601988 2011
8 9 10 12 13 14 16 18 20 20 39 54 64 66 68 69 75 90 101 106 109 112 113 115 315 318 319 323
1912 2 19121949 1994 2004 8 2006 67 A+H 2011 2 2011
32 2011 3
1912 1928 1942 1949 1994 1912 1928 1942 1949 1994 4 2011
1,398 6 1994 1995 2004 2010 2001 2006 2011 13 2002 7 A+H 2011 5
100 2012 2 3 100 6 2011
100 2012 2 3 2011 7
2012 3 29161616 7 2012 3 29 2011 2011 2006 8 2011
2012 2011 9
2006 2011 2010 2009 228,064 193,962 158,881 1 100,102 82,855 73,317 2 328,166 276,817 232,198 (108,511) (94,555) (81,076) (19,355) (12,993) (14,987) 168,539 142,163 110,558 168,644 142,145 111,097 130,319 109,691 85,349 124,182 104,418 80,819 3 123,003 103,374 79,050 N.A. 40,756 35,537 11,830,066 10,459,865 8,751,943 6,203,138 5,537,765 4,797,408 4 2,000,759 2,055,324 1,816,679 11,074,172 9,783,715 8,206,549 5 8,817,961 7,733,537 6,716,823 723,162 644,165 514,992 279,147 279,147 253,839 0.44 0.39 0.31 6 0.155 0.146 0.14 7 2.59 2.31 2.03 % 8 1.17 1.14 1.09 % 9 18.27 18.87 16.48 % 10 2.12 2.07 2.04 % 11 30.50 29.93 31.58 % 12 33.07 34.16 34.92 % 13 68.77 71.72 72.04 % 10.07 10.09 9.07 % 12.97 12.58 11.14 % 14 1.00 1.10 1.52 % 15 220.75 196.67 151.17 % 16 0.32 0.29 0.38 17 289,951 272,558 256,553 268,830 250,976 236,056 18 10,951 10,767 10,659 10,365 10,074 9,988 1 6.3009 6.6227 6.8282 1 8.1625 8.8065 9.7971 1 0.8107 0.8509 0.8805 10 2011
232,198 276,817 328,166 110,558 142,163 168,539 85,349 109,691 130,319 2009 2010 2011 2009 2010 2011 2009 2010 2011 0.31 0.39 0.44 1.09 1.14 1.17 16.48 18.87 18.27 2009 2010 2011 2009 2010 2011 2009 2010 2011 2.04 2.07 2.12 34.92 34.16 33.07 11.14 12.58 12.97 2009 2010 2011 2009 2010 2011 2009 2010 2011 0.38 0.29 0.32 1.52 1.10 1.00 151.17 196.67 220.75 2009 2010 2011 2009 2010 2011 2009 2010 2011 2011 11
Euromoney 2011 2011 2011 The Banker Financial Times Global Finance Trade Finance The Asset EuroFinance Asiamoney The Asian Banker FORTUNE 2011500 132 WPP BrandZ50 TOP10 21 50 2011 League of American Communications Professionals 2010 IDG TOP10 12 2011
BANK OF CHINA LIMITEDBank of China 1 (86) 10-6659 2638 (86) 10-6659 4568 bocir@bank-of-china.com 1 (86) 10-6659 2638 (86) 10-6659 4568 bocir@bank-of-china.com 1 1 100818 (86) 10-6659 6688 (86) 10-6601 6871 http://www.boc.cn bocir@bank-of-china.com 1 A http://www.sse.com.cn http://www.hkexnews.hk 202 211 22 1983 10 31 2004 8 26 2011 5 26 100000000001349 B0003H111000001 110102100001342 10000134-2 A 601988 H 3988 A 113001 A 2011 13
2011 1,303.19 18.81% 1,241.8218.93% 0.44 0.05 1.17%0.03 2011 0.155 2012 5 2011 23 500 2011 14 2011
2012 2 15 100 30 2012 2012 3 29 2011 15
2011 16 2011 2006201111.83 11.07 0.7213.10% 13.19% 12.26%1,303.19 18.81% 1,241.82 18.93% 1.17%0.03 1.00% 0.1220.75% 24.08 2011 2,280.64 17.58%2.12% 0.0520.82% 0.57 30.50% 0.32% 1.09 33.07% 68.77%2.95 12.97% II & III
18.46% 17.1% 1.3 72.45% 67.78% 13.82 2012 2012 2012 3 29 2011 17
2011 2011 2010 2012 3 29 18 2011
2011 19
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
2011 2010 101,887 60.42% 89,170 62.73% 37,523 22.25% 32,980 23.20% 19,166 11.36% 11,005 7.74% 2,674 1.59% 2,241 1.58% 7,394 4.38% 6,749 4.75% 168,644 100.00% 142,145 100.00% 2011 12 31 2010 12 31 3,842,173 3,374,811 13.85% 194,682 180,517 7.85% 657,460 508,178 29.38% 4,694,315 4,063,506 15.52% 3,165,161 2,775,551 14.04% 184,810 197,175 (6.27%) 585,111 596,187 (1.86%) 3,935,082 3,568,913 10.26% 3,244,573 2,910,239 11.49% 573,882 630,446 (8.97%) 906,850 703,698 28.87% 4,725,305 4,244,383 11.33% 1,390,343 1,217,171 14.23% 896 729 22.91% 226,270 198,338 14.08% 1,617,509 1,416,238 14.21% 2011 39
20111,331.96195.86 17.24% 2011 2010 90,176 67.70% 81,628 71.85% 32,980 24.76% 28,311 24.92% 10,393 7.80% 3,619 3.19% (353) (0.26%) 52 0.04% 133,196 100.00% 113,610 100.00% 2011 901.7685.48 10.47% 4,673.62 13.85% 9.51% 36.40 26.84% 2,494 226 40 2011
3,343.34 11.49% 910.79 2,000 7,000 25,000 18,750 12,500 6,250 0 14,309 19,723 24,267 2009 2010 2011 e 2011 2011 2011 CFO 2.43 23.04% 1.3424.84% 1.1527.14% 800 600 400 200 0 1,200 900 600 300 0 524 562 612 2009 2010 2011 807 937 1,071 2009 2010 2011 1.0820.87% 3,837.71 23.43% 611.58 8.78% 295.98 48.29%44.05 46 2011 41
2011 42 472.27 2,299.91 690.90 254.03115.22 + TSU(Trade Services Utility) B 67 630 8 QFII 2,6001,500 2011 3.86 91.07%3,885.97 62.34% 69.821.80% 1.00
244.43 18.03% 2011 282.27329.01 8,500 121.0177.73 75.70% 30.93% 2011 (ODI) (FDI) 7,800 30% 1.77 5,5004,200 100 600 18265 26% 4.5 2011 43
2011 44 2011 329.8046.69 16.49% 1.53 17.10% 31,651.61 3,896.10 14.04% 293.31 1,731.72 14.23% 3,699166 19 19 80% 60% 3,000 21 IC IC 7 24 3,086 42% 1.94 30.18% 1,448 4,64043% 17,28756% 26125%
2011 45 2011 33.31% 125% (R-QFII) ETF 3
2011 46 2011 18 8.8 4.6 14 2011 26.15% 26.12% 32.36% 46.31 13.31 40.34% 17.30%1.93 500 86 0.00 6.25 12.50 18.75 25.00 2010 2011 14.45% 15.77% 20.50% 15.15% 17.72% 21.76% 0 1,250 2,500 3,750 5,000 2010 2011 1,725 1,348 3,239 2,175 1,784 4,086
2011 47 2011 2011 12 32 5 A- A+ 2011203.59 17.36% 2011 2011 100
2011 48 2011 2011 12.05 9 IPO 42 IPO 25 (ETF) CME NYMEXCOMEX CME CBOT IPO 5 2011 23
2011 49 4 2 2 545 37% 5 2011 2011 16.19 0.613.91% 2011 129 49% 2011 29.2814.2% 2011(C) (B) 8
2011 50 2011 35.64 4.4614.31% 1 52.98 41.66 6.59 1 5,000 (FOF) 2011 28 183158 25 2947 2011 2.01 20% 7614% 2011 2011 C919
10,225 1,500 2011 ATM3 1.6 0.6 0.2 9,400 1,800 ATM IC 2011 2011300 2011 51
2011 52 1.3 72.45% 67.78%13.82 108 158.86% 60 5,500 121.67%6 47.32% 3G WAP Android ipad 1,700 27 B2C B2B 29 2011 2011
2011 19 IT 2011 10 IT 341 2011 IT 100 IT IT 2011 53
2011 54 2011 2011
2011 632.74 8.04 1.00% 0.1 1,396.76 168.20 220.75% 24.08 609.26 4.18 1.17% 0.1 1,925.04 444.59 3.03% 0.41 2011 12 31 2010 12 31 2009 12 31 6,087,036 95.97% 5,450,106 96.28% 4,696,573 95.65% 192,504 3.03% 148,045 2.62% 139,067 2.83% 26,153 0.41% 28,603 0.50% 35,858 0.73% 24,584 0.39% 20,784 0.37% 26,148 0.53% 12,537 0.20% 13,083 0.23% 12,712 0.26% 6,342,814 100.00% 5,660,621 100.00% 4,910,358 100.00% 63,274 1.00% 62,470 1.10% 74,718 1.52% 4,966,201 95.33% 4,556,215 95.76% 3,965,698 95.20% 182,567 3.50% 141,862 2.97% 128,222 3.07% 24,964 0.48% 27,142 0.57% 33,752 0.81% 23,621 0.45% 20,531 0.43% 25,655 0.62% 12,341 0.24% 12,835 0.27% 12,386 0.30% 5,209,694 100.00% 4,758,585 100.00% 4,165,713 100.00% 60,926 1.17% 60,508 1.27% 71,793 1.72% % 2011 2010 2009 2.56 2.02 2.40 12.94 5.13 10.07 55.42 23.05 25.60 5.68 15.66 9.76 2011 55
22 633.06 5.70 1.00% 0.13 611.59 10.521.17% 0.14 21.47 4.82 0.19% 0.01 2011 2010 2009 63,876 76,006 90,879 20,804 20,780 28,676 (21,374) (32,910) (43,549) 63,306 63,876 76,006 62,211 73,680 87,352 19,726 20,020 27,519 (20,778) (31,489) (41,191) 61,159 62,211 73,680 2011 12 31 2010 12 31 2009 12 31 4,775,494 50,541 4,149,806 54,583 3,525,018 65,506 1,567,320 12,765 1,510,815 9,293 1,385,340 10,500 6,342,814 63,306 5,660,621 63,876 4,910,358 76,006 4,634,915 50,056 4,127,410 54,359 3,510,236 64,950 574,779 11,103 631,175 7,852 655,477 8,730 5,209,694 61,159 4,758,585 62,211 4,165,713 73,680 56 2011
3 2.56% 53 2011192.72 37.08 0.32%0.03 189.27 42.13 0.38% 0.05 2011 12 31 2010 12 31 2009 12 31 % 10 3.1 2.9 3.8 % 50 18.9 20.2 28.0 1 = / 2 = / 83 2011 A 26,428 0.42% B 21,944 0.35% C 20,000 0.32% D 18,135 0.29% E 16,034 0.25% F 13,862 0.22% G 12,538 0.20% H 12,111 0.19% I 11,887 0.19% J 10,086 0.16% 3 2011 57
4 25 4 2011 12 31 2010 12 31 25 (2,184) 301 43 (2,552) 242 (456) 25 2,184 (301) (43) 2,552 (242) 456 2011 4 2011 25 58 2011
2011 12 31 2010 12 31 2009 12 31 % 25 47.0 43.2 45.3 25 56.2 52.2 55.6 % 2.9 2.1 2.7 24.3 14.6 10.3 % 4 0.82 1.00 1.04 8 2.25 1.08 2.82 1 = / 2 = + / + 3 = + + / 4 = / 5 = / 5 2011 12 31 2010 12 31 12,777 11,136 (3,886,641) (3,770,963) 1 625,317 293,431 1 3 (407,214) (107,056) 3 1 372,733 127,728 15 1,417,396 1,809,370 5 2,621,526 2,312,504 755,894 676,150 = 2011 59
2011 60 2011 2011
(1) (Risk and Control Assessment RACA) (2)(Key Risk Indicator KRI) (3) (Loss Data Collection LDC) 2011 2011 61
2011 62 10230,128.79 BASEL II BASEL III
(Economic Value Added EVA) (Risk Adjusted Return On Capital RAROC) RAROC 2012 2 3 BASEL III 2011 12.97% 10.07% 320 2011 63
5 201110,951 10,365 586 37296 9,891 2011 4,925,502 35.22% 1,624 14.83% 51,107 17.63% 570,983 4.08% 919 8.39% 25,271 8.72% 2,808,353 20.08% 3,462 31.61% 89,088 30.72% 1,941,179 13.88% 2,733 24.96% 67,606 23.32% 965,857 6.91% 1,627 14.86% 35,758 12.33% 1,868,982 13.36% 493 4.50% 18,161 6.26% 904,756 6.47% 93 0.85% 2,960 1.02% (2,155,546) 11,830,066 100.00% 10,951 100.00% 289,951 100.00% 5 2011 2010 19 64 2011
2011 65 2011 289,951 268,830 265,563 66,855 21,121 6,658 2011 54,452 2,073,768 ehr1.0 50 6.53% 41 50 37.93% 31 40 30.95% 30 24.59% 6.23% 9.19% 29.87% 54.71% 10.69% 52.56% 9.24% 9.66% 0.26% 15.76% 1.83%
2011 179476 21 2011 2012 66 2011
100 2011 67
2011 68 2012 201212%
A 2011 1 1 2011 12 31 1 2 3 4 279,147,223,195 100.00% 110,384 110,384 279,147,333,579 100.00% 1 195,524,946,800 70.04% 110,384 110,384 195,525,057,184 70.04% 2 3 83,622,276,395 29.96% 83,622,276,395 29.96% 4 279,147,223,195 100.00% 110,384 110,384 279,147,333,579 100.00% 1 2011 12 31 279,147,333,579195,525,057,184 A83,622,276,395 H 2 2011 12 31AH 3 A110,384 4 2010 6 2400A 2010 11 2 A 2.36101 A17,705,975,596 41,639,158,379.81 H 2010 11 12H H 2.74 101 7,602,025,126 17,659,653,976.86 AH 1130012010 12 2 2011 12 316,380 A 170,848 2011 69
A H 113001 279,147,333,579 279,147,333,579 29 29 A A H (www.sse.com.cn) (www.hkexnews.hk) (www.boc.cn) 2011 12 311,107,015874,563 A232,452 H 2012 2 291,093,899862,758 A231,141 H 2011 12 31 1 188,701,419,541 67.60% A 2 81,318,854,581 29.13% H 3 The Bank of Tokyo-Mitsubishi UFJ Ltd. 520,357,200 0.19% H 4 005L FH002 429,218,309 0.15% A 5 304,007,461 0.11% H 6 008C CT001 195,759,432 0.07% A 7 005L CT001 147,201,482 0.05% A 8 115,983,491 0.04% A 9 99,999,900 0.04% A 9 99,999,900 0.04% A HH 148,067,536 70 2011
005L FH002 005L CT001 2011 12 31 H [2010]148[2010]7232010 6 2 400A [2010]17 400A2010 6 18 18,445 2011 12 31 1 005L FH002 2,116,015,000 5.29% 2 005L CT001 1,189,906,000 2.97% 3 018L FH001 1,131,788,000 2.83% 4 1,067,039,000 2.67% 5 921,827,000 2.30% 6 914,596,000 2.29% 7 816,757,000 2.04% 8 756,292,000 1.89% 9 730,000,000 1.83% 10 677,194,000 1.69% 2011 71
A 39,999,773,000 411,000 39,999,362,000 411,000 110,384 170,848 0.000063% 39,999,362,000 99.9984% 2010 6 4 3.88 / 2010 5 31 2009 2010 11 16 3.78 / 2010 11 11 A 2010 12 16 3.74 / 2010 12 13 H 2011 6 10 3.59 / 2011 6 3 2010 3.59 / SD[2011]53AAA 72 2011
H 2011 12 31336 / A H 1 188,553,352,005 A 96.43% 67.55% 9,160,229,441 H 10.95% 3.28% 2 5,914,493,996 H 7.07% 2.12% 1 2011 A 2 Fullerton Management Pte. Ltd.Fullerton Management Fullerton Management Fullerton Management 5,766,518,206 H 147,975,790 H 2011 12 31336 2011 73
2003 12 16 8,282.098,282.09 2007 10 9 2011 12 3110% 74 2011
1958 2004 8 2013 1952 2004 8 2013 1955 2004 8 2013 1964 2012 2 2015 1954 2007 8 2013 1955 2010 10 2013 1955 2010 10 2013 1963 2010 10 2013 1957 2011 7 2014 1972 2011 7 2014 1946 2004 8 2013 Alberto TOGNI 1938 2006 6 2012 1962 2007 8 2013 1949 2007 11 2013 1946 2010 10 2013 1950 2011 3 2014 1956 2010 3 2013 1957 2004 8 2013 1958 2004 8 2013 1959 2010 8 2013 1959 2004 12 2011 1949 2011 5 2014 1951 2011 5 2014 1956 2004 8 1960 2008 6 1960 2010 8 1956 2010 8 1960 2007 3 1953 2011 12 1949 2008 5 1 2 2011 75
2011 77.55 28.70 106.25 69.79 27.35 97.14 66.96 26.66 93.62 27.95 10.97 38.92 55.00 55.00 Alberto TOGNI 95.47 95.47 35.00 35.00 35.00 35.00 27.27 27.27 67.86 24.93 92.79 56.42 22.62 79.04 56.42 22.17 78.59 59.90 21.31 81.21 32.30 15.65 47.95 50.33 11.03 61.36 10.40 10.40 8.80 8.80 9.27 9.27 13.39 13.39 65.24 26.03 91.27 65.41 24.85 90.26 65.52 25.43 90.95 65.39 29.77 95.16 65.39 29.38 94.77 493.93 70.87 564.80 120.34 23.67 144.01 61.25 27.18 88.43 76 2011
1 20072009 2 2011 3 2011 32011 5 2011 7 2011 4 2011 8 2011 5 2011 122011 20112,326 2011 2011 77
1 2 3 4 78 2011
1 2003 3 2003 32004 8 1996 102003 3 1989 5 1996 10 2003 5 19811996 2 2004 8 2002 92004 8 1994 72002 9 1989 11994 7 2006 12 2009 6 19771999 3 2004 82000 11 1980 112000 11 2002 6 2012 3 1978 4 2012 219892006 8 2003 112006 8 1999 42004 1 1987 2005 2011 79
5 6 7 8 9 10 80 2011
5 2007 819862007 1983 1986 1995 20012003 8 2010 10 1999 10 2010 2010 1999 3 1999 10 19861999 1984 1986 6 2010 1019822010 1982 2 7 2010 1019822010 1982 1 2007 7 9 2011 72004 112010 6 2005 42010 6 2001 82004 11 1999 92001 9 2004 12008 12 1986 1988 1990 10 2011 7 20012011 19912001 199519982001 2011 81
11 12 13 14 15 16 11 2004 8 1996 1998 1990 1976 2003 2009 2010 2002 112005 12 2004 92006 3 2004 112010 6 2010 6 82 2011
12 Alberto TOGNI 2006 61959 (Swiss Bank Corporation (Union Bank of Switzerland) 1998 (UBS AG) 2005 446 19982005 19941997 1994 2009 8 1965 13 2007 8 1986 1993 14 2007 11 1987 1999 82001 3 2001 42004 9 19931995 2004-2009 2010-2015 2007 9 2013 8 15 2010 10 2003 4 2010 1 19972003 199219972003 2010 1 20032010 1 20072008 200920012007 1970 19791982 1987 2010 200320052010 16 2011 3 35 20022007 20012002 19992001 20072008 19741999 20082010 20112011 20102008 1972 1974 2011 83
1 2 3 4 5 6 7 84 2011
1 2010 32009 12 2006 92009 12 2000 112006 8 2000 6 2009 12 1998 42001 41990 10 1998 4 1995 2 2004 8 2005 4 2003 72004 8 2001 102003 7 2000 102001 10 1996 112000 9 1985 81996 10 1985 2008 3 2004 82001 112004 8 1984 82001 11 1984 4 2010 8 2008 72010 7 2007 62008 7 2008 22008 7 1993 6 2007 6 1984 81993 61984 5 2004 12 2000 8 19922000 7 6 2011 5 2003 102010 5 1982 1999 7 2011 5 1999 1985 2011 85
1 2 3 4 5 6 7 86 2011
1 2 3 2004 8 2002 62004 8 1998 82002 7 1983 4 6 2010 8 19882009 5 2010 72003 72009 5 2000 112003 7 2010 3 2008 7 2010 8 19802009 3 2010 72008 32009 32005 22008 8 2010 9 2011 11 1999 5 2008 6 1990 2000 62008 5 2011 12 1982 1999 2011 87
8 9 10 8 2007 3 19831985 10 2008 5 1997 1985 1992 9 2011 1219822007 62011 121998 62007 2 1982 1999 88 2011
2011 3 11 2011 5 28 2011 7 8 2012 2 15 2012 3 29 Arnout Henricus Elisabeth Maria WELLINK 2011 2011 5 28 2011 5 27 2010 2014 2012 2 21 2011 5 28 2011 8 17 2011 12 14 2011 89
2011 90 2011 1 2 20112010 10 2011 10 3 2011 19 87 201114 45 2011 2011 100 50
2011 91 2011 10 2011 H
2011 92 2011 1 282011 2012 200 2011 5 27 2010 2010 2010 2010 2012 1 62012 2011 2010 2010 2010 2011 7 2010 2011 2010AAH 2010 3 192010 2010 8 202010 2010AH 2011 3 23
16 36 6 2011 2011 3 244 285 278 2410 2612 8 6 2010 2010 2010 IT 201112 201199% / 17/18 18/18 18/18 10/10 10/10 10/10 18/18 18/18 18/18 18/18 6/6 6/6 18/18 Alberto TOGNI 17/18 18/18 18/18 17/18 14/14 1 2011 186 12 2 2011 10 26 2011 93
3 2011 5 28 4 2011 7 8 5 Alberto TOGNI 2011 5 27 6 2011 5 27 7 2011 3 11 10 Alberto TOGNI 2011 3 2010 2012 2011100% / 3/3 3/3 1/1 1/1 3/3 3/3 3/3 3/3 2/2 2/2 Alberto TOGNI 3/3 3/3 1 2011 5 28 2 2011 7 8 8 Alberto TOGNI 94 2011
20115 2010 2012 2010 2011 2011 2012 2011100% / 5/5 2/2 5/5 3/3 5/5 Alberto TOGNI 5/5 5/5 5/5 5/5 1 2011 5 28 2 2011 7 8 3 2011 3 11 20112011 2012 2011 2011 2012 2012 2011 95
2011 96 IT 2012 3 29 7 Alberto TOGNI / 20116 2012
2011100% / 6/6 2/2 6/6 6/6 Alberto TOGNI 6/6 6/6 6/6 1 2011 5 28 2 2012 3 2 6 20116 1 2010 2011 2011 2010 2011 2011 97% / 7/7 5/5 2/2 6/7 7/7 7/7 1 2011 5 28 2 2011 7 8 3 2011 8 23 4 2012 3 29 7 Alberto TOGNI Alberto TOGNI 2011 97
20114 2010 2011 2011 2011 97% / Alberto TOGNI 4/4 4/4 1/1 3/4 4/4 4/4 4/4 4/4 6 3.13 2011 2011 [2003]56 Alberto TOGNI 1 2011 8 23 Alberto TOGNI 2 2011 5 28 3 2011 3 11 2011 12 31 7,691.24 98 2011
2011 99 732 2 2011 6 1 4 2011 29 125 IT 2010 2011 2011 2011 12 31 2.15 800 92011 2006
2011 100 2011 2012 2006 2012 2011 2011 2010 2011 200 2011 11/ A/A-1 2011 2011 2011 2011 2010 (League of American Communications Professionals) 20 50
2011 12 31 30% 2011 0.155 2012 5 30 2011 2012 5 30 2011 5 272010 0.146 2011 7 407.562011 6 302011 2010 2009 2008 40,756 35,537 32,999 39% 44% 52% 1 2 2009 2011 3 24 35% 45%2010 2013 2011 2010 H 2012 6 8 6 12 H H 2012 6 74 30 183 17 1712-1716H 2012 6 6 4,053.90 2011 101
34 14 2006 3 2011 14A.3114A.33 2002 7 5 (BVI) (BVI) 8.50 2002 7 25 4 10 102 2011
2011 12 31 2002 7 5 2011 1 1 2011 12 31 2002 7 5 8.50 2003 7 252012 7 4 1,446,000 1,446,000 1,446,000 2011 5 28 2011 5 28 1,084,500 (BVI) 18 2011 12 31 XV 352 32 (BVI) 2011 103
2011 104 2011 12 311,098 33 2009 7 62010 3 9 400249.3 2010 3 9 249.3 2005339.3 2010 6 2400A 39,776,221,747 2010 1112 AH 59,298,812,357 2011 5 17 320 A [2005]102 [2005]107 50% [2005]102 50%
12 10% H H 10% 2012 3 29 H [2008]897 H2008 10% / / 2011 105
20116 23 2011 98% 1 1 17 2011 2 3 24 2010 2010 2010 2010 2010 2011 2010 3 4 28 2011 4 7 26 2011 5 8 24 2011 6 10 26 2011 / 6/6 6/6 6/6 6/6 6/6 5/6 3/3 3/3 3/3 3/3 1 2011 8 24 2012 2 21 2 2011 5 28 3 2011 5 27 2011 1 2010 2011 42010 2010 106 2011
2011 107 2010 2010 2011 20112011 2011 2011 2010 7 11 5
1 3 4 5 6 2011 2 2011 108 2011
2011 109 2005 11 (1) (2) 166
/ / 1 Fortis-Flex III China Fund I 2,104,048,079 253,455 2,221,052,222 34.68% 94,925,979 2 823 HK 268,190,558 18,701,019 431,328,124 6.73% 64,244,449 3 260,134,793 2,600,000 263,334,451 4.11% 3,199,658 4 939 HK 131,726,501 43,024,334 188,883,438 2.95% (25,367,800) 5 MA MasterCard Inc. 55,679 130,755,707 2.04% 52,116,231 6 1398 HK 83,484,080 20,898,415 78,104,211 1.22% (4,566,131) 7 XS0283693447 46,407,711 10,000 45,905,888 0.72% (323,591) 8 883 HK 47,088,533 3,600,876 39,643,146 0.62% (5,808,271) 9 XS0284704441 Gainlead International Ltd. 37,601,887 8,000 37,211,130 0.58% (1,071,137) 10 13 HK 37,025,094 677,186 35,712,144 0.56% (12,396,776) 2,062,304,467 2,933,118,709 45.79% 560,317,802 (701,560,320) 5,078,011,703 6,405,049,170 100% 23,710,093 1 2 3 4 110 2011
/ 2008 HK 315,971,569 8.30% 647,976,296 26,580,388 (227,125,712) 549 HK 56,043,246 10.95% 42,903,608 15,223,861 372,014,815 690,879,904 26,580,388 (211,901,851) 1 5% 2 47,283,583 20% 132,770,698 36,168,701 986,065,760 14% 1,053,131,379 (20,510,050) 13,458 1,660 11% 13,458 58,352,891 10% 80,756,432 8,767,681 1,091,715,692 1,266,671,967 44,936,382 (20,510,050) 1 2 5% 3 4 1,697,235,937 275,751,250 (331,758,319) 1,250,385,708 2,235,212,893 (341,237,206) 2011 111
2 2007 2011 20062011 2011 2011 2011 Alberto TOGNI 112 2011
(2012) 10826 2011 12 312011 (1) (2) 2011 113
(2012) 10826 2011 12 312011 2012 3 29 114 2011
........................................................... 117............................................................... 119............................................................. 121........................................................... 123........................................................... 125................................................................ 127............................................................. 127....................................................... 128................................................................ 128.................................... 149........................................................................ 152 1.................................................... 153 2............................................................. 153 3................................................................. 154 4........................................................... 155 5.................................................... 157 6......................................................... 161 7................................................................. 161 8........................................................... 162 9......................................................... 168 10........................................................... 169 11......................................................... 170 12............................................................. 171 13............................................................. 173 14................................................................. 174 15................................................................. 179 16..................................................................... 183 17................................................................. 183 18............................................................. 186 19........................................................... 188 20................................................ 188 21................................................................. 189 22........................................................... 189 23....................................................... 189 24................................................................. 190 25............................................................. 192 26................................................................. 195 27................................................................. 195 28................................................................. 196 29................................................................. 197 2011 115
30............................................................... 201 31................................................................. 205 32............................................................. 206 33.................................................... 207 34........................................ 208 35............................................................. 209 36............................................................... 210 37....................................................... 211 38................................................................. 211 39......................................................... 212 40................................................................. 212 41............................................................. 212 42........................................................... 213 43............................................................. 214 44............................................................. 215 45............................................................. 216 46.......................................................... 216 47............................................................... 216 48................................................................. 218 49............................................................. 219 50........................................................... 220.................................................................... 221 1........................................................... 226 2............................................................... 226 3........................................................... 226 4............................................................... 227 5................................................................. 227 6............................................................. 227 7................................................................. 228 8............................................................. 228.................................................................... 229 1..................................................................... 235 2......................................................... 235 3................................................................. 235 4................................................................. 267 5............................................................... 288 6.................................................. 303 7................................................................. 309 8................................................................. 311..................................................... 312..................... 313.............................................. 314 116 2011
2011 12 31 2011 2010 2011 2010 12 31 12 31 12 31 12 31 * * 1 1,981,484 1,623,144 1,840,982 1,327,343 2 529,131 586,904 520,325 576,168 95,907 86,218 91,642 83,100 3 454,668 136,984 416,340 170,711 4 73,807 81,237 31,887 17,814 5 42,757 39,974 20,969 19,157 6 163,698 76,732 160,893 74,622 7 54,817 42,025 50,174 38,254 8 6,203,138 5,537,765 5,546,805 4,951,171 9 553,318 656,738 271,364 392,480 10 1,074,116 1,039,386 1,025,620 984,127 11 299,518 277,963 290,387 263,178 12 13,293 12,631 83,837 79,978 13 14,616 13,839 1,280 1,285 14 138,234 123,568 74,529 65,494 15 11,955 11,365 10,967 11,050 16 1,752 1,851 30 19,516 24,041 19,648 24,359 17 104,341 87,500 21,188 28,248 11,830,066 10,459,865 10,478,837 9,108,539 * 26 2011 117
2011 12 31 2011 12 31 2010 12 31 * 2011 12 31 2010 12 31 * 19 81,456 73,415 73,847 65,120 20 1,370,943 1,275,814 1,273,561 1,098,337 21 231,198 155,557 270,316 192,536 22 2,106 21,492 5 35,473 35,711 17,387 17,232 23 34,640 75,244 33,993 63,240 24 8,817,961 7,733,537 7,806,900 6,793,418 25 26,024 24,201 24,567 22,208 26 29,353 22,775 26,527 20,181 27 75,352 58,665 73,809 57,758 28 2,396 1,372 2,087 1,109 29 169,902 131,887 148,271 116,283 30 4,486 3,919 124 177 31 192,882 170,126 42,234 50,664 11,074,172 9,783,715 9,793,623 8,498,263 33.1 279,147 279,147 279,147 279,147 33.1 119,001 119,003 114,274 114,366 33.2 (25) (138) 34.1 52,165 40,227 50,487 38,777 34.2 81,243 71,195 76,515 67,604 209,816 148,355 166,950 111,380 (18,185) (13,624) (2,159) (998) 723,162 644,165 685,214 610,276 35 32,732 31,985 755,894 676,150 685,214 610,276 11,830,066 10,459,865 10,478,837 9,108,539 * 26 118 2011
2011 12 31 2011 2010 2011 2010 328,166 276,817 289,548 236,346 36 228,064 193,962 208,090 176,173 36 413,102 313,533 385,474 291,706 36 (185,038) (119,571) (177,384) (115,533) 37 64,662 54,483 56,035 45,455 37 70,018 59,214 58,096 47,269 37 (5,356) (4,731) (2,061) (1,814) 38 18,980 9,277 23,455 11,508 516 1,029 6 5 39 4,367 1,317 2,117 11 40 (9,051) (661) (7,853) (1,379) 41 21,144 18,439 7,704 4,578 (159,627) (134,654) (138,480) (110,875) 42 (18,581) (14,414) (18,208) (14,128) 43 (108,511) (94,555) (94,561) (80,523) 44 (19,355) (12,993) (17,838) (12,619) 45 (13,180) (12,692) (7,873) (3,605) 168,539 142,163 151,068 125,471 46 648 730 354 597 46 (543) (748) (481) (634) 168,644 142,145 150,941 125,434 47 (38,325) (32,454) (33,995) (28,930) 130,319 109,691 116,946 96,504 124,182 104,418 116,946 96,504 6,137 5,273 130,319 109,691 116,946 96,504 2011 119
2011 12 31 2011 2010 2011 2010 48 0.44 0.39 0.43 0.39 49 (6,011) (3,757) (520) (1,333) 124,308 105,934 116,426 95,171 119,640 101,358 116,426 95,171 4,668 4,576 124,308 105,934 116,426 95,171 34.3 120 2011
2011 12 31 2011 1 1 279,147 119,003 (138) 40,227 71,195 148,355 (13,624) 31,985 676,150 (2) 113 11,938 10,048 61,461 (4,561) 747 79,744 124,182 6,137 130,319 49 19 (4,561) (1,469) (6,011) 19 124,182 (4,561) 4,668 124,308 33 113 57 170 11,922 10,054 (62,732) (3,978) (44,734) 1. 34.1 11,922 (11,922) 2. 34.2 10,054 (10,054) 3. 34.3 (40,756) (3,978) (44,734) (21) 16 (6) 11 1. (21) 16 (6) 11 2011 12 31 279,147 119,001 (25) 52,165 81,243 209,816 (18,185) 32,732 755,894 2011 121
2011 12 31 2010 1 1 253,839 81,460 (43) 30,391 60,328 100,758 (11,741) 30,402 545,394 25,308 37,543 (95) 9,836 10,867 47,597 (1,883) 1,583 130,756 104,418 5,273 109,691 49 (1,174) (3) (1,883) (697) (3,757) (1,174) 104,415 (1,883) 4,576 105,934 33.2 (95) 290 195 9,837 10,874 (56,248) (3,283) (38,820) 1. 34.1 9,837 (9,837) 2. 34.2 10,874 (10,874) 3. 34.3 (35,537) (3,283) (38,820) 29 4,148 4,148 25,308 33,991 59,299 578 (1) (7) (570) 1. 578 (1) (7) (570) 2010 12 31 279,147 119,003 (138) 40,227 71,195 148,355 (13,624) 31,985 676,150 122 2011
2011 12 31 2011 1 1 279,147 114,366 38,777 67,604 111,380 (998) 610,276 (92) 11,710 8,911 55,570 (1,161) 74,938 116,946 116,946 49 640 1 (1,161) (520) 640 116,947 (1,161) 116,426 (732) (732) 11,710 8,915 (61,381) (40,756) 1. 34.1 11,710 (11,710) 2. 34.2 8,915 (8,915) 3. 34.3 (40,756) (40,756) (4) 4 1. (4) 4 2011 12 31 279,147 114,274 50,487 76,515 166,950 (2,159) 685,214 2011 123
2011 12 31 2010 1 1 253,839 77,239 29,107 57,402 70,863 (1,255) 487,195 25,308 37,127 9,670 10,202 40,517 257 123,081 96,504 96,504 49 (1,590) 257 (1,333) (1,590) 96,504 257 95,171 9,670 10,208 (55,415) (35,537) 1. 34.1 9,670 (9,670) 2. 34.2 10,208 (10,208) 3. 34.3 (35,537) (35,537) 29 4,148 4,148 25,308 33,991 59,299 578 (6) (572) 1. 578 (6) (572) 2010 12 31 279,147 114,366 38,777 67,604 111,380 (998) 610,276 124 2011
2011 12 31 2011 2010 2011 2010 * * 1,179,553 1,388,363 1,188,706 1,109,859 8,041 11,800 8,727 6,031 14,033 21,902 417,086 313,527 386,713 287,946 55,182 238,954 26,859 211,341 1,659,862 1,966,677 1,611,005 1,637,079 (168,020) (137,543) (683,599) (755,998) (613,376) (668,939) (203,954) (539,664) (188,664) (537,349) (168,280) (111,218) (158,841) (105,260) (58,970) (50,225) (50,641) (42,473) (46,462) (42,648) (42,327) (39,033) (116,220) (157,927) (91,720) (153,523) (1,445,505) (1,657,680) (1,283,112) (1,546,577) 50 214,357 308,997 327,893 90,502 1,336,845 1,210,766 824,065 877,540 55,262 51,544 54,722 50,569 471 471 4 3,949 2,977 156 460 1,396,527 1,265,758 878,947 928,569 (1,307,098) (1,434,877) (814,177) (1,059,595) (32,455) (23,990) (18,648) (14,564) (1,200) (1,834) (4,601) (8,402) (1,340,753) (1,460,701) (837,426) (1,082,561) 55,774 (194,943) 41,521 (153,992) * 26 2011 125
2011 12 31 2011 2010 2011 2010 * * 57 59,589 59,299 59,299 59,299 57 284 6 36,841 85,711 32,000 69,706 113 37,011 145,300 32,000 129,005 (49,178) (42,226) (44,313) (38,571) (40,756) (35,537) (40,756) (35,537) (3,978) (3,283) (793) (26,928) (1,000) (27,930) (117) (49,971) (69,271) (45,313) (66,501) (12,960) 76,029 (13,313) 62,504 (9,174) (7,031) (8,496) (5,406) 247,997 183,052 347,605 (6,392) 769,371 586,319 472,757 479,149 50 1,017,368 769,371 820,362 472,757 * 26 126 2011
1912 2 51949 1949 1994 2004 8 26 2006 B0003H111000001 100000000001349 2011 12 31 67.60% 2010 12 31 67.55% 2012 3 29 2006 2 15 38 15 2010 2011 127
2011 2011 12 312011 1 1 1 12 31 2 3 50% 128 2011
4 (1) (2) (3) 5 5.1 2011 129
5 5.1 (1) 130 2011
5 5.1 (2) (3) (4) (5) 5.2 2011 131
5 5.2 5.3 5.4 132 2011
5 5.5 5.6 2011 133
5 5.6 (1) 134 2011
5 5.6 (1) (2) 5.7 2011 135
5 5.7 (1) (2) 136 2011
5 5.7 (3) 5.8 5.9 2011 137
5 5.10 6 7 8 138 2011
8 20% 50% 9 10 2011 139
10 10.1 15-50 3% 1.9%-6.5% 3-15 3% 6.4%-32.4% 4-6 3% 16.1%-24.3% 10.2 25 15% 10.3 140 2011
11 11.1 11.2 11.3 12 2011 141
12 13 14 142 2011
15 15.1 2004 1 1 15.2 2003 12 31 15.3 2011 143
15 15.4 (1) (2) 15.5 16 144 2011
17 17.1 17.2 (1) (2) 17.3 2011 145
18 19 20 21 146 2011
22 23 24 24.1 24.2 2011 147
24 24.2 25 148 2011
26 2011 24 2010 12 31 215,874 21,492 191,720 7,539,153 7,733,537 6,601,696 6,793,418 170,128 170,126 50,666 50,664 2010 1 1 44,234 12,464 27,258 6,685,049 6,716,822 5,887,843 5,915,104 131,563 131,560 33,770 33,767 2011 149
1 2 150 2011
2 3 22 4 22 5 6 15.2 25 2011 151
7 8 2011 2010 25% 25% 5% 5% 1%-7% 1%-7% 3%-3.5% 3%-3.5% 16.5% 16.5% 152 2011
1 2011 2010 2011 2010 12 31 12 31 12 31 12 31 61,833 49,222 55,830 44,811 (1) 1,467,139 1,109,878 1,457,962 1,104,652 (2) 181,020 111,501 179,390 110,378 (3) 271,492 352,543 147,800 67,502 1,981,484 1,623,144 1,840,982 1,327,343 (1) 2011 12 3121.0% 2010 12 31 18.5%5.0% 2010 12 315.0% (2) (3) 2 2011 2010 2011 2010 12 31 12 31 12 31 12 31 416,233 563,578 385,164 552,281 3,541 1,459 3,378 1,448 109,306 21,867 131,735 22,439 51 48 (1) 529,131 586,904 520,325 576,168 (1) 6 2011 153
3 2011 12 31 2010 12 31 2011 12 31 2010 12 31 293,218 54,978 244,652 41,205 78,143 53,469 78,143 53,469 (1) 83,545 28,780 71,311 46,622 (1) 22,472 29,658 454,906 137,227 416,578 170,954 (238) (243) (238) (243) 454,668 136,984 416,340 170,711 238 243 238 243 0.05% 0.18% 0.06% 0.14% (1) 6 154 2011
4 2011 2010 2011 2010 12 31 12 31 12 31 12 31 6,355 5,477 5,931 5,420 2,135 1,936 1,803 1,032 204 333 40 30 2,054 1,012 1,436 348 15,127 29,472 153 203 417 1,353 61 4,723 4,585 31,168 44,371 9,210 6,891 409 429 729 3,863 (1) 32,306 48,663 9,210 6,891 2011 155
4 2011 12 31 2010 12 31 2011 12 31 2010 12 31 69 174 69 23 1,822 1,666 1,822 1,666 347 327 347 242 463 462 393 416 26,690 20,206 14,276 6,276 3,936 3,745 1,705 1,370 33,307 27,189 18,265 9,751 3,115 2,577 (2) 4,412 1,172 4,412 1,172 667 1,636 41,501 32,574 22,677 10,923 73,807 81,237 31,887 17,814 (1) (2) 2011 2010 156 2011
5 5.1 2011 12 31 2010 12 31 (1) 1,930,235 31,615 (21,687) 1,979,959 30,763 (23,829) 17,404 203 (50) 4,585 24 (25) 1,947,639 31,818 (21,737) 1,984,544 30,787 (23,854) 618,375 9,027 (11,390) 532,670 7,308 (10,081) 2,201 1 (18) 85 3,424 1 (1) 7,388 8 (3) 624,000 9,029 (11,409) 540,143 7,316 (10,084) 3,991 102 (98) 8,684 123 (183) 77,347 1,808 (2,229) 33,415 1,744 (1,590) 315 331 4 2,653,292 42,757 (35,473) 2,567,117 39,974 (35,711) 2011 157
5 5.1 2011 12 31 2010 12 31 (1) 1,506,582 15,637 (9,501) 1,471,850 13,164 (10,162) 8,730 102 (25) 1,090 15 (15) 1,515,312 15,739 (9,526) 1,472,940 13,179 (10,177) 262,617 4,337 (6,360) 253,521 5,113 (6,229) 945 (14) 290 263,562 4,337 (6,374) 253,811 5,113 (6,229) 107 583 2 (1) 40,143 893 (1,487) 21,679 859 (825) 315 331 4 1,819,439 20,969 (17,387) 1,749,344 19,157 (17,232) (1) 158 2011
5 5.2 2011 12 31 2010 12 31 1,121 26 1,012 183 (1) 28,040 2,389 (900) 39,435 740 (1,568) (1) 29,161 2,415 (900) 40,447 923 (1,569) 3,432 48 (81) 3,776 48 (63) 576 (16) 8,354 92 (106) (2) 4,008 48 (97) 12,130 140 (169) 33,169 2,463 (997) 52,577 1,063 (1,738) 2011 159
5 5.2 (1) 2011 2010 1,158 (177) (1,275) 113 (117) (64) (2) 2011 0.09 2010 0.252011 2010 0.62 2011 2010 (3) 2011 8.26 20106.81 2011 2010 160 2011
6 2011 2010 2011 2010 12 31 12 31 12 31 12 31 90,925 43,692 88,596 42,297 72,773 29,778 72,297 29,778 3,262 2,547 163,698 76,732 160,893 74,622 7 7.1 2011 2010 2011 2010 12 31 12 31 12 31 12 31 22,494 22,668 19,957 19,916 22,164 14,811 20,982 13,939 10,159 4,546 9,235 4,399 54,817 42,025 50,174 38,254 7.2 2011 2010 2011 2010 42,025 34,390 38,254 31,258 411,650 311,239 384,370 289,761 (398,858) (303,604) (372,450) (282,765) 54,817 42,025 50,174 38,254 2011 161
8 8.1 2011 12 31 2010 12 31 2011 12 31 2010 12 31 2011 12 31 2010 12 31 4,628,846 4,143,775 4,168,833 3,733,290 3,733,643 3,445,891 96,459 100,608 93,551 98,487 84,812 94,794 4,725,305 4,244,383 4,262,384 3,831,777 3,818,455 3,540,685 1,213,322 1,089,006 1,050,046 940,226 1,025,988 921,373 97,659 60,833 89,828 53,827 89,453 53,487 306,528 266,399 281,199 245,733 275,798 243,040 1,617,509 1,416,238 1,421,073 1,239,786 1,391,239 1,217,900 6,342,814 5,660,621 5,683,457 5,071,563 5,209,694 4,758,585 (36,265) (36,834) (35,749) (36,427) (35,228) (35,985) (103,411) (86,022) (100,903) (83,965) (98,282) (80,814) (139,676) (122,856) (136,652) (120,392) (133,510) (116,799) 6,203,138 5,537,765 5,546,805 4,951,171 5,076,184 4,641,786 8.2 3.5 162 2011
8 8.3 (1) (2) 2011 12 31 6,279,508 12,842 50,464 63,306 6,342,814 1.00% (95,052) (8,359) (36,265) (44,624) (139,676) 6,184,456 4,483 14,199 18,682 6,203,138 2010 12 31 5,596,745 13,152 50,724 63,876 5,660,621 1.13% (77,447) (8,575) (36,834) (45,409) (122,856) 5,519,298 4,577 13,890 18,467 5,537,765 (1) (2) 2011 12 31 5,621,032 12,790 49,635 62,425 5,683,457 1.10% (92,573) (8,330) (35,749) (44,079) (136,652) 5,528,459 4,460 13,886 18,346 5,546,805 2010 12 31 5,008,245 13,095 50,223 63,318 5,071,563 1.25% (75,415) (8,550) (36,427) (44,977) (120,392) 4,932,830 4,545 13,796 18,341 4,951,171 2011 163
8 8.3 (1) (2) 2011 12 31 5,148,535 12,620 48,539 61,159 5,209,694 1.17% (90,012) (8,270) (35,228) (43,498) (133,510) 5,058,523 4,350 13,311 17,661 5,076,184 2010 12 31 4,696,374 13,053 49,158 62,211 4,758,585 1.31% (72,284) (8,530) (35,985) (44,515) (116,799) 4,624,090 4,523 13,173 17,696 4,641,786 (1) (2) 164 2011
8 8.4 2011 2010 36,834 86,022 122,856 42,415 70,535 112,950 12,066 41,425 53,491 10,136 35,444 45,580 (11,875) (22,344) (34,219) (11,926) (18,090) (30,016) (949) (860) (1,809) (4,079) (1,438) (5,517) 589 21 610 631 135 766 (98) (216) (314) (162) (233) (395) (302) (637) (939) (181) (331) (512) 36,265 103,411 139,676 36,834 86,022 122,856 2011 2010 36,427 83,965 120,392 41,611 68,755 110,366 11,760 40,655 52,415 10,075 34,924 44,999 (11,490) (22,280) (33,770) (11,290) (18,043) (29,333) (876) (744) (1,620) (3,915) (1,312) (5,227) 314 1 315 269 100 369 (97) (214) (311) (155) (233) (388) (289) (480) (769) (168) (226) (394) 35,749 100,903 136,652 36,427 83,965 120,392 2011 165
8 8.4 2011 2010 35,985 80,814 116,799 41,311 66,335 107,646 11,657 39,902 51,559 9,809 34,201 44,010 (11,444) (21,188) (32,632) (11,253) (18,043) (29,296) (876) (727) (1,603) (3,850) (1,289) (5,139) 275 275 269 269 (97) (214) (311) (143) (233) (376) (272) (305) (577) (158) (157) (315) 35,228 98,282 133,510 35,985 80,814 116,799 8.5 2011 2010 101,376 21,480 122,856 92,028 20,922 112,950 50,248 3,243 53,491 44,165 1,415 45,580 (34,135) (84) (34,219) (29,965) (51) (30,016) (1,197) (612) (1,809) (4,880) (637) (5,517) 577 33 610 721 45 766 (140) (174) (314) (210) (185) (395) (874) (65) (939) (483) (29) (512) 115,855 23,821 139,676 101,376 21,480 122,856 166 2011
8 8.5 2011 2010 99,252 21,140 120,392 89,744 20,622 110,366 49,414 3,001 52,415 43,791 1,208 44,999 (33,722) (48) (33,770) (29,333) (29,333) (1,129) (491) (1,620) (4,727) (500) (5,227) 315 315 369 369 (137) (174) (311) (203) (185) (388) (761) (8) (769) (389) (5) (394) 113,232 23,420 136,652 99,252 21,140 120,392 2011 2010 95,928 20,871 116,799 87,229 20,417 107,646 48,706 2,853 51,559 42,887 1,123 44,010 (32,632) (32,632) (29,296) (29,296) (1,128) (475) (1,603) (4,655) (484) (5,139) 275 275 269 269 (137) (174) (311) (191) (185) (376) (577) (577) (315) (315) 110,435 23,075 133,510 95,928 20,871 116,799 2011 167
9 2011 12 31 2010 12 31 2011 12 31 2010 12 31 56,338 122,199 49,384 111,334 1,872 2,790 1,368 2,771 48,667 95,121 39,270 90,818 13,294 20,617 3,136 8,268 67,116 57,483 59,303 56,374 133,912 90,437 55,691 38,469 34,175 45,429 5,385 17,615 148,506 174,496 50,058 53,173 20,212 23,988 6,133 12,298 524,092 632,560 269,728 391,120 23,281 19,142 1,636 1,360 5,945 5,036 553,318 656,738 271,364 392,480 2011 12 31 91.35 37.882010 12 31 159.3134.80 168 2011
10 2011 2010 2011 2010 12 31 12 31 12 31 12 31 575,744 689,539 562,103 684,474 16,220 13,672 16,220 13,672 270,346 146,428 270,000 145,714 23,182 19,584 21,368 16,128 123,828 90,480 123,120 90,124 33,762 32,744 29,475 28,066 5,443 7,785 195 1,233 22,590 34,257 2,543 4,224 3,355 5,335 930 888 1,074,470 1,039,824 1,025,954 984,523 (354) (438) (334) (396) 1,074,116 1,039,386 1,025,620 984,127 2011 31,365.03 2011 169
11 2011 12 31 2010 12 31 2011 12 31 2010 12 31 (1) 160,000 160,000 160,000 160,000 (2) 82 82 (3) 22,291 22,291 (4) 42,500 42,500 42,500 42,500 14,480 16,541 14,480 15,660 (5) 41,483 43,639 41,483 43,639 12,845 3,094 9,124 1,374 5,410 12,184 584 584 299,593 278,040 290,462 263,255 (75) (77) (75) (77) 299,518 277,963 290,387 263,178 (1) 19992000 2000 7 11,600 2.25% 2010 2020 6 30 [2004]87 (2) 20112006 6 220.82 (3) 230.00 (4) 1998 8 184252028 8 18 7.20%2004 12 1 2.25% (5) 2011 12 31 332.17 2010 12 31 435.622011 168.00 2010 396.002.31 2010 2.95 170 2011
12 2011 2010 2011 2010 12 31 12 31 12 31 12 31 (1) 13,293 12,631 48 45 (2) 83,789 79,933 13,293 12,631 83,837 79,978 (1) 2011 2010 2011 2010 12,631 10,668 45 41 1,335 1,834 (464) (343) 516 1,029 6 5 254 97 (192) (302) (787) (352) (3) (1) 13,293 12,631 48 45 2011 171
12 (1) 3 2011 12 31 2010 12 31 4,665 4,524 2,273 2,037 1,540 1,466 981 981 785 727 731 20 637 240 475 543 169 133 91 904 2,002 13,293 12,631 2011 12 31 (2) 6 2011 12 31 2010 12 31 36,915 36,915 29,633 28,281 4,509 4,509 3,753 3,753 2,126 2,126 (i) 1,998 82 82 4,773 4,267 (ii) 83,789 79,933 (i) (ii) 2011 12 5 172 2011
13 2011 2010 2011 2010 13,839 15,952 1,285 1,384 502 14 (696) (3,345) (16) (217) (273) (94) 39 1,864 1,649 100 88 (620) (323) (89) 30 14,616 13,839 1,280 1,285 2011 12 31 75.2957.91 2010 12 31 67.9457.45 2011 12 31 2011 173
14 2011 74,058 40,752 12,806 43,707 171,323 1,331 8,337 14,069 6,791 30,528 13 706 (10) 696 4,561 542 (6,860) 1,757 (765) (1,977) (16) (3,604) (6,362) (902) (239) (149) (2,067) (3,357) 78,989 47,415 19,840 46,584 192,828 (19,378) (23,942) (3,371) (46,691) (2,275) (6,420) (1,606) (10,301) 666 1,875 406 2,947 168 170 160 498 (20,819) (28,317) (4,411) (53,547) (798) (257) (9) (1,064) (11) (11) 23 5 28 (775) (252) (20) (1,047) 53,882 16,810 12,549 40,327 123,568 57,395 19,098 19,588 42,153 138,234 174 2011