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Acgb Ltd 24 | LSE:B052 | London | Bond |
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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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ACSSFWSUWEDSELL
(END) Dow Jones Newswires
April 17, 2023 05:50 ET (09:50 GMT)
1 Year Acgb Ltd 24 Chart |
1 Month Acgb Ltd 24 Chart |
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