Announcement • Jun 30
Bank of Communications Co., Ltd. to Report First Half, 2026 Results on Aug 29, 2026 Bank of Communications Co., Ltd. announced that they will report first half, 2026 results on Aug 29, 2026 Upcoming Dividend • Jun 25
Upcoming dividend of CN¥0.17 per share Eligible shareholders must have bought the stock before 02 July 2026. Payment date: 14 August 2026. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 5.4%. Lower than top quartile of Hong Kong dividend payers (7.5%). In line with average of industry peers (5.2%). Reported Earnings • Apr 29
Full year 2025 earnings: EPS in line with analyst expectations despite revenue beat Full year 2025 results: EPS: CN¥1.08. Revenue: CN¥210.7b (up 1.5% from FY 2024). Net income: CN¥88.9b (up 3.2% from FY 2024). Profit margin: 42% (in line with FY 2024). Net interest margin (NIM): 1.20% (down from 1.27% in FY 2024). Cost-to-income ratio: 29.3% (down from 29.9% in FY 2024). Non-performing loans: 1.28% (down from 1.31% in FY 2024). Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Banks industry in Hong Kong. Announcement • Mar 30
Bank of Communications Co., Ltd. to Report Q1, 2026 Results on Apr 30, 2026 Bank of Communications Co., Ltd. announced that they will report Q1, 2026 results on Apr 30, 2026 New Risk • Mar 28
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 5.3% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (19% increase in shares outstanding). Announcement • Mar 27
Bank of Communications Co., Ltd., Annual General Meeting, Jun 26, 2026 Bank of Communications Co., Ltd., Annual General Meeting, Jun 26, 2026. Announcement • Jan 05
Bank of Communications Co., Ltd. Approves Appointment of Liu Ruixia as an Independent Non-Executive Director of the Bank Bank of Communications Co., Ltd. approved the proposed appointment of Ms. Liu Ruixia ("Ms. Liu") as an independent non-executive director of the Bank. The qualification of Ms. Liu to serve as an independent non-executive director of the Bank has been approved by the National Administration of Financial Regulation. Ms. Liu has officially taken office as an independent non-executive director of the Bank. For the biographical details of Ms. Liu and other information required to be disclosed under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. As of the date of this announcement, there has been no change to such information. Upon the approval of her qualification as a director, Ms. Liu also serves as the member of the Risk Management and Related Party Transactions Control Committee and the member of the Personnel and Remuneration Committee. Mr. Shi Lei ceased to serve as the independent non-executive director of the Bank, the member of the Risk Management and Related Party Transactions Control Committee and the member of the Personnel and Remuneration Committee. Announcement • Jan 01
Bank of Communications Co., Ltd. Announces Ordinary Interim (Semi-Annual) Cash Dividend for the Six Months Ended 30 June 2025, Payable on 28 January 2026 Bank of Communications Co., Ltd. announced ordinary interim (semi-annual) cash dividend of RMB 1.563 per 10 share for the six months ended 30 June 2025, payable on 28 January 2026. Record date is 24 December 2025. Ex-dividend date is 17 December 2025. Date of shareholders' approval is 12 December 2025. Announcement • Dec 26
Bank of Communications Co., Ltd. to Report Fiscal Year 2025 Results on Mar 28, 2026 Bank of Communications Co., Ltd. announced that they will report fiscal year 2025 results on Mar 28, 2026 Upcoming Dividend • Dec 10
Upcoming dividend of CN¥0.16 per share Eligible shareholders must have bought the stock before 17 December 2025. Payment date: 28 January 2026. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 6.1%. Lower than top quartile of Hong Kong dividend payers (6.8%). Higher than average of industry peers (5.4%). Announcement • Nov 20
Bank of Communications Co., Ltd. Recommends Interim Cash Dividend for the Half Year Ended 30 June 2025, Payable on 28 January 2026 The Board of Bank of Communications Co., Ltd. has recommended an interim cash dividend for the half year ended 30 June 2025 of RMB 1.563 for every 10 shares (inclusive of tax). If the declaration and payment of the Interim Dividend is approved at the ESM, it is expected to be distributed on 28 January 2026 to the shareholders whose names appear on the register of members of H Shares on 24 December 2025, and distributed on 25 December 2025 to the shareholders whose names appear on the register of members of A Shares of the Bank on 24 December 2025. The register of members of H Shares will be closed from 19 December 2025 to 24 December 2025 (both days inclusive), during which time no transfer of the H Shares will be registered. In order to be qualified for receiving the Interim Dividend, all the transfer documents of holders of the H Shares must be lodged with the H Share Registrar of the Bank, Computershare Hong Kong Investor Services Limited at Rooms 1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Wan Chai, Hong Kong at or before 4:30 p.m. 18 December 2025. Reported Earnings • Nov 02
Third quarter 2025 earnings released: EPS: CN¥0.23 (vs CN¥0.28 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.23 (down from CN¥0.28 in 3Q 2024). Revenue: CN¥56.5b (up 8.2% from 3Q 2024). Net income: CN¥25.7b (down 4.7% from 3Q 2024). Profit margin: 45% (down from 52% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Banks industry in Hong Kong. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Announcement • Sep 30
Bank of Communications Co., Ltd. to Report Q3, 2025 Results on Oct 31, 2025 Bank of Communications Co., Ltd. announced that they will report Q3, 2025 results on Oct 31, 2025 Announcement • Sep 26
Bank of Communications Co., Ltd. Announces Board Changes and Change of Composition of Board Committees, Effective 25 September 2025 Bank of Communications Co., Ltd. at its extraordinary general meeting held on 25 September 2025, approved the appointment of Ms. Liu Ruixia as an independent non-executive director of the eleventh session of the Board. Mr. Luo Xiaopeng, a Director of the tenth session of the Board, retired from his positions after the conclusion of the EGM. Mr. Luo Xiaopeng had always been diligent and committed to his work during his tenure of service, and made significant contributions to the effective functioning of the Board, as well as the promotion of the reform and development of the Bank. The Board announced that the first meeting of the eleventh session of the Board was held on 25 September 2025 and the following resolutions were considered and approved at the meeting: The establishment of the Strategy Committee (Inclusive Finance Development Committee) under the eleventh session of the Board with Mr. Ren Deqi serving as the chairman and Mr. Zhang Baojiang, Mr. Mu Guoxin, Mr. Ai Dong, Mr. Ma Jun serving as the members, the other committee member shall be a director subsequently nominated by the Ministry of Finance; The establishment of the Audit Committee under the eleventh session of the Board with Ms. Li Xiaohui serving as the chairwoman and Mr. Chang Baosheng, Mr. Mu Guoxin, Mr. Zhang Xiangdong, Mr. Wong Tin Chak, Mr. Xiao Wei serving as the members, the other committee member shall be a director subsequently nominated by the Ministry of Finance; The establishment of the Risk Management and Related Party Transactions Control Committee under the eleventh session of the Board with Mr. Zhang Xiangdong serving as the chairman and Mr. Yin Jiuyong, Mr. Ma Jun, Mr. Wong Tin Chak, Ms. Liu Ruixia as the members, the other committee member shall be a director subsequently nominated by the Ministry of Finance; The establishment of the Personnel and Remuneration Committee under the eleventh session of the Board with Mr. Xiao Wei serving as the chairman and Mr. Liao, Yi Chien David, Ms. Li Xiaohui, Ms. Liu Ruixia serving as the members, the other committee member shall be a director subsequently nominated by the Ministry of Finance; The establishment of the Social Responsibility (Environmental, Social and Governance) and Consumer Protection Committee under the eleventh session of the Board with Mr. Zhang Baojiang serving as the chairman and Mr. Zhou Wanfu, Mr. Chang Baosheng, Mr. Chan Siu Chung serving as the members, the other committee member shall be the employee director elected by the employee representative meeting of the Bank. Ms. Liu Ruixia shall start to perform her respective duties after her qualification of serving as a Director being approved by the National Financial Regulatory Administration. Before Ms. Liu Ruixia's qualification as a Director is approved, Mr. Shi Lei will continue to serve members of the relevant special committees of the Bank in accordance with relevant laws, regulations, and the Articles of Association. Reported Earnings • Sep 02
Second quarter 2025 earnings released: EPS: CN¥0.25 (vs CN¥0.22 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.25 (up from CN¥0.22 in 2Q 2024). Revenue: CN¥46.8b (flat on 2Q 2024). Net income: CN¥19.0b (up 13% from 2Q 2024). Profit margin: 41% (up from 36% in 2Q 2024). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Banks industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Sep 02
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 5.1% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (19% increase in shares outstanding). Announcement • Jun 30
Bank of Communications Co., Ltd. to Report First Half, 2025 Results on Aug 30, 2025 Bank of Communications Co., Ltd. announced that they will report first half, 2025 results on Aug 30, 2025 New Risk • Jun 19
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 19% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Announcement • Jun 05
Bank of Communications Co., Ltd., Annual General Meeting, Jun 27, 2025 Bank of Communications Co., Ltd., Annual General Meeting, Jun 27, 2025, at 09:30 China Standard Time. Location: No. 188, Yincheng Middle Road, Shanghai China Buy Or Sell Opportunity • May 06
Now 20% undervalued Over the last 90 days, the stock has risen 7.6% to HK$6.77. The fair value is estimated to be HK$8.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 5.6% per annum over the same time period. Reported Earnings • May 01
First quarter 2025 earnings released: EPS: CN¥0.34 (vs CN¥0.34 in 1Q 2024) First quarter 2025 results: EPS: CN¥0.34 (in line with 1Q 2024). Revenue: CN¥53.4b (up 2.1% from 1Q 2024). Net income: CN¥25.4b (up 1.5% from 1Q 2024). Profit margin: 48% (in line with 1Q 2024). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Banks industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 8% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 10
Bank of Communications Co., Ltd. Announces Board Changes The board of directors of the Bank of Communications Co., Ltd. (the "Board") announced that the Bank recently obtained the "Approval from the National Administration of Financial Regulation concerning Bank of Communications on the Qualification of Ai Dong as a Director" (Jin Fu [2025] No. 214). The qualification of Mr. Ai to serve as a non-executive director of the Bank has been approved by the National Administration of Financial Regulation. Mr. Ai has officially taken office as a non-executive director of the Bank. As of the date of this announcement, there has been no change to such information. Upon the approval of his qualification as a director, Mr. Ai also serves as the member of the Strategy Committee (Inclusive Finance Development Committee) and the member of the Audit Committee. According to the resolution of the 18th meeting of the Tenth Session of the Board of the Bank, upon the approval of the qualification of Mr. Ai as a non-executive director, Mr. Chen Junkui ceased to serve as the director of the Bank, the member of the Strategy Committee (Inclusive Finance Development Committee) and the member of the Audit Committee. Mr. Chen Junkui has confirmed that he has no disagreement with the Board and that there are no other matters relating to his cessation of serving as a director of the Bank that need to be brought to the attention of the shareholders and creditors of the Bank. During his tenure serving on the Board, Mr. Chen Junkui has been diligent, dedicated and made significant contribution to the reform and development of the Bank. The Board hereby expresses its sincere gratitude to Mr. Chen Junkui. Announcement • Apr 09
Bank of Communications Co., Ltd. Approves Ordinary Final Cash Dividend for the Year Ended 31 December 2024, Payable on 30 April 2025 Bank of Communications Co., Ltd. announced that declaration and payment of a Ordinary final cash dividend for the year ended 31 December 2024 of RMB 0.197 (inclusive of tax) per share (the "Final Dividend") has been approved at the EGM held on 8 April 2025. Considering declaration process of income tax of dividends, the Final Dividend is expected to be distributed on 18 April 2025 to the shareholders whose names appear on the register of members of A shares of the Bank at the close of business on 17 April 2025, and distributed on 30 April 2025 to the shareholders whose names appear on the register of members of H shares of the Bank at the close of business on 17 April 2025. Ex-dividend date of 11 April 2025. Upcoming Dividend • Apr 04
Upcoming dividend of CN¥0.20 per share Eligible shareholders must have bought the stock before 11 April 2025. Payment date: 30 April 2025. Payout ratio is a comfortable 33% but the company is not cash flow positive. Trailing yield: 6.0%. Lower than top quartile of Hong Kong dividend payers (7.6%). In line with average of industry peers (6.1%). Announcement • Mar 28
Bank of Communications Co., Ltd. to Report Q1, 2025 Results on Apr 30, 2025 Bank of Communications Co., Ltd. announced that they will report Q1, 2025 results on Apr 30, 2025 Reported Earnings • Mar 22
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: CN¥1.16 (up from CN¥1.15 in FY 2023). Revenue: CN¥207.7b (up 3.5% from FY 2023). Net income: CN¥86.1b (up 1.0% from FY 2023). Profit margin: 42% (down from 43% in FY 2023). The decrease in margin was driven by higher expenses. Net interest margin (NIM): 1.27% (down from 1.28% in FY 2023). Cost-to-income ratio: 29.9% (up from 27.0% in FY 2023). Non-performing loans: 1.31% (down from 1.33% in FY 2023). Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) missed analyst estimates by 1.4%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Banks industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 21
Bank of Communications Co., Ltd. Proposes Ordinary Final Distribution for the Year Ended December 31, 2024 Bank of Communications Co., Ltd. proposed ordinary final distribution of RMB 0.197 per share for the year ended December 31, 2024. Date of shareholders' approval is 08 April 2025. Announcement • Jan 15
Bank of Communications Co., Ltd. Announces Resignation of Xu Jiming as Chairman of the Board of Supervisors A Shareholder Supervisor, the Chairman of the Performance and Due Diligence Committee Mr. Xu Jiming, the chairman of the Board of Supervisors of Bank of Communications Co., Ltd., no longer serves as the chairman of Board of Supervisors, a shareholder supervisor, and the chairman of the Performance and Due Diligence Committee under the Board of Supervisors starting from 15 January 2025 due to change of position. Mr. Xu confirmed that he had no disagreement with the Board of Supervisors and there were no matters relating to his resignation that need to be brought to the attention of the shareholders and creditors of the Bank. During his term of office, Mr. Xu Jiming fulfilled his duties diligently and conscientiously, insisting on strengthening the leadership of the Chinese Communist Party in improving corporate governance, leading the Board of Supervisors of the Bank to conscientiously implement major decisions and deployments of the Party Central Committee and the national economic and financial policies, solidly promoting the compliance and efficient operation of the Board of Supervisors, focusing on the central work of the Bank, continuously strengthening supervision in key areas such as strategy, capital and finance, risk, internal control and compliance, continuously optimizing performance supervision and evaluation, making positive contributions to safeguarding the legitimate rights and interests of the Bank, shareholders, employees, creditors and other stakeholders, and achieving significant results in promoting the modernization of the corporate governance system and governance capacity. The Board of Supervisors hereby highly commends and expresses its sincere gratitude to Mr. Xu for his contribution to the Bank during his term of office. Upcoming Dividend • Jan 09
Upcoming dividend of HK$0.20 per share Eligible shareholders must have bought the stock before 16 January 2025. Payment date: 14 February 2025. Payout ratio is a comfortable 49% but the company is not cash flow positive. Trailing yield: 6.2%. Lower than top quartile of Hong Kong dividend payers (8.1%). In line with average of industry peers (6.4%). Reported Earnings • Oct 31
Third quarter 2024 earnings released: EPS: CN¥0.28 (vs CN¥0.27 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.28. Revenue: CN¥52.2b (up 5.6% from 3Q 2023). Net income: CN¥25.1b (down 5.8% from 3Q 2023). Profit margin: 48% (down from 54% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Banks industry in Hong Kong. Announcement • Sep 30
Bank of Communications Co., Ltd. to Report Q3, 2024 Results on Oct 31, 2024 Bank of Communications Co., Ltd. announced that they will report Q3, 2024 results on Oct 31, 2024 Announcement • Sep 12
Bank of Communications Co., Ltd. Announces Board and Committee Changes The board of directors of Bank of Communications Co., Ltd. announced that the Bank recently obtained the approval from the National Administration of Financial Regulation concerning Bank of Communications on the Qualification of Xiao Wei as an Independent Non-executive Director. The qualification of Mr. Xiao to serve as an independent non-executive director of the Bank has been approved by the National Administration of Financial Regulation. Mr. Xiao has officially taken office as an independent non-executive director of the Bank. Upon the approval of his qualification as a director, Mr. Xiao also serves as the chairman of the Personnel and Remuneration Committee of the Board and a member of the Risk Management and Related Party Transactions Control Committee of the Board. According to the resolution of the 13th meeting of the Tenth Session of the Board of the Bank, upon the approval of the qualification of Mr. Xiao as an independent non-executive director, Mr. Cai Haoyi ceased to serve as an independent non-executive director of the Bank, the chairman of the Personnel and Remuneration Committee of the Board and a member of the Risk Management and Related Party Transactions Control Committee of the Board. During his six years of tenure serving on the Board, Mr. Cai Haoyi has been diligent, dedicated and made significant contribution to the reform and development of the Bank. Reported Earnings • Aug 29
First half 2024 earnings: EPS and revenues miss analyst expectations First half 2024 results: EPS: CN¥0.56 (down from CN¥0.57 in 1H 2023). Revenue: CN¥99.5b (down 1.4% from 1H 2023). Net income: CN¥41.8b (down 1.8% from 1H 2023). Profit margin: 42% (in line with 1H 2023). Revenue missed analyst estimates by 25%. Earnings per share (EPS) also missed analyst estimates by 9.7%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Banks industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 28
Bank of Communications Co., Ltd. Proposes Interim Cash Dividend, Payable on 24 January 2025 and 14 February 2025 The board of Bank of Communications Co., Ltd. proposed that based on the total number of ordinary shares of 74,262,726,645 shares of the bank as at 30 June 2024, a cash dividend of RMB 0.182 per share (inclusive of tax) (the Interim Dividend) will be distributed to the registered shareholders of H shares and A shares of the Bank, totaling RMB 13,516 million. The Interim Profit Distribution plan is subject to the approval of the general meeting of the Bank to be convened in due course. Current distribution does not involve bonus shares or share capital increase from capital accumulation fund. If the resolution regarding the Interim Profit Distribution is approved by the general meeting, it is expected that the interim dividend will be distributed on 24 January 2025 to the shareholders of A shares of the Bank, and on 14 February 2025 to the shareholders of H shares of the Bank. Announcement • Jun 28
Bank of Communications Co., Ltd. to Report First Half, 2024 Results on Aug 29, 2024 Bank of Communications Co., Ltd. announced that they will report first half, 2024 results on Aug 29, 2024 Announcement • Jun 26
Bank of Communications Co., Ltd. Announces Distribution of Final Dividend for the Year Ended 31 December 2023, Payable on 31 July 2024 Bank of Communications Co., Ltd. announced distribution of final dividend of RMB 0.375 per share for the year ended 31 December 2023. Date of shareholders' approval is 26 June 2024. Ex-dividend date is 02 July 2024. Record date is 09 July 2024. Payment date is 31 July 2024. Upcoming Dividend • Jun 25
Upcoming dividend of CN¥0.38 per share Eligible shareholders must have bought the stock before 02 July 2024. Payment date: 31 July 2024. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 6.6%. Lower than top quartile of Hong Kong dividend payers (7.9%). In line with average of industry peers (7.1%). Announcement • Jun 05
Bank of Communications Co., Ltd. Announces Executive Changes Bank of Communications Co., Ltd. announced the board announced that the board has resolved to appoint Mr. Zhang Baojiang as the president of the Bank. According to the relevant laws and regulations, regulatory rules and the Articles of Association, the appointment of Mr. Zhang as the president of the Bank is subject to the approval of his qualification as the president of the Bank by National Administration of Financial Regulation (the NAFR). After Mr. Zhang's qualification as the president of the Bank is approved, Mr. Ren Deqi will no longer perform the duties of the president. Bank of Communications Co., Ltd. Mr. Zhang Baojiang, born in 1970, Chinese nationality, senior economist. Mr. Zhang had worked for Agricultural Development Bank of China, serving as the Vice President of such bank, President of the Anhui Branch, Director of the General Office of the Head Office, Vice President of the Shaanxi Branch, Deputy General Manager (In Charge of Work) of the Policy Research Office, Deputy Director of the General Office and Deputy General Manager of the Research Office of the Head Office, etc. Mr. Zhang obtained a master's degree in Economics from the Graduate School of the Party School of the Central Committee of Communist Party of China in 1998 and a doctoral degree in Economics from the Graduate School of the Party School of the Central Committee of Communist Party of China in 2004. Announcement • Mar 29
Bank of Communications Co., Ltd. to Report Q1, 2024 Results on Apr 27, 2024 Bank of Communications Co., Ltd. announced that they will report Q1, 2024 results on Apr 27, 2024 Announcement • Mar 28
Bank of Communications Co., Ltd., Annual General Meeting, Jun 26, 2024 Bank of Communications Co., Ltd., Annual General Meeting, Jun 26, 2024. Agenda: To consider annual profit distribution plan for the year of 2023. Reported Earnings • Mar 28
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: CN¥1.15 (up from CN¥1.14 in FY 2022). Revenue: CN¥201.1b (down 5.4% from FY 2022). Net income: CN¥85.3b (flat on FY 2022). Profit margin: 42% (up from 40% in FY 2022). The increase in margin was driven by lower expenses. Net interest margin (NIM): 1.28% (down from 1.69% in FY 2022). Cost-to-income ratio: 27.0% (down from 28.1% in FY 2022). Non-performing loans: 1.33% (down from 1.35% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.4%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Banks industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 1% per year. Announcement • Mar 27
Bank of Communications Co., Ltd. Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 31 July 2024 Bank of Communications Co., Ltd. proposed final dividend of RMB 0.375 per share for the year ended 31 December 2023. Date of shareholders' approval is 26 June 2024. Ex-dividend date is 02 July 2024. Record date is 09 July 2024. Payment date is 31 July 2024. Announcement • Feb 20
Bank of Communications Co., Ltd. Receives Approval for Appointment of Executive Directors Reference is made to the announcement of Bank of Communications Co., Ltd. dated 13 January 2023 and the circular of the Bank dated 13 January 2023 in relation to, among others, the proposed appointment of Mr. Yin Jiuyong (Mr. Yin) and Mr. Zhou Wanfu (Mr. Zhou) as executive directors of the Bank. The Bank recently obtained the "Approval from the National Administration of Financial Regulation concerning Bank of Communications on the Qualification of Yin Jiuyong " (Jin Fu [2024] No. 72) and "Approval from the National Administration of Financial Regulation concerning Bank of Communications on the Qualification of Zhou Wanfu" (Jin Fu [2024] No. 71). The National Administration of Financial Regulation has respectively approved the qualification of Mr. Yin and Mr. Zhou to serve as directors of the Bank. Mr. Yin and Mr. Zhou have officially taken office as executive directors of the Bank. Upon the approval of his qualification as a director, Mr. Yin also served as a member of the Risk Management and Related Party Transactions Control Committee of the board of directors of the Bank and Mr. Zhou also served as a member of the Social Responsibility (Environmental, Social and Governance) and Consumer Protection Committee of the board of directors of the Bank. Announcement • Dec 29
Bank of Communications Co., Ltd. to Report Fiscal Year 2023 Results on Mar 28, 2024 Bank of Communications Co., Ltd. announced that they will report fiscal year 2023 results on Mar 28, 2024 Reported Earnings • Oct 28
Third quarter 2023 earnings released: EPS: CN¥0.27 (vs CN¥0.28 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.27 (down from CN¥0.28 in 3Q 2022). Revenue: CN¥49.7b (down 4.6% from 3Q 2022). Net income: CN¥26.6b (down 2.6% from 3Q 2022). Profit margin: 54% (up from 53% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Banks industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 8% per year. Announcement • Oct 13
Bank of Communications Co., Ltd. to Report Nine Months, 2023 Results on Oct 27, 2023 Bank of Communications Co., Ltd. announced that they will report nine months, 2023 results on Oct 27, 2023 Reported Earnings • Sep 25
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: EPS: CN¥0.24 (up from CN¥0.23 in 2Q 2022). Revenue: CN¥49.2b (up 6.9% from 2Q 2022). Net income: CN¥17.9b (up 3.9% from 2Q 2022). Profit margin: 36% (down from 37% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 20%. Earnings per share (EPS) missed analyst estimates by 9.5%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Banks industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 8% per year and the company’s share price has also increased by 8% per year. Announcement • Jun 28
Bank of Communications Co., Ltd. Approves Distribution of Final Dividend for the Year Ended 31 December 2022, Payable on August 2, 2023 Bank of Communications Co., Ltd. approved distribution of final dividend of RMB 0.373 per share for the year ended 31 December 2022. Dividend payable on August 2, 2023, with a record date of 11 July 2023. Upcoming Dividend • Jun 27
Upcoming dividend of CN¥0.37 per share at 7.8% yield Eligible shareholders must have bought the stock before 04 July 2023. Payment date: 02 August 2023. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 7.8%. Within top quartile of Hong Kong dividend payers (7.8%). In line with average of industry peers (7.7%). Reported Earnings • Mar 31
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: CN¥1.14 (up from CN¥1.10 in FY 2021). Revenue: CN¥213.1b (up 4.9% from FY 2021). Net income: CN¥84.7b (up 3.3% from FY 2021). Profit margin: 40% (in line with FY 2021). Net interest margin (NIM): 1.69% (down from 1.77% in FY 2021). Cost-to-income ratio: 26.0% (down from 27.0% in FY 2021). Non-performing loans: 1.35% (down from 1.48% in FY 2021). Revenue missed analyst estimates by 6.0%. Earnings per share (EPS) also missed analyst estimates by 1.4%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Banks industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Nov 17
Executive Chairman recently bought HK$423k worth of stock On the 16th of November, Deqi Ren bought around 100k shares on-market at roughly HK$4.23 per share. This transaction amounted to 33% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Deqi's only on-market trade for the last 12 months. Reported Earnings • Oct 29
Third quarter 2022 earnings released: EPS: CN¥0.37 (vs CN¥0.26 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.37 (up from CN¥0.26 in 3Q 2021). Revenue: CN¥52.1b (up 11% from 3Q 2021). Net income: CN¥27.4b (up 23% from 3Q 2021). Profit margin: 53% (up from 48% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Banks industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 27
Second quarter 2022 earnings released: EPS: CN¥0.28 (vs CN¥0.24 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.28 (up from CN¥0.24 in 2Q 2021). Revenue: CN¥48.4b (up 2.0% from 2Q 2021). Net income: CN¥20.7b (up 3.1% from 2Q 2021). Profit margin: 43% (in line with 2Q 2021). Over the next year, revenue is forecast to grow 34%, compared to a 30% growth forecast for the Banks industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 27
Upcoming dividend of CN¥0.35 per share Eligible shareholders must have bought the stock before 04 July 2022. Payment date: 02 August 2022. Payout ratio is a comfortable 32% but the company is not cash flow positive. Trailing yield: 7.9%. Within top quartile of Hong Kong dividend payers (7.9%). In line with average of industry peers (7.3%). Reported Earnings • May 02
First quarter 2022 earnings: Revenues and EPS in line with analyst expectations First quarter 2022 results: EPS: CN¥0.31 (up from CN¥0.30 in 1Q 2021). Revenue: CN¥58.3b (up 9.0% from 1Q 2021). Net income: CN¥23.3b (up 6.3% from 1Q 2021). Profit margin: 40% (in line with 1Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to grow 34%, compared to a 30% growth forecast for the industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 31
Third quarter 2021 earnings released: EPS CN¥0.30 (vs CN¥0.19 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CN¥46.8b (up 17% from 3Q 2020). Net income: CN¥22.3b (up 38% from 3Q 2020). Profit margin: 48% (up from 40% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Sep 04
Executive Chairman recently bought HK$443k worth of stock On the 2nd of September, Deqi Ren bought around 100k shares on-market at roughly HK$4.43 per share. This was the largest purchase by an insider in the last 3 months. Deqi has been a buyer over the last 12 months, purchasing a net total of HK$870k worth in shares. Reported Earnings • Aug 29
Second quarter 2021 earnings released: EPS CN¥0.27 (vs CN¥0.21 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥47.5b (up 17% from 2Q 2020). Net income: CN¥20.1b (up 33% from 2Q 2020). Profit margin: 42% (up from 37% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 29
Upcoming dividend of CN¥0.32 per share Eligible shareholders must have bought the stock before 05 July 2021. Payment date: 03 August 2021. Trailing yield: 7.3%. Within top quartile of Hong Kong dividend payers (6.1%). Higher than average of industry peers (6.6%). Executive Departure • Jun 04
Employee Representative Supervisor Yarong Du has left the company On the 28th of May, Yarong Du's tenure as Employee Representative Supervisor ended after 10.8 years in the role. As of March 2021, Yarong still personally held 110.00k shares (HK$523k worth at the time). A total of 11 executives have left over the last 12 months. The current median tenure of the management team is 2.25 years. Reported Earnings • May 02
First quarter 2021 earnings released: EPS CN¥0.30 (vs CN¥0.25 in 1Q 2020) The company reported a solid first quarter result with improved earnings, although revenues and profit margins were flat. First quarter 2021 results: Revenue: CN¥53.5b (flat on 1Q 2020). Net income: CN¥21.9b (up 2.3% from 1Q 2020). Profit margin: 41% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS CN¥1.05 (vs CN¥1.01 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥184.7b (up 2.1% from FY 2019). Net income: CN¥78.3b (up 4.9% from FY 2019). Profit margin: 42% (up from 41% in FY 2019). Net interest margin (NIM): 1.77% (no change from 1.77% in FY 2019). Cost-to-income ratio: 28.3% (down from 30.1% in FY 2019). Non-performing loans: 1.67% (up from 1.47% in FY 2019). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Executive Departure • Mar 23
Shareholder Supervisor has left the company On the 22nd of March, Yunge Cai's tenure as Shareholder Supervisor ended after less than a year in the role. We don't have any record of a personal shareholding under Yunge's name. A total of 12 executives have left over the last 12 months. Is New 90 Day High Low • Feb 17
New 90-day high: HK$4.55 The company is up 9.0% from its price of HK$4.18 on 19 November 2020. The Hong Kong market is up 17% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Banks industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$12.70 per share. Is New 90 Day High Low • Jan 15
New 90-day high: HK$4.36 The company is up 9.0% from its price of HK$4.00 on 16 October 2020. The Hong Kong market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$12.69 per share. 
