties or county-level cities under China’s administrative
division system. As an administrative division unit, a county or county-level city
is generally directly below and under the direct supervision of its corresponding
municipal-level or provincial-level government. County Areas include more
economically developed county centers, towns and the vast rural areas within their
administrative jurisdictions
“CSRC” China Securities Regulatory Commission
“Director(s)” our director(s)
“Domestic Shares” ordinary shares we issued with a nominal value of RMB1.00 each, which are
subscribed for in Renminbi
“Group” our Bank and our subsidiary
“H Shares” our ordinary shares with a nominal value of RMB1.00 each, which are subscribed for
and traded in Hong Kong dollars and listed on the Hong Kong Stock Exchange
“Hong Kong Listing Rules” the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong
Limited, as amended, supplemented or otherwise modifi ed from time to time
“Hong Kong Stock The Stock Exchange of Hong Kong Limited
Exchange”
“IFRS” International Financial Reporting Standards, the related amendments and
interpretations issued by the International Accounting Standards Board
“industries with high industries with high pollution, high energy consumption and over-capacity
pollution, high energy
consumption and
overcapacity”
4
Annual Report
“Large Commercial Banks” Agricultural Bank of China, Bank of China, Bank of Communications, China Construction
Bank, Industrial and Commercial Bank of China and our Bank, collectively
“MOF” Ministry of Finance of the PRC
“One Body Two Wings” Taking retail banking business as our main body and corporate banking business and
fi nancial market business as our two wings
“PSBC Consumer Finance” PSBC Consumer Finance Company Limited, a limited liability company incorporated
and conducting business in China since November 19, 2015. As of the date of this
results announcement, the Bank held 70.5% equity interests in the PSBC Consumer
Finance
“qualifi ed tier 2 capital debt securities issued by a commercial bank, the claim of which ranks prior to its
instruments” equity capital and after other debts in respect of repayment of principal and interest
in the process of liquidation; qualifi ed subordinated bonds can be recognized as
tier 2 capital
“RMB” or “Renminbi” Renminbi, the lawful currency of the PRC
“Sannong” a s hort-hand reference to the Chinese pronunciation of the phrase “agriculture, rural
areas and farmers” (農業、農村和農民)
“SFO” the Securities and Futures Ordinance, Chapter 571 of the Laws of Hong Kong, as
amended, supplemented or otherwise modifi ed from time to time
“Share(s)” our ordinary shares in the share capital with a nominal value of RMB1.00 each,
including Domestic Shares and H Shares
“Shareholder(s)” the holder(s) of the Shares
“ SHIBOR” Shanghai Interbank Offered Rate
“SMEs” the enterprises classifi ed as small, micro and medium-sized enterprises under the
Classifi cation Standards of Small and Medium Enterprises
“Supervisor(s)” our supervisor(s)
5
Postal Savings Bank of China Co., Ltd.
Defi nitions
“VIP customers” Our customer segmentation is primarily based on each customer’s personal fi nancial
assets and loan balances with us (collectively “consolidated assets”). We usually
classify customers with consolidated assets of RMB100,000 or more as our VIP
customers
6
Annual Report
For the purpose of illustrating our distribution network and presenting certain results of operations and fi nancial
conditions in this results announcement, our references to the geographical regions of China are defi ned as follows:
Geographical
locations Branches
“Yangtze River Delta” • Shanghai Municipality • Jiangsu Province
• Zhejiang Province • City of Ningbo
“Pearl River Delta” • Guangdong Province • Fujian Province
• City of Shenzhen • City of Xiamen
“Bohai Rim” • Beijing Municipality • Shandong Province
• Tianjin Municipality • City of Qingdao
• Hebei Province
“Central China” • Shanxi Province • Jiangxi Province
• Hubei Province • Hainan Province
• Henan Province • Anhui Province
• Hunan Province
“Western China” • Chongqing Municipality • Ningxia Autonomous Region
• Sichuan Province • Xinjiang Autonomous Region
• Guizhou Province • Tibet Autonomous Region
• Yunnan Province • Inner Mongolia Autonomous Region
• Shaanxi Province • Guangxi Autonomous Region
• Gansu Province
• Qinghai Province
“Northeastern China” • Liaoning Province • Jilin Province
• Heilongjiang Province • City of Dalian
The currency for the amounts included in this results announcement, unless otherwise stated, is Renminbi (“RMB”).
Certain amounts and percentage fi gures included in this r esults announcement have been subject to rounding
adjustments. Accordingly, fi gures shown as totals in certain tables may not be an arithmetic aggregation of the fi gures
preceding them.
7
Postal Savings Bank of China Co., Ltd.
Important Notice
The Board of Directors, the Board of Supervisors, Directors, Supervisors and the senior management of the Bank
undertake that the information in this results announcement does not contain any false record, misleading statement
or material omission, and assume individual and joint and several liabilities for the truthfulness, accuracy and
completeness of the information in this results announcement.
The 2017 results announcement and Annual Report have been reviewed and approved at the meeting of the Board of
Directors of the Bank held on March 27, 2018. The Bank has 15 Directors in total, among which 15 Directors attended
the meeting in person. The attendance was in compliance with the requirements of Company Law of the People’s
Republic of China and the Articles of Association.
The Board of Directors of the Bank proposed the distribution of cash dividend of RMB1.471(tax-inclusive) for ten
shares of 81,030,574,000 ordinary Shares to all of our holders of ordinary shares for the year ended December 31,
2017, totaling approximately RMB11,920 million (tax-inclusive). The above recommendation of 2017 Annual Dividend
is subject to the approval of the 2017 annual general meeting. Cash dividends will be allocated within two months
from the date of convening the annual general meeting after the resolution on 2017 annual profi t allocation for the
Bank is considered and approved at the annual general meeting. The Bank’s profi ts for the reporting period are set out
“Discussion and Analysis-Analysis of Financial Statements”.
The 2017 annual fi nancial report prepared by the Bank in accordance with IFRSs has been reviewed by
PricewaterhouseCoopers in accordance with the International Standards on auditing with a standard unqualifi ed audit
report issued.
The Board of Directors of Postal Savings Bank of China Co., Ltd.
March 27, 2018
Li Guohua, Legal Representative of the Bank, Lyu Jiajin, President, and Liu Yucheng, General Manager of the Financial
Management Department of the Bank, hereby warrant and guarantee that the fi nancial statements contained in this
results announcement are true, accurate and complete.
During the reporting period, the Bank was not aware of any material risk that would adversely affect its future
development strategies and business targets. The Bank actively took measures and effectively managed all kinds of
risks. Please refer to “Discussion and Analysis — Risk Management” for more details.
The report contains certain forward-looking statements on the Bank’s fi nancial position, operating results and
business development. These statements are made based on existing plans, estimates and forecasts, and are subject
to future external events or the Group’s future fi nance, business or performance in other aspects, and may involve
future plans which do not constitute substantive commitment to investors. Hence, investors and persons concerned
shall be fully aware of the risks and understand the difference between plans, estimates and commitments.
This report is prepared in both Chinese and English. In case of discrepancy between the two versions, the Chinese
version shall prevail.
8
Annual Report
Corporate Information
Legal name in Chinese: 中國郵政儲蓄銀行股份有限公司
(abbreviation in Chinese “中國郵政儲蓄銀行”)
Legal name in English: “POSTAL SAVINGS BANK OF CHINA CO., LTD.”
(abbreviation in English “POSTAL SAVINGS BANK OF CHINA”)
Legal representative: Li Guohua
Chairman: Li Guohua
President: Lyu Jiajin
Authorized representatives: Yao Hong, Du Chunye
Registered address and No. 3 Financial Street, Xicheng District, Beijing
place of business in the PRC:
Principal place of business in 18/F, Tesbury Centre, 28 Queen’s Road East, Wanchai, Hong Kong
Hong Kong:
Postal code: 100808
Contact telephone number: 86-10-68858158
Fax: [phone]
E-mail: [email protected]
Hotline for customer services 86-95580
and complaints:
Website: www.psbc.com
Unifi ed social credit code: 9111000071093465XC
Financial license institutional B0018H111000001
code:
9