The disclosure of the annual report entered an intensive period. On March 25, Bank Of Communications Co.Ltd(601328) , one of the five major state-owned banks, took the lead in disclosing the annual report of 2021.
Let’s take a look. In 2021, BOCOM realized a net profit of 87.581 billion yuan, an increase of 11.89% year-on-year; The assets of private bank customers were 995199 billion yuan, an increase of 19.36% over the end of the previous year.
In terms of public offering business, the non money market funds sold by bocom at the end of 2021 were 304.3 billion yuan, ranking fifth in the banking industry among the selling institutions published by the China Fund Industry Association; During the reporting period, BOCOM Schroeder fund realized a net profit of 1.786 billion yuan, a year-on-year increase of 42%.
It is worth noting that by the end of last year, the balance of financial products of its wholly-owned subsidiary bocom financial management was 1224664 billion yuan, an increase of 129.43% over the end of the previous year. At the same time, Schroeder bocom financial, a joint venture of BOCOM financial holding company, will also launch its first financial product next Monday (March 28).
BOCOM’s net profit of RMB 87.581 billion in 2021
year on year growth of 11.89%
according to the annual report disclosed on March 25, Bank Of Communications Co.Ltd(601328) 3, the company achieved an operating revenue of 269.39 billion yuan in 2021, an increase of 9.42% year-on-year; The net profit attributable to shareholders of the parent company was 87.581 billion yuan, a year-on-year increase of 11.89%. Bank of communications became the first of the five major state-owned banks to disclose annual reports.
In terms of revenue, Bank Of Communications Co.Ltd(601328) group realized a net interest income of 161693 billion yuan in 2021, a year-on-year increase of 5.45%.
Meanwhile, Bank Of Communications Co.Ltd(601328) group’s customer deposit balance at the end of 2021 was 7039777 million yuan, an increase of 432447 billion yuan or 6.54% over the end of the previous year; The customer loan balance of BOCOM was 6560.4 billion yuan, an increase of 711976 billion yuan or 12.17% over the end of the previous year.
In terms of asset quality, at the end of the reporting period, the balance of non-performing loans of Bank Of Communications Co.Ltd(601328) group was 96.796 billion yuan, a decrease of 902 million yuan compared with the end of the previous year; The non-performing loan ratio was 1.48%, down 0.19 percentage points from the end of the previous year. The capital adequacy ratio was 15.45%, up from 15.25% at the end of last year, an increase of 0.2 percentage points; The core tier 1 capital adequacy ratio was 10.62%, up from 10.87% at the end of last year, down 0.25 percentage points.
non monetary fund holding scale: RMB 304.3 billion
banking ranked fifth
According to the annual report of Bank of communications, in 2021, the income of Bank Of Communications Co.Ltd(601328) selling personal wealth management products on a commission basis in domestic banks was 9.837 billion yuan, a year-on-year increase of 28.37%.
Among them, in terms of public fund sales, the balance of individual public fund products sold by bocom on a commission basis at the end of 2021 was 319371 billion yuan, an increase of 33.73% over the end of the previous year, and the retention scale of non money market funds sold on a commission basis was 304.3 billion yuan, ranking fifth in the banking industry among the Commission institutions published by the China Fund Industry Association.
In 2021, BOCOM achieved a net income of 3.576 billion yuan from agency funds (including securities companies and special accounts), a year-on-year increase of 80.08%, and a compound annual growth rate of 145.78% in recent three years.
In addition, we can also see from the table published by the fund industry association that Bank Of Communications Co.Ltd(601328) the stock + mixed public offering fund has a retention scale of 282.3 billion yuan, ranking seventh among the public offering fund sales agencies in the whole market. At present, China Merchants Bank Co.Ltd(600036) , with 791 billion yuan, is the largest stock + hybrid public fund; Ant has the largest scale of non monetary public funds, with 1.30 trillion yuan.
In addition, at the end of 2021, the balance of financial products sold by bocom on a commission basis was 945122 billion yuan, an increase of 7.54% over the end of the previous year; The net income from financial management was 3.77 billion yuan, a year-on-year increase of 11.11%. The balance of insurance products sold on commission was 221381 billion yuan, an increase of 19.00% over the end of the previous year; The net income from agency insurance was 1.909 billion yuan, an increase of 22.14%.
In terms of asset custody business, BOCOM closely linked with head fund companies, focused on high performing public funds, strengthened product innovation and continued to expand public fund custody. At the same time, adhere to the whole product layout, further promote the custody business cooperation with insurance companies, securities companies, trust companies and other financial institutions, and comprehensively expand the custody market. Focusing on the three pillars of elderly care, we will provide preferential care services to support and protect the national economy and the people’s livelihood. At the end of the reporting period, the asset custody scale was 12.08 trillion yuan, an increase of 16.89% over the end of the previous year.
private bank customer assets 995199 billion yuan
increased by 19.36% over the end of last year
In terms of private banking business, at the end of 2021, Bank Of Communications Co.Ltd(601328) group managed 995199 billion yuan of private banking customer assets, an increase of 19.36% over the end of the previous year.
According to the annual report of Bank of communications, the shelves of private products are becoming richer and richer. Strengthen the group’s linkage and external cooperation, and launch private financing, investment trust, TOF products, sunshine private placement and the first CTA alternative investment strategy financial products in the Chinese market; Innovate the first charitable trust product for family financial management customers with charitable intentions; Customized family trust schemes such as ingenuity inheritance and equity, and constantly enriched product investment strategies to meet the wealth management needs of private bank customers.
Carry out the reform of private banking business model, deepen the hierarchical management of customers, and establish a cooperative marketing and maintenance mechanism between the head office and branches of ultra-high net worth private banking customers. Strengthen the construction and management of private banking team, and continuously improve the professional ability to serve customers. Focus on market hot spots and business demands, expand the scope of investment research, take the investment research report as the guide and the asset allocation proposal as the tool, and further enhance the professional ability of asset allocation services.
At the end of the reporting period, Bank Of Communications Co.Ltd(601328) had 70400 private bank customers, an increase of 15.30% over the end of the previous year; The group managed 995199 billion yuan of private bank customer assets, an increase of 19.36% over the end of the previous year. The main interbank market share of private banking business has increased for four consecutive years.
Previously, China Merchants Bank Co.Ltd(600036) , Ping An Bank Co.Ltd(000001) also released relevant data. According to the annual report of China Merchants Bank, as of the end of last year, China Merchants Bank Co.Ltd(600036) private banking customers (referring to retail customers with total assets of RMB 10 million or more per month and day), an increase of 22.09% over the end of last year; The total assets of private bank customers under management were 3393904 billion yuan, an increase of 22.32% over the end of the previous year.
Ping An Bank Co.Ltd(000001) annual report shows that there were 69700 qualified private bank customers at the end of 2021 (the standard of private bank customers is that the daily average assets of customers in any month in recent March exceed 6 million yuan), an increase of 21.6% over the end of the previous year; The Aum balance of qualified customers of private banks was 1406096 billion yuan, an increase of 24.6% over the end of the previous year.
bocom Schroder fund net profit of 1.786 billion yuan
managed public funds of 547.3 billion yuan
The public fund business is also the focus of the market. According to the annual report of Bank of communications, BOCOM Schroder Fund Management Co., Ltd. is a 65% holding subsidiary, established in August 2005 with a registered capital of 200 million yuan.
By the end of 2021, BOCOM Schroeder fund had total assets of 6.999 billion yuan, net assets of 5.724 billion yuan and managed public funds of 547.3 billion yuan, an increase of 61% over the end of the previous year; During the reporting period, the net profit was 1.786 billion yuan, a year-on-year increase of 42%.
During the reporting period, BOCOM Schroeder fund and Bank Of Communications Co.Ltd(601328) jointly made efforts in the layout and sales of pension financial products. Its product bocom enjoyed a stable one-year fof fund, with a scale of more than 24 billion yuan at the end of the reporting period, which is the largest fof product managed in the whole market.
At the same time, the annual report also shows that at the end of the reporting period, the industry rankings of active management yield of equity investment of BOCOM Schroder fund in recent seven years, recent five years and recent three years were 2 / 70, 10 / 88 and 16 / 108.4 fund products with a yield of more than 300% in recent seven years, 4 fund products with a yield of more than 200% in recent five years and 25 fund products with a yield of more than 100% in recent three years. Bocom Schroeder fund built a multi-level product line and used the spillover effect of active management investment and research advantages to improve the management ability of equity, fixed income + and fof and investment adviser portfolio.
From the previously published data of listed companies, we can also see that by the end of 2021, the total assets of China Merchants Fund were 10.149 billion yuan and the net assets were 6.991 billion yuan; Net profit of RMB 1.6 billion in 20203; In 2021, Huaxia Fund realized a net profit of 2.312 billion yuan and a total comprehensive income of 2.287 billion yuan; Guohai Franklin fund achieved an operating revenue of 815 million yuan and a net profit of 267 million yuan in 2021, with a year-on-year increase of 68.08% and 69.28% respectively. The net profit margin in 2021 reached 32.74%.
the balance of financial products of BOCOM financial management is 1224664 billion yuan
realized a net profit of 1.155 billion yuan
the Bank Of Communications Co.Ltd(601328) annual report also shows that bocom Wealth Management Co., Ltd. is a wholly-owned subsidiary of the company, established in June 2019 with a registered capital of 8 billion yuan. It mainly issues fixed income, equity, commodity, financial derivatives and mixed financial products to individuals, private banks, institutions and interbank customers.
By the end of 2021, the total assets of BOCOM financial management were 10.206 billion yuan and the net assets were 9.929 billion yuan; During the reporting period, the net profit was 1.155 billion yuan, a year-on-year increase of 73.61%.
At the end of the reporting period, the balance of financial products of BOCOM financial management was 1224664 billion yuan, an increase of 129.43% over the end of the previous year. Actively expand the off-line consignment institutions, and realize the balance of off-line consignment products of 409859 billion yuan, accounting for 33.47%. The off-line consignment scale ranks first among the financial management subsidiaries.
It is worth noting that for the recent net value fluctuation of bank financial products, Tu Hong, the director of Bank Of Communications Co.Ltd(601328) business, recently said that the vast majority of BOCOM financial products are mainly invested in the bond market, and the allocation of equity assets accounts for a relatively low proportion. Therefore, it will have an impact in the short term, but it will usher in a reversal in the long term. A similar situation occurred in June last year.
Tu Hong also said that Bank Of Communications Co.Ltd(601328) has also made targeted product adjustments recently, balanced the allocation of different industries and stabilized the net value of financial products.
It can also be seen from the annual reports released by China Merchants Bank and Ping An Bank Co.Ltd(000001) that by the end of 2021, the total assets of China Merchants Bank financial management were 12.097 billion yuan and the net assets were 10.678 billion yuan; During the reporting period, the operating income was 5.203 billion yuan and the net profit was 3.203 billion yuan. Meanwhile, the balance of financial products managed by CMB financial management was 2.78 trillion yuan, an increase of 13.47% over the end of the previous year.
At the end of 2021, Ping An financial management had total assets of 7.382 billion yuan and net assets of 6.783 billion yuan; In 2021, the company realized an operating revenue of 2.647 billion yuan and a net profit of 1.616 billion yuan.
Schroder Bank of communications’s first financial product will be issued
It is worth noting that Schroder Bank of communications financial management, which officially opened in February this year, has a registered capital of 1 billion yuan. Schroder investment holds 51% and Bank of communications financial management holds 49%.
On March 25, Schroder Bank of communications financial released information on the official wechat, and its first financial product will be officially released. The name of the product is Schroder Bank of communications financial deyuanduo. The asset is stable, closed 2201 for one year, the risk level is 3R balanced, the initial purchase amount is 1 yuan, and the product term is one year. It will be sold on March 28 next Monday and sold exclusively through Bank Of Communications Co.Ltd(601328) channels.
Relevant data show that the product is a Multi Strategy robust product, which uses high-grade bonds to build the bottom, enhances the equity fof strategy, takes into account robustness and flexibility, and integrates the large category asset allocation model with Schroeder’s diversified investment characteristics. In addition, the investment research team has more than 10 years of working experience on average, and the products will be managed by dual investment managers.
