Message from the President

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1 In 2013, the Bank upheld its strategic goal of Serving Society, Delivering Excellence. It continued to focus on operational efficiency, strived to increase market share, accelerated structural streamlining and effectively managed risks, thus achieving its annual targets and recording excellent business results. The Bank s total assets and liabilities steadily increased and the profitability was continuously enhanced. Asset quality remained stable and the capital adequacy ratios were in line with regulatory requirements. The Bank has appeared in the Fortune 500 list for 25 consecutive years and in 2013 was enrolled as a Global Systemically Important Bank for the third consecutive year, further enhancing the value of our brand name and reputation Annual Report

2 In 2013, the Bank upheld its strategic goal of Serving Society, Delivering Excellence. It continued to focus on operational efficiency, strived to increase market share, accelerated structural streamlining and effectively managed risks, thus achieving its annual targets and recording excellent business results. The Bank s total assets and liabilities steadily increased and the profitability was continuously enhanced. Asset quality remained stable and the capital adequacy ratios were in line with regulatory requirements. The Bank has appeared in the Fortune 500 list for 25 consecutive years and in 2013 was enrolled as a Global Systemically Important Bank for the third consecutive year, further enhancing the value of our brand name and reputation. Earlier this year, I stood down as President of the Bank almost a decade after joining Bank of China in July During those ten years, the combined efforts of all employees have yielded a series of great successes, including joint stock reform and the implementation of the IT Blueprint. We have witnessed many happy occasions, providing banking services to the Beijing Olympic Games and celebrating our centenary. We have also weathered several hardships, including reconstruction efforts after the Wenchuan earthquake and responding to the challenges of the international financial crisis. In this time, the Bank has successfully seized the significant opportunities brought about by the steady and rapid development of our nation s economy and society, played an active role in China s historic process of financial reform and development, and achieved sound, rapid and sustained growth. In the past decade, the Bank has fully committed itself to promoting social welfare and contributing to a prosperous nation. It fundamentally recognised that finance should serve the real economy and thus fully supported national economic construction and social progress. Making full use of its international and diversified competitive advantages, the Bank actively supported Chinese enterprises and individuals as they sought to go global and robustly advanced RMB internationalisation. Moreover, the Bank provided on-going financial support to the development of ecological civilisation, environmental protection, science, education, culture and health care, actively participated in various public benefit activities including poverty alleviation, disaster relief and charity support, and strived to cultivate a fertile environment for employee growth. In this way, it constantly pushed forward the harmonious development of society, the Bank and its employees. Only one person occupies the post of President, but the successful performance of the President s responsibilities relies on the concerted efforts of all managers and employees. Your trust and support, your conscientious and responsible attitude, your willingness to coordinate and cooperate and your diligence and dedication are both a treasured gift for me and a valuable asset for the Bank. I would like to avail myself of this opportunity to express my heartfelt gratitude to the Bank s employees at home and abroad for your hardworking and selfless contribution, to the Board of Directors and the Board of Supervisors for your guidance and help, and to the Bank s investors and friends for your trust and support! President Mr. CHEN Siqing is a capable and virtuous man in the prime of his career. Having long worked for the Bank, he is deeply familiar with our operations and boasts rich experience in both business and management. I have total confidence that he will meet everyone s expectations and record fresh and bold achievements. China is fully on the path of deepening reform, creating new development opportunities for the Bank. With a strong, united leadership and 300,000 committed employees at home and abroad, I have no doubt that the Bank will fulfil its strategic goal of Serving Society, Delivering Excellence. Though I am no longer the President, I remain a member of the family. I will continue to work hard alongside you all and contribute to our collective endeavours. May the Bank move towards an ever-brighter future! LI Lihui 26 March 2014 * Mr. LI Lihui ceased to serve as President of the Bank as of 28 January Please refer to the announcement on the retirement of Vice Chairman of the Board of Directors, Executive Director and President of the Bank published on 28 January 2014 for details Annual Report 16

3 The year 2014 is expected to bring greater hope for the full recovery of the world economy. China will embark on a new journey of deep and comprehensive reform. The time is ripe with opportunity for the Bank, but the road ahead is long and tough. Thus, we must continue to strive. Adhering to the strategic goal of Serving Society, Delivering Excellence, the Bank will focus on business development at the very core of its operations, constantly tighten risk management as the foundation, fully unleash the driving force of reform and innovation and pay particular attention to cultivating employee talent and building a strong team ethic, thereby bringing about the healthy development of all its undertakings and ushering in a new era of glory and splendour for the Bank Annual Report

4 In 2013, the Bank conscientiously implemented the state s macroeconomic policies and regulatory requirements, worked hard to honour its social responsibilities and reinforced its efforts to deliver excellence, thus achieving remarkable results. At the end of 2013, according to International Financial Reporting Standards, the Bank s total assets stood at RMB13.87 trillion, total liabilities amounted to RMB12.91 trillion, and equity attributable to shareholders of the Bank was RMB923.9 billion. This represented an increase of 9.41%, 9.25% and 12.03% respectively from the prior year-end. During the year, the Bank achieved a profit for the year of RMB163.7 billion, a year-on-year increase of 12.35%, and a profit attributable to equity holders of the Bank of RMB156.9 billion, a year-on-year increase of 12.36%. The return on average total assets stood at 1.23%, a year-on-year increase of 0.04 percentage point, and the return on average equity was 18.04%. The non-performing loan ratio was 0.96%, a slight increase of 0.01 percentage point from the prior year-end. The common equity tier 1 capital adequacy ratio, tier 1 capital adequacy ratio and capital adequacy ratio stood at 9.69%, 9.70% and 12.46% respectively, in line with regulatory requirements. During 2013, the Bank s operating efficiency rose against the prevailing market trend, with the growth rate of profit for the year registering a year-on-year increase of 0.96 percentage point. There were four main driving factors. First, net interest margin increased by 9 basis points year-on-year to 2.24%, and the Bank realised a net interest income of RMB billion, a year-on-year increase of 10.36%. Second, non-interest income soared by 13.47%, thus accounting for 30.41% of the Group s total operating income, up 0.58 percentage point year-on-year and representing a proportional contribution unmatched by domestic peers. Third, the cost of risk was effectively controlled. Credit cost was 0.32%, and remained at a fairly low level. Fourth, input and output efficiency further improved. The Bank s cost to income ratio was 30.61%, a year-on-year decrease of 1.12 percentage points. In 2013, the Bank stepped up its efforts to improve its business structure. Its liability structure improved, with the balance of liabilities due to customers reaching RMB10.10 trillion as at year-end, an increase of RMB billion or 10.07% from the beginning of the year. The interest rate for RMB liabilities of domestic institutions dropped 21 basis points year-on-year. The Bank also improved its credit structure. The proportion of loans granted to strategic emerging industries such as information consumption, energy conservation, environmental protection and advanced manufacturing, among others, rose by 1.65 percentage points. The growth rate of loans granted to small-sized enterprises outpaced the overall corporate loan growth rate by 4.38 percentage points Annual Report 18

5 The Bank worked steadfastly to sharpen and reinforce its traditional competitive advantages. Overseas business development was accelerated. At the end of 2013, the Bank s overseas operations held total assets of USD630.8 billion and total liabilities of USD596.8 billion, an increase of 26.46% and 27.63% respectively from the beginning of the year. The Bank s overseas institutions realised a profit before tax of USD6.663 billion, a year-on-year increase of 20.55%. The Bank continued to lead the market in business related to RMB internationalisation. It completed cross-border RMB settlement volumes of RMB3.98 trillion, an increase of 60.2% compared to the prior year. The Bank further enhanced its global RMB clearing network and its branches in Malaysia, Luxembourg, Cambodia, the Philippines and other countries and regions became local RMB clearing banks. The Bank s non-banking business also grew faster. Operating income from the Bank s non-banking business registered a year-on-year increase of 24.77%, with their proportional contribution to the Group s total operating income increasing by 1.43 percentage points. The Bank earnestly strengthened its risk management during the reporting period. It maintained an appropriate balance between security, liquidity and profitability, enhanced its liquidity management mechanisms and methods, improved its emergency response abilities and ensured liquidity security. The Bank set clear priorities in a bid to comprehensively tighten risk control, paying particular attention to key fields including overcapacity industries, local government financial vehicles and real estate. It conscientiously performed risk investigation, risk early warning and post-lending management so as to ensure stable asset quality. It improved risk management rules and procedures and enhanced risk management efficiency. In addition, the Bank tightened internal controls and kept a close eye on potential fraud cases. It also advanced the implementation of the New Basel Capital Accord and G-SIFI-related requirements in a coordinated manner. The Bank steadily developed its infrastructure in 2013, strengthening existing channels and constructing new ones. Large and medium-sized all-function outlets came to account for more of the Bank s outlet mix, with their share of all outlets increasing by 0.7 percentage point. Meanwhile, the proportion of outlets with low productivity and efficiency dropped by 6.24 percentage points. The substitution ratio of e-banking channels for traditional outlets reached 77.53%. Information technology development was further enhanced. The BOC open platform was successfully put into operation, and innovative mobile financial products such as Micro Bank and Easy-Pay were launched. The Bank has achieved milestone results in the staggered integration and transformation of its overseas IT system. It further accelerated the construction of key operating platforms such the global universal payment and customer service platforms, thereby improving the Bank s operational and service capabilities Annual Report

6 The year 2014 is expected to bring greater hope for the full recovery of the world economy. China will embark on a new journey of deep and comprehensive reform. The time is ripe with opportunity for the Bank, but the road ahead is long and tough. Thus, we must continue to strive. Adhering to the strategic goal of Serving Society, Delivering Excellence, the Bank will focus on business development at the very core of its operations, constantly tighten risk management as the foundation, fully unleash the driving force of reform and innovation and pay particular attention to cultivating employee talent and building a strong team ethic, thereby bringing about the healthy development of all its undertakings and ushering in a new era of glory and splendour for the Bank. Early this year, President LI Lihui, who had worked at the Bank for nearly ten years, resigned owing to age and handed on the baton to me. He is a veteran banker and a most capable leader, with an astute understanding of policy and a high level of industry expertise. His outstanding contribution to the rapid and sustained growth of the Bank has set an example for all of us to follow. As I now face the work ahead, I feel the weight of responsibility keenly on my shoulders. As a member of the Bank s management team, I will work with commitment and diligence, conscientiously implement the decisions and arrangements of the Board of Directors, subject myself to the oversight of the Board of Supervisors, rely upon our staff and devote myself wholeheartedly to the Bank s mission of Delivering Excellence, striving at all times to make myself worthy of the trust and expectations of our investors and all parts of society. CHEN Siqing President 26 March Annual Report 20

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