2011 20 2011 3.8% 1.8% 1.6% 0.9%6.4% 2011 9.2% 5.4% 17.1%23.8% 22.5% 20117 3 (M2)13.6% 6.17.5 15.8% 4.1 21.7% -2 0 2 4 6 8 10 12 14 2009 2010 2011 2007 2008 2007 2011 % 0 1 2 3 4 5 6 7 2009 2010 2007 2008 2011 2007 2011 % EcoWin
6.41 23.4% 6.30095.11% 2011 113.29 18.9% 4,279 57 1.0% 0.1 2012 2007 2011 130 8.50 125 8.25 120 8.00 115 7.75 7.50 110 7.25 105 7.00 100 6.75 95 6.50 90 6.25 2007 2008 2009 2010 2011 USD/RMB EcoWin 2007 2011 2.25 36.0 2.00 32.0 1.75 28.0 1.50 24.0 1.25 20.0 % 1.00 16.0 0.75 12.0 0.50 8.0 0.25 4.0 0.00 0.0 2007 2008 2009 2010 2011 M2 EcoWin 2011 21
2011 1,303.19 1,241.8218.81% 18.93% (ROA)1.17%0.03 (ROE)18.27%0.60 2010 ROE2011 2011 2010 2009 228,064 193,962 158,881 100,102 82,855 73,317 64,662 54,483 46,013 328,166 276,817 232,198 (159,627) (134,654) (121,640) (108,511) (94,555) (81,076) (19,355) (12,993) (14,987) 168,539 142,163 110,558 168,644 142,145 111,097 (38,325) (32,454) (25,748) 130,319 109,691 85,349 124,182 104,418 80,819 2011 2,280.64 341.02 17.58% 1,850.98 260.26 16.36% 24.34 6.50 36.43% 22 2011
1 2011 2010 6,096,396 4.87% 5,396,751 4.22% 699,645 65 Bps 1 1,924,479 2.95% 1,978,152 2.73% (53,673) 22 Bps 1,819,332 1.38% 1,257,129 1.41% 562,203 (3) Bps 903,365 3.80% 759,900 1.88% 143,465 192 Bps 10,743,572 3.85% 9,391,932 3.34% 1,351,640 51 Bps 8,180,446 1.71% 7,223,062 1.28% 957,384 43 Bps 1,755,697 2.20% 1,489,237 1.50% 266,460 70 Bps 2 162,050 4.04% 113,988 4.10% 48,062 (6) Bps 10,098,193 1.83% 8,826,287 1.35% 1,271,906 48 Bps 2.12% 2.07% 5 Bps 4,405,534 5.80% 3,895,037 5.07% 510,497 73 Bps 1,378,485 3.11% 1,435,273 2.78% (56,788) 33 Bps 1,417,868 1.58% 1,072,057 1.53% 345,811 5 Bps 741,194 3.95% 600,841 2.14% 140,353 181 Bps 7,943,081 4.41% 7,003,208 3.81% 939,873 60 Bps 6,526,238 1.96% 5,782,407 1.48% 743,831 48 Bps 857,823 3.69% 836,546 2.16% 21,277 153 Bps 136,395 4.12% 98,876 3.95% 37,519 17 Bps 7,520,456 2.19% 6,717,829 1.60% 802,627 59 Bps 2.33% 2.27% 6 Bps 94,945 2.85% 97,207 1.88% (2,262) 97 Bps 23,388 2.16% 24,296 2.56% (908) (40) Bps 25,383 1.34% 25,400 0.84% (17) 50 Bps 143,716 2.47% 146,903 1.81% (3,187) 66 Bps 61,162 0.82% 62,420 0.66% (1,258) 16 Bps 57,468 1.05% 57,761 0.79% (293) 26 Bps 108 7.41% 100 8.00% 8 (59) Bps 118,738 0.94% 120,281 0.73% (1,543) 21 Bps 1.69% 1.21% 48 Bps 1 2 1 2011 23
2011 2010 296,913 227,529 69,384 29,525 39,859 56,728 53,987 2,741 (1,465) 4,206 25,157 17,732 7,425 7,927 (502) 34,304 14,285 20,019 2,697 17,322 413,102 313,533 99,569 38,684 60,885 139,905 92,525 47,380 12,255 35,125 38,579 22,370 16,209 3,997 12,212 6,554 4,676 1,878 1,971 (93) 185,038 119,571 65,467 18,223 47,244 228,064 193,962 34,102 20,461 13,641 255,447 197,630 57,817 25,882 31,935 42,832 39,902 2,930 (1,579) 4,509 22,415 16,377 6,038 5,291 747 29,304 12,839 16,465 3,004 13,461 349,998 266,748 83,250 32,598 50,652 127,616 85,681 41,935 11,009 30,926 31,666 18,093 13,573 460 13,113 5,618 3,902 1,716 1,482 234 164,900 107,676 57,224 12,951 44,273 185,098 159,072 26,026 19,647 6,379 2,705 1,828 877 (43) 920 505 621 (116) (23) (93) 337 214 123 123 3,547 2,663 884 (66) 950 501 413 88 (8) 96 604 458 146 (2) 148 8 8 1 (1) 1,113 879 234 (9) 243 2,434 1,784 650 (57) 707 24 2011
2011 25 2011 2.12% 0.052.33% 0.061.69% 0.48 2011 86.78% 0.70 45.41%1.14 58.04% 4.58 2011 76.13% 0.28 0 1 2 3 4 5 2011 2010 2009 2008 2007 2006 % 2.45% 2.76% 2.63% 2.04% 2.07% 2.12% 0 1 2 3 4 5 2011 2010 2009 2008 2007 2006 2011 2010 2009 2008 2007 2006 % 2.24% 2.70% 2.70% 2.21% 2.27% 2.33% 3.21% 3.44% 2.89% 1.44% 1.21% 1.69%
2011 2010 3,011,945 6.00% 2,624,132 5.33% 387,813 67 Bps 1,316,184 5.24% 1,122,147 4.72% 194,037 52 Bps 77,405 7.38% 148,758 3.24% (71,353) 414 Bps 4,405,534 5.80% 3,895,037 5.07% 510,497 73 Bps 3,186,630 5.78% 2,693,845 5.22% 492,785 56 Bps 1 1,218,904 5.85% 1,201,192 4.74% 17,712 111 Bps 1,885,430 0.89% 1,731,069 0.71% 154,361 18 Bps 1,539,553 2.66% 1,413,398 2.08% 126,155 58 Bps 913,279 0.54% 800,863 0.37% 112,416 17 Bps 1,824,746 2.74% 1,774,017 2.24% 50,729 50 Bps 363,230 4.09% 63,060 2.00% 300,170 209 Bps 6,526,238 1.96% 5,782,407 1.48% 743,831 48 Bps 94,945 2.85% 97,207 1.88% (2,262) 97 Bps 22,172 0.23% 20,471 0.14% 1,701 9 Bps 7,253 2.10% 7,781 1.42% (528) 68 Bps 9,485 0.09% 9,819 0.09% (334) 15,631 0.73% 18,587 0.77% (2,956) (4) Bps 6,621 2.66% 5,762 2.12% 859 54 Bps 61,162 0.82% 62,420 0.66% (1,258) 16 Bps 2011 1,001.02172.47 20.82% 30.50% 0.57 26 2011
646.62101.79 18.68% 2011 2010 2009 13,268 10,178 8,364 12,389 9,144 7,481 12,139 11,021 11,211 10,747 9,574 6,091 8,545 8,114 7,264 12,930 11,183 9,823 70,018 59,214 50,234 (5,356) (4,731) (4,221) 64,662 54,483 46,013 10,480 7,686 6,039 10,905 7,962 6,508 6,887 4,920 5,049 8,126 7,452 4,503 7,695 7,562 6,938 11,229 9,778 8,309 55,322 45,360 37,346 (1,690) (1,332) (1,099) 53,632 44,028 36,247 354.4070.68 24.91% 2010 43.67 29.22 38 39 40 41 2011 27
2011 2010 2009 18,581 14,414 11,645 108,511 94,555 81,076 19,355 12,993 14,987 13,180 12,692 13,932 159,627 134,654 121,640 20111,596.27 249.73 18.55% 2011 1,085.11139.56 14.76% (1) (2) (3) IT ATM (4) 33.07%1.09 43 2011192.72 37.08 0.32%0.03 190.81 17.27 1.91 17.90 443 2011 0.83 443 2011 383.25 58.71 18.09% 22.73% 47 28 2011
2011 118,300.66 13,702.01 13.10% 110,741.72 12,904.57 13.19% 2011 12 31 2010 12 31 2009 12 31 6,342,814 5,660,621 4,910,358 (139,676) (122,856) (112,950) 1 2,000,759 2,055,324 1,816,679 1,919,651 1,573,922 1,046,441 983,799 723,888 533,688 722,719 568,966 557,727 11,830,066 10,459,865 8,751,943 8,817,961 7,733,537 6,716,823 1,683,597 1,504,786 1,070,577 2 196,626 151,386 88,055 375,988 394,006 331,094 11,074,172 9,783,715 8,206,549 1 2 2011 29
1,396.76 168.20220.75% 24.08 2.56% 0.11 63,428.14 6,821.93 12.05% 47,754.94 6,256.88 15.08%2,487.45 206.189.04% 20,007.59 545.65 14,684.04 276.65 844.890.44 2011 12 31 2010 12 31 2009 12 31 73,807 3.69% 81,237 3.95% 61,897 3.40% 553,318 27.65% 656,738 31.95% 622,307 34.26% 1,074,116 53.69% 1,039,386 50.57% 744,693 40.99% 299,518 14.97% 277,963 13.53% 387,782 21.35% 2,000,759 100.00% 2,055,324 100.00% 1,816,679 100.00% 30 2011
2011 12 31 2010 12 31 2009 12 31 736,515 903,533 743,721 20,593 16,462 15,021 327,971 258,151 240,884 46,160 44,422 42,239 199,025 149,322 109,480 160,000 160,000 160,000 1,490,264 1,531,890 1,311,345 182,801 152,895 138,030 53,037 56,929 71,643 203,457 242,309 231,753 32,642 37,446 43,335 471,937 489,579 484,761 34,146 32,683 19,325 4,412 1,172 1,248 2,000,759 2,055,324 1,816,679 286,193 118,644 127,518 1,468,404 313,584 138,921 106,750 1,496,069 2011 12 31 2010 12 31 Alt-A Non-Agency 15.6398.48 14.4290.84 2011 31
(Freddie Mac) (Fannie Mae) 0.10 0.63 0.533.36 811.21 778.53 95.97% 88,179.61 10,844.24 14.02% 72,820.91 9,640.15 15.26%2,437.54 300.2514.05% 2011 12 31 2010 12 31 2009 12 31 2,451,185 27.80% 2,244,807 29.03% 1,948,036 29.00% 2,021,651 22.93% 1,739,924 22.50% 1,491,691 22.21% 221,479 2.51% 78,775 1.02% 18,297 0.27% 4,694,315 53.24% 4,063,506 52.55% 3,458,024 51.48% 1,423,524 16.14% 1,343,434 17.37% 1,194,533 17.78% 2,171,950 24.63% 2,109,872 27.28% 1,986,292 29.57% 339,608 3.86% 115,607 1.49% 13,473 0.21% 3,935,082 44.63% 3,568,913 46.14% 3,194,298 47.56% 138,880 1.57% 45,217 0.58% 49,684 0.56% 55,901 0.73% 64,501 0.96% 8,817,961 100.00% 7,733,537 100.00% 6,716,823 100.00% 2,199,660 29.59% 2,011,048 30.55% 1,737,659 30.10% 1,619,585 21.79% 1,468,247 22.31% 1,337,614 23.17% 217,610 2.93% 76,032 1.16% 13,777 0.25% 4,036,855 54.31% 3,555,327 54.02% 3,089,050 53.52% 1,086,552 14.62% 964,549 14.65% 819,522 14.20% 1,924,228 25.89% 1,892,570 28.75% 1,786,878 30.96% 339,191 4.56% 115,607 1.76% 13,473 0.23% 3,349,971 45.07% 2,972,726 45.16% 2,619,873 45.39% 46,459 0.62% 54,002 0.82% 63,108 1.09% 7,433,285 100.00% 6,582,055 100.00% 5,772,031 100.00% 32 2011
2011 33 584,531 608,878 342,461 7,282,091 494,374 637,715 283,372 6,318,076 2011 12 31 2010 12 31 7,558.94 797.44 11.79% (1)2011 1,303.19 1,241.82 (2) 2010 407.56 2011 / 5 23,118.72 7 10,173.68 2,479.97 2,143.57 946.40 3,068.15 2,121.75 557.74 2,507.17 129.60 760.29
2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 201,021 171,161 21,018 18,577 6,025 4,224 228,064 193,962 68,923 50,470 29,899 30,545 2,856 2,474 (1,576) (634) 100,102 82,555 53,632 44,028 9,167 8,866 2,396 2,001 (533) (412) 64,662 54,483 (136,380) (107,636) (21,779) (24,456) (2,314) (3,196) 846 634 (159,627) (134,654) (18,112) (11,669) (1,752) (472) 509 (852) (19,355) (12,993) 133,421 113,867 29,287 24,719 6,666 3,559 (730) 168,644 142,145 9,612,881 8,520,945 1,868,982 1,780,334 904,756 547,954 (556,553) (389,368) 11,830,066 10,459,865 9,025,576 8,004,925 1,720,769 1,638,846 884,219 529,152 (556,392) (389,208) 11,074,172 9,783,715 2 96,128.81 10,919.36 12.81% 77.61% 2011 1,334.21195.54 17.17%78.77% 18,689.82 886.48 4.98% 15.09% 2011 292.87 18.48% 17.29% 9,047.56 3,568.02 65.12% 7.30% 2011 66.66 87.30% 2 34 2011
2006 (1) (2) (3) (4) Black-Scholes 6 2011 35
2 2007[2007]21226 2011 12 31 2010 12 31 % 2009 12 31 11,830,066 10,459,865 13.10 8,751,943 11,074,172 9,783,715 13.19 8,206,549 723,162 644,165 12.26 514,992 279,147 279,147 253,839 2.59 2.31 12.12 2.03 93.61% 93.54% 0.07 93.77% 8,817,961 7,733,537 14.02 6,716,823 2,451,185 2,244,807 9.19 1,948,036 2,021,651 1,739,924 16.19 1,491,691 1,423,524 1,343,434 5.96 1,194,533 2,171,950 2,109,872 2.94 1,986,292 6,342,814 5,660,621 12.05 4,910,358 6,279,540 5,598,151 12.17 4,835,640 63,274 62,470 1.29 74,718 11,053 13,700 (19.32) 16,076 68,130 62,708 8.65 77,271 139,676 122,856 13.69 112,950 231,198 155,557 48.63 104,796 863,232 740,704 16.54 575,024 700,487 626,371 11.83 503,011 234,763 190,990 22.92 139,645 72,018 76,657 (6.05) 67,632 6,656,034 5,887,170 13.06 5,163,848 1 2 3 [2004] 2 36 2011
2011 2010 % 2009 328,166 276,817 18.55 232,198 168,539 142,163 18.55 110,558 168,644 142,145 18.64 111,097 124,182 104,418 18.93 80,819 123,003 103,374 18.99 79,050 214,357 308,997 (30.63) (120,093) / 0.44 0.39 12.65 0.31 / 0.43 0.39 11.25 0.31 / 2012 2 0.44 / 0.44 0.39 12.71 0.30 / 0.43 0.38 11.31 0.30 % 18.27 18.87 0.60 16.48 % 18.10 18.68 0.58 16.12 0.77 1.11 (30.63) (0.47) % 1.17 1.14 0.03 1.09 % 33.07 34.16 1.09 34.92 % 2011 12 31 2010 12 31 2009 12 31 8 12.97 12.58 11.14 4 10.07 10.09 9.07 25 47.0 43.2 45.3 25 56.2 52.2 55.6 75 68.77 71.72 72.04 10 3.1 2.9 3.8 50 18.9 20.2 28.0 220.75 196.67 151.17 1.00 1.10 1.52 1 = / 2 = / 3 = / 2011 37
2011 7,840 3.58% 2014-11-17 2005 6,800 3.42% 2015-08-02 2010 6,070 + 0.52% 2017-01-26 2006 5,000 + 0.60% 2016-12-12 2010 4,750 + 0.59% 2020-02-25 2009 4,660 + 0.54% 2016-09-01 2007 4,570 4.55% 2012-09-18 2011 4,560 3.55% 2016-12-06 2011 4,400 3.83% 2018-11-24 2009 3,850 2.12% 2012-06-26 38 2011