年中國大型銀行盈利增長趨緩 Profit growth flattens for China’s biggest lenders

Profits at China’s biggest banks shrank in 2015, as the sector weathered a year of central bank rate cuts and saw an end to easy profits after the government lifted the cap on interest rates on deposits.

2015年，中國各大銀行的盈利有所萎縮。在這一年裏，中國銀行業經歷了央行的幾輪降息，並在中國政府取消存款利率上限之後發現，輕鬆賺錢的時代結束了。

Yesterday, Industrial and Commercial Bank of China and Bank of China — two of the Big Four state-owned banks — both reported that full-year net profits had risen by less than 2 per cent in 2015.

昨日，中國四大國有銀行中的兩家——中國工商銀行(ICBC)和中國銀行(BoC)——均報告稱，2015年全年淨利潤增長低於2%。

China’s commercial banks are the control centre of the financial system and supply almost 70% of the financing that feeds the real economy.

中國的商業銀行是金融體系的控制中心，爲實體經濟提供的融資佔總量的近70%。

As economic growth has slowed, policymakers have become increasingly concerned about the pace of lending. Banking assets increased by more than Rmb72tn ($11tn) last year, according to figures from the banking regulator.

隨着經濟增長放緩，中國政策制定者對銀行放貸速度越來越擔心。中國銀行業監管機構的數據顯示，去年中國銀行業資產規模增加了逾72萬億元人民幣（合11萬億美元）。

Now analysts believe the opportunities for profitable growth are nearly exhausted, according to Chen Long of Gavekal Dragonomics, a research group.

研究集團龍洲經訊(Gavekal Dragonomics)的陳龍表示，如今分析師們認爲，中國銀行業的盈利性增長機會差不多用完了。

“The headwinds that Chinese banks face will last for a long time,” he said. “In addition to lower sources for profit, they will also have to prepare themselves for losses on bad loans.”

“中國銀行業面臨的逆風將延續很長時間，”他說。“除了盈利來源減少，它們還將不得不爲壞賬帶來的虧損做好準備。”

Total net profit for China’s commercial banks grew by 2.4 per cent last year, according to data from China’s bank regulator. Smaller banks saw increases in profit growth, while bigger banks slowed down.

中國銀行業監管機構的數據顯示，去年中國商業銀行的淨利潤總量增長了2.4%。中小銀行的利潤增長繼續加速，而大型銀行的利潤增長則放慢了。

ICBC said net profits increased 0.5 per cent for the year to December 31 2015 — the smallest increase since it listed. Returns on average total assets declined 0.1 percentage points to 1.30 per cent.

中國工商銀行表示，在截至2015年12月31日的一年裏，其淨利潤增長了0.5%，爲上市以來的最小增幅。平均總資產回報率下降0.1個百分點，至1.3%。

Bank of China followed the trend, with profits up only 1.3 per cent and ROAA declining by 0.1 percentage points.

中國銀行遵循了相同趨勢，利潤增幅僅爲1.3%，年化平均資產回報率(ROAA)降低了0.1個百分點。

Net interest margins — the difference between interest paid on deposits and interest gained from loans — suffered as China lifted its remaining controls on the interest rates paid on deposits. The average margin declined by about 46 basis points to 2.54 per cent in 2015.

淨利差——即貸款和存款的利率之差——在降低，因爲中國撤銷了對存款利率的剩餘管制。2015年，中國銀行業平均利差下降約46個基點，至2.54%。

In an interview with Yicai magazine last week, the chairman of China Construction Bank pointed to the rising tide of non-performing loans as the biggest problem confronting China’s banks.

在接受《第一財經》採訪時，中國建設銀行(CCB)董事長提到，中國各銀行面對的最大挑戰在於不良貸款不斷上升。

NPLs rose from 1.25 per cent of total loans to 1.67 per cent by the end of 2015, amounting to Rmb1.27tn held by commercial banks.

2015年末，中國銀行業不良貸款率從1.25%升至1.67%，商業銀行所持不良貸款額達到1.27萬億元人民幣。

ICBC’s earnings per share were Rmb0.77, down from Rmb0.78 last year, and a pre-tax dividend per share was Rmb0.2333, down from Rmb0.2554.

去年，中國工商銀行的每股盈利爲0.77元人民幣，低於上一年的0.78元人民幣，稅前每股分紅爲0.2333元人民幣，低於上一年的0.2554元人民幣。

Bank of China posted earnings per share of Rmb0.56, down from Rmb0.61, and a pre-tax dividend per share of Rmb0.175, down from Rmb0.19 last year.

中國銀行公報告，每股盈利爲0.56元人民幣，低於上一年的0.61元人民幣，稅前每股分紅爲0.175元人民幣，低於上一年的0.19元人民幣。