Earnings release
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1 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. (A joint stock company incorporated in the People ’s Republic of China with limited liability) (Stock Code: 03328) RESULTS ANNOUNCEMENT FOR THE THIRD QUARTER 2025 The board of directors (the “Board”) of Bank of Communications Co., Ltd. (the “Bank”) is pleased to announce the unaudited results (the “Third Quarter Results ”) of the Bank and its subsidiaries (the “Group”) for the nine months ended 30 September 2025 (the “Reporting Period ”). The Board and the Audit Committee of the Board have reviewed and confirmed the Third Quarter Results. This announcement is made pursuant to Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. I. CORPORATE INFORMATION Stock name Stock code Stock exchange A Share Bank of Communications 601328 Shanghai Stock Exchange H Share BANKCOMM 03328 The Stock Exchange of Hong Kong Limited Domestic Preference Share BOCOM PREF1 360021 Shanghai Stock Exchange Secretary of the Board and Company Secretary Name He Zhaobin Contact address No. 188 Yin Cheng Zhong Lu, (Shanghai) Pilot Free Trade Zone, PRC Tel 86-21-58766688 Fax 86-21-58798398 E-mail investor@bankcomm.com
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2 II. FINANCIAL HIGHLIGHTS (I) Key Financial Data and Financial Indicators As at 30 September 2025 (the “end of the Reporting Period ”), key financial data and financial indicators prepared by the Group under International Financial Reporting Standards are as follows: (in millions of RMB unless otherwise stated) 30 September 2025 31 December 2024 Increase/ (decrease) (%) Total assets 15,499,783 14,900,717 4.02 Loans to customers 1 9,071,428 8,555,122 6.04 Total liabilities 14,208,315 13,745,120 3.37 Deposits from customers 1 9,263,005 8,800,335 5.26 Shareholders ’ equity (attributable to shareholders of the parent company) 1,280,369 1,144,306 11.89 Net assets per share (attributable to holders of ordinary shares of the parent company, in RMB yuan) 2 12.85 13.06 (1.61) July to September 2025 Increase/ (decrease) compared with the same period last year (%) January to September 2025 Increase/ (decrease) compared with the same period last year (%) Net operating income 66,561 4.23 200,059 1.86 Profit before tax 28,307 12.29 75,217 3.20 Net profit (attributable to shareholders of the parent company) 23,978 2.46 69,994 1.90 Basic earnings per share (attributable to holders of ordinary shares of the parent company, in RMB yuan) 3 0.21 (25.00) 0.80 (4.76) Diluted earnings per share (attributable to holders of ordinary shares of the parent company, in RMB yuan) 3 0.21 (25.00) 0.80 (4.76) Return on weighted average net assets (annualised, %) 3 8.14 Decreased by 1.46 percentage points 8.48 Decreased by 0.58 percentage point Notes: 1. Loans to customers do not include interest receivable of related loans. Deposits from customers include interest payable of related deposits. 2. Refer to shareholder ’s equity attributable to holders of ordinary shares of the parent company after the deduction of other equity instruments against the total issued ordinary shares as at the end of the Reporting Period. 3. Calculated pursuant to the Regulations on the Preparation of Information Disclosure for Companies Offering Securities to the Public No. 9 – Calculation and Disclosure of Return on Net Assets and Earnings per Share (2010 Revision) issued by the China Securities Regulatory Commission.
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3 III. SHAREHOLDERS ’ INFORMATION (I) Total Number of Ordinary Shareholders and Shareholdings As at the end of the Reporting Period, the total number of holders of ordinary shares of the Bank was 320,822, of which 292,449 were holders of A shares and 28,373 were holders of H shares. 1. Shareholdings of top 10 shareholders 1 Name of shareholders Nature of shareholders Number of shares held (share) Percentage (%) Class of shares Shares pledged/ marked/frozen The Ministry of Finance of the People ’s Republic of China 2 Government 26,388,772,272 29.86 A Share Nil 4,553,999,999 5.15 H Share Nil The Hongkong and Shanghai Banking Corporation Limited 3, 5 (“HSBC”) Foreign legal entity 14,135,636,613 16.00 H Share Nil The National Council for Social Security Fund 4, 5 (“SSF”) Government 3,105,155,568 3.51 A Share Nil 8,433,333,332 9.54 H Share Nil Hong Kong Securities Clearing Company Nominees Limited 5, 6 Foreign legal entity 7,725,265,415 8.74 H Share Unknown China Securities Finance Corporation Limited State-owned legal entity 1,891,651,202 2.14 A Share Nil Capital Airports Holdings Company Limited State-owned legal entity 1,246,591,087 1.41 A Share Nil Hong Kong Securities Clearing Company Limited Foreign legal entity 1,020,780,087 1.16 A Share Nil Shanghai Haiyan Investment Management Co., Ltd. 6 State-owned legal entity 808,145,417 0.91 A Share Nil Yunnan Hehe (Group) Co., Ltd. 6 State-owned legal entity 745,305,404 0.84 A Share Nil FAW Equity Investment (Tianjin) Co., Ltd. State-owned legal entity 663,941,711 0.75 A Share Nil Notes: 1. The relevant data and information are based on the Bank ’s register of members at the Share Registrar and Transfer Office and the information provided by shareholders to the Bank. 2. The Bank completed the issuance of 14,101,057,578 ordinary A shares to three specific targets, including the Ministry of Finance of the People ’s Republic of China, in June 2025. The lock-up period for all the shares under this issuance is 5 years from the date of acquisition of equity. The Ministry of Finance of the People ’s Republic of China has committed that the lock-up period for the 13,178,424,446 A shares and 4,553,999,999 H shares it originally held in the Bank shall be 18 months from the date of equity acquisition upon the issuance of A shares by the Bank. 3. According to the Bank ’s register of members, HSBC held 13,886,417,698 H shares of the Bank. HSBC beneficially held 249,218,915 more H shares than shown on the Bank ’s register of members. The discrepancy was due to a purchase of H shares by HSBC from the secondary market in 2007 and thereafter receiving bonus shares issued by the Bank and participating in the rights issue of the Bank. Those extra shares have been registered under Hong Kong Securities Clearing Company Nominees Limited ( “HKSCC Nominees Limited ”).
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4 4. Including the 1,970,269,383 A shares of the Bank held by the Sixth Transfer Account for State-owned Capital of SSF. Other than the above shareholdings, the SSF held additional 617,827,000 H shares, which were indirectly held by the asset managers (including Hong Kong Stock Connect). As at the end of the Reporting Period, the SSF held a total of 12,156,315,900 shares of the Bank, representing 13.76% of the Bank ’s total ordinary shares issued. 5. HKSCC Nominees Limited held the H shares of the Bank as a nominee. The aggregate number of shares held by HKSCC Nominees Limited represents the total number of H shares of the Bank held by all institutional and individual investors who maintained an account with it as at the end of the Reporting Period. The data did not include 249,218,915 and 7,027,777,777 H shares indirectly held by HSBC and SSF, respectively, which were registered under HKSCC Nominees Limited. The data did not include 13,886,417,698 and 1,405,555,555 H shares of the Bank directly held by the aforementioned two shareholders, respectively as well, which were registered in the Bank ’s register of members. 6. Shanghai Haiyan Investment Management Co., Ltd. and Yunnan Hehe (Group) Co., Ltd. are parties acting in concert as defined under the Provisional Measures on Shareholdings Administration of Commercial Banks (CBIRC Decree [2018] No. 1). 7 subordinate enterprises of China National Tobacco Corporation including Shanghai Haiyan Investment Management Co., Ltd. and Yunnan Hehe (Group) Co., Ltd. authorized and entrusted China National Tobacco Corporation to present at the Shareholders ’ Meeting of the Bank and to exercise the voting rights on their behalf. HKSCC Nominees Limited is a wholly-owned subsidiary of Hong Kong Securities Clearing Company Limited. Furthermore, the Bank is not aware of the existence of any related relationship among the other top 10 shareholders, or whether they are parties acting in concert as defined in the Provisional Measures on Shareholdings Administration of Commercial Banks . 7. Except that the situation of HKSCC Nominees Limited is unknown, the top 10 shareholders and top 10 shareholders not subject to sales restrictions of the Bank did not participate in margin trading and refinancing business. 2. Shareholdings of top 10 shareholders not subject to sales restrictions Name of shareholders Number of shares held (share) Class of shares The Hongkong and Shanghai Banking Corporation Limited 14,135,636,613 H Share The National Council for Social Security Fund 3,105,155,568 A Share 8,433,333,332 H Share HKSCC Nominees Limited 7,725,265,415 H Share China Securities Finance Corporation Limited 1,891,651,202 A Share Capital Airports Holdings Company Limited 1,246,591,087 A Share Hong Kong Securities Clearing Company Limited 1,020,780,087 A Share Shanghai Haiyan Investment Management Co., Ltd. 808,145,417 A Share Yunnan Hehe (Group) Co., Ltd. 745,305,404 A Share FAW Equity Investment (Tianjin) Co., Ltd. 663,941,711 A Share Industrial and Commercial Bank of China – Shanghai Index 50 Trading Open-end Index Securities Investment Fund 509,465,686 A Share
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5 (II) Total Number of Preference Shareholders and Shareholdings From January to September 2025, the Bank did not restore any voting rights of preference shares. As at the end of the Reporting Period, the number of holders of preference shares of the Bank was 70. Shareholdings of top 10 preference shareholders are listed as follows. Name of shareholders Nature of shareholders Number of shares held (share) Percentage (%) Class of shares Shares pledged/ marked/frozen China Mobile Communications Group Co., Ltd. State-owned legal entity 100,000,000 22.22 Domestic preference share Nil AVIC Trust Company Limited – AVIC Trust – Tianji Winning Together No. 2 Securities Investment Pooled Fund Trust Plan Others 20,000,000 4.44 Domestic preference share Nil CSCF – China Merchants Bank – CSCF Baofu No. 3 Collective Capital Management Plan Others 19,350,000 4.30 Domestic preference share Nil CCB Trust Co., Ltd. – CCB Trust – Jianyue Changhong No. 1 Single Capital Trust Others 18,400,000 4.09 Domestic preference share Nil Ping An Life Insurance Company of China, Ltd. – Self-owned fund Others 18,000,000 4.00 Domestic preference share Nil China National Tobacco Corporation – Henan Branch State-owned legal entity 15,000,000 3.33 Domestic preference share Nil China Life Property & Casualty Insurance Company Limited – Traditional – Common insurance product Others 15,000,000 3.33 Domestic preference share Nil HwaBao Trust Co., Ltd. – HwaBao Trust – Baofu Investment No. 1 Collective Capital Trust Plan Others 14,360,000 3.19 Domestic preference share Nil Ping An Property & Casualty Insurance Company of China, Ltd. – Traditional – Common insurance product Others 13,800,000 3.07 Domestic preference share Nil CSCF – Bank of China – CSCF – Youxiang No. 33 Collective Asset Management Plan of Bank of China Others 11,200,000 2.49 Domestic preference share Nil Notes: 1. All preference shares issued by the Bank are not subject to any sales restrictions. 2. Shareholdings of preference shareholders are summarised according to the Bank ’s register members of preference shareholders. 3. “Percentage ” refers to the percentage of number of preference shares held by preference shareholders in the total number of preference shares. 4. According to the Administrative Measures on the Connected Transactions of Banking and Insurance Institutions issued by the former CBIRC, to the knowledge of the Bank, China National Tobacco Corporation Henan Branch is related with Shanghai Haiyan Investment Management Co., Ltd. and Yunnan Hehe (Group) Co., Ltd., which are among top 10 ordinary shareholders of the Bank. 5. The Bank is not aware of the existence of any related relationship among the top 10 preference shareholders or any relationship between the above shareholders and top 10 ordinary shareholders, or whether they are parties acting in concert.
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6 IV. MANAGEMENT DISCUSSION AND ANALYSIS In the third quarter of 2025, the Group thoroughly studied and implemented Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, resolutely carried out the decisions and deployments on the economic and financial work made by the CPC Central Committee, and effectively served as the main force in serving the real economy and the ballast stone in maintaining financial stability. The Group ’s business operations remained stable with sound growth. As at the end of the Reporting Period, the total assets of the Group increased by 4.02% from the end of the previous year to RMB15,499.783 billion; the total liabilities increased by 3.37% from the end of the previous year to RMB14,208.315 billion; the shareholders ’ equity (attributable to shareholders of the parent company) increased by 11.89% from the end of the previous year to RMB1,280.369 billion. From January to September 2025, the net operating income increased by 1.86% on a year-on-year basis to RMB200.059 billion; the net profit (attributable to shareholders of the parent company) increased by 1.90% on a year-on- year basis to RMB69.994 billion; the annualised return on average assets (ROAA) and the annualised return on weighted average net assets were 0.62% and 8.48%, representing a year- on-year decrease of 0.03 percentage point and 0.58 percentage point, respectively. (I) Analysis on Key Income Statement Items 1. Net interest income From January to September 2025, the net interest income of the Group increased by RMB1.852 billion or 1.46% on a year-on-year basis to RMB128.648 billion, which accounted for 64.31% of the net operating income, representing a year-on- year decrease of 0.25 percentage point. From January to September 2025, the net interest margin of the Group decreased by 8 basis points on a year-on-year basis to 1.20%. 2. Net fee and commission income From January to September 2025, the Group ’s net fee and commission income increased by RMB45 million or 0.15% on a year-on-year basis to RMB29.398 billion, which accounted for 14.69% of the net operating income, representing a year-on-year decrease of 0.25 percentage point.
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7 3. Business cost From January to September 2025, the Group ’s business cost increased by RMB504 million or 0.85% on a year-on-year basis to RMB60.028 billion. The Group ’s cost-to-income ratio was 30.07%, representing a year-on-year decrease of 0.28 percentage point. 4. Asset impairment losses From January to September 2025, the Group ’s asset impairment losses were RMB44.116 billion, representing a year-on-year decrease of RMB1.372 billion or 3.02%, of which the credit impairment losses on loans decreased by RMB791 million or 1.88% on a year-on-year basis to RMB41.333 billion. (II) Analysis on Key Balance Sheet Items 1. Loans to customers As at the end of the Reporting Period, the balance of loans to customers was RMB9,071.428 billion, representing an increase of RMB516.306 billion or 6.04% from the end of the previous year, of which the balance of corporate loans increased by RMB415.421 billion or 7.46% from the end of the previous year to RMB5,981.999 billion; the balance of personal loans increased by RMB93.621 billion or 3.40% from the end of the previous year to RMB2,846.027 billion; the balance of discounted bills increased by RMB7.264 billion or 3.08% from the end of the previous year to RMB243.402 billion. 2. Deposits from customers As at the end of the Reporting Period, the balance of deposits from customers increased by RMB462.67 billion or 5.26% from the end of the previous year to RMB9,263.005 billion, of which the corporate deposits accounted for 55.09%, representing a decrease of 0.59 percentage point from the end of the previous year; the personal deposits accounted for 43.10%, representing an increase of 0.72 percentage point from the end of the previous year. The demand deposits accounted for 30.35%, representing a decrease of 2.73 percentage points from the end of the previous year; the time deposits accounted for 67.84%, representing an increase of 2.86 percentage points from the end of the previous year. 3. Financial investments As at the end of the Reporting Period, the Group ’s net balance of financial investments increased by RMB230.992 billion or 5.35% from the end of the previous year to RMB4,551.081 billion.
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8 4. Asset quality As at the end of the Reporting Period, the Group ’s balance of non-performing loan increased by RMB2.874 billion or 2.57% from the end of the previous year to RMB114.551 billion; the non-performing loan ratio decreased by 0.05 percentage point from the end of the previous year to 1.26%; the provision coverage ratio increased by 8.03 percentage points from the end of the previous year to 209.97%; the provision ratio increased by 0.01 percentage point from the end of the previous year to 2.65%. Distribution of special mention loans and overdue loans by business type (in millions of RMB unless otherwise stated) 30 September 2025 31 December 2024 Special mention loan balance Special mention loan ratio (%) Overdue loan balance Overdue loan ratio (%) Special mention loan balance Special mention loan ratio (%) Overdue loan balance Overdue loan ratio (%) Corporate loans 97,665 1.63 58,474 0.98 92,705 1.67 59,266 1.06 Personal loans 44,567 1.57 68,156 2.39 41,631 1.51 58,821 2.14 Mortgage 15,694 1.08 20,521 1.41 14,266 0.97 17,535 1.20 Credit cards 21,980 4.12 28,439 5.33 22,958 4.26 28,522 5.30 Personal business loans 3,455 0.76 9,643 2.12 2,175 0.53 6,871 1.66 Personal consumption loans and others 3,438 0.86 9,553 2.39 2,232 0.67 5,893 1.77 Discounted bills 0 0.00 15 0.01 0 0.00 11 0.00 Total 142,232 1.57 126,645 1.40 134,336 1.57 118,098 1.38
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9 Distribution of loans and non-performing loans by business type (in millions of RMB unless otherwise stated) 30 September 2025 31 December 2024 Loans Proportion (%) Non- performing loans Non- performing loan ratio (%) Loans Proportion (%) Non- performing loans Non- performing loan ratio (%) Corporate loans 5,981,999 65.94 74,159 1.24 5,566,578 65.07 81,838 1.47 Personal loans 2,846,027 31.38 40,377 1.42 2,752,406 32.17 29,827 1.08 Mortgage 1,458,360 16.08 11,885 0.81 1,466,604 17.14 8,509 0.58 Credit cards 533,855 5.89 15,538 2.91 538,404 6.29 12,590 2.34 Personal business loans 453,790 5.00 6,698 1.48 413,626 4.83 4,986 1.21 Personal consumption loans and others 400,022 4.41 6,256 1.56 333,772 3.91 3,742 1.12 Discounted bills 243,402 2.68 15 0.01 236,138 2.76 12 0.01 Total 9,071,428 100.00 114,551 1.26 8,555,122 100.00 111,677 1.31 As at the end of the Reporting Period, the asset quality of the Group remained stable. The non-performing loan ratio slightly decreased from the end of the previous year, while the special mention loan ratio and the overdue loan ratio remained stable and showed a slight increase from the end of the previous year respectively, but decreased as compared with the end of last quarter. V. CAPITAL ADEQUACY RATIO The Group calculated the capital adequacy ratio pursuant to the Administrative Measures for the Capital of Commercial Banks and the relevant requirements. As at the end of the Reporting Period, the Group ’s capital adequacy ratio, tier-1 capital adequacy ratio and core tier-1 capital adequacy ratio were 16.13%, 12.83% and 11.37%, respectively, which all met the regulatory requirements. For further information on the Group ’s capital measurement, leverage ratio and liquidity coverage ratio, please refer to the Bank of Communications Co., Ltd. Pillar 3 Report at 30 September 2025 to be published at the official website of the Bank at www.bankcomm.com.
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10 VI. FINANCIAL REPORTS 1. Unaudited Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income For the nine months ended 30 September 2025 (All amounts presented in millions of RMB except when otherwise indicated) Nine months ended 30 September 2025 2024 Interest income 317,493 340,379 Interest expense (188,845) (213,583) Net interest income 128,648 126,796 Fee and commission income 32,289 32,278 Fee and commission expense (2,891) (2,925) Net fee and commission income 29,398 29,353 Net gains/(losses) arising from trading activities 16,214 16,529 Net gains/(losses) arising from financial investments 3,163 1,905 Including: Net gains on derecognition of financial assets measured at amortised cost 1,193 377 Net gains/(losses) on investments in associates and joint ventures 333 400 Other operating income 22,303 21,428 Net operating income 200,059 196,411 Credit impairment losses (42,988) (44,841) Other assets impairment losses (1,128) (647) Other operating expenses (80,726) (78,037) Profit before tax 75,217 72,886 Income tax (4,304) (3,474) Net profit for the period 70,913 69,412
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11 (All amounts presented in millions of RMB except when otherwise indicated) Nine months ended 30 September 2025 2024 Other comprehensive income, net of tax Items that may be reclassified subsequently to profit or loss: Changes in fair value of debt instruments measured at fair value through other comprehensive income Amount recognised in equity (4,205) 10,765 Amount reclassified to profit or loss (1,546) (1,249) Expected credit losses of debt instruments measured at fair value through other comprehensive income Amount recognised in equity (475) 73 Amount reclassified to profit or loss – – Effective portion of gains or losses on hedging instruments in cash flow hedges Amount recognised in equity (920) 191 Amount reclassified to profit or loss 834 (160) Translation differences for foreign operations (393) (1,002) Others 2,377 (3,231) Subtotal (4,328) 5,387 Items that will not be reclassified subsequently to profit or loss: Actuarial revaluation on pension benefits 2 (7) Changes in fair value of equity investments designated at fair value through other comprehensive income 848 1,196 Changes in fair value attributable to changes in the credit risk of financial liability designated at fair value through profit or loss 237 (415) Others (93) (193) Subtotal 994 581
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12 (All amounts presented in millions of RMB except when otherwise indicated) Nine months ended 30 September 2025 2024 Other comprehensive income, net of tax (3,334) 5,968 Total comprehensive income for the period 67,579 75,380 Net profit attributable to: Shareholders of the parent company 69,994 68,690 Non-controlling interests 919 722 70,913 69,412 Total comprehensive income attributable to: Shareholders of the parent company 66,588 74,317 Non-controlling interests 991 1,063 67,579 75,380 Basic and diluted earnings per share for profit attributable to holders of ordinary shares of the parent company (in RMB yuan) 0.80 0.84
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13 2. Unaudited Interim Consolidated Statement of Financial Position As at 30 September 2025 (All amounts presented in millions of RMB except when otherwise indicated) As at 30 September 2025 As at 31 December 2024 ASSETS Cash and balances with central banks 728,740 717,354 Due from and placements with banks and other financial institutions 860,294 974,042 Derivative financial assets 44,265 100,375 Loans and advances to customers 8,850,917 8,351,131 Financial investments at fair value through profit or loss 656,325 656,152 Financial investments at amortised cost 2,707,687 2,581,793 Financial investments at fair value through other comprehensive income 1,187,069 1,082,144 Investments in associates and joint ventures 14,978 11,601 Property and equipment 243,980 238,949 Deferred tax assets 42,429 42,752 Other assets 163,099 144,424 Total assets 15,499,783 14,900,717 LIABILITIES AND EQUITY LIABILITIES Due to and placements from banks and other financial institutions 2,425,001 2,431,451 Financial liabilities at fair value through profit or loss 45,482 50,254 Derivative financial liabilities 36,499 85,473 Deposits from customers 9,263,005 8,800,335 Certificates of deposits issued 1,450,696 1,384,372 Income tax payable 5,150 8,056 Debt securities issued 705,951 691,248 Deferred tax liabilities 3,622 4,324 Other liabilities 272,909 289,607 Total liabilities 14,208,315 13,745,120
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14 (All amounts presented in millions of RMB except when otherwise indicated) As at 30 September 2025 As at 31 December 2024 EQUITY Share capital 88,364 74,263 Other equity instruments 144,797 174,796 Including: Preference shares 44,952 44,952 Perpetual bonds 99,845 129,844 Capital surplus 217,253 111,420 Other reserves 454,094 435,562 Retained earnings 375,861 348,265 Equity attributable to shareholders of the parent company 1,280,369 1,144,306 Equity attributable to non-controlling interests of ordinary shares 8,399 7,706 Equity attributable to non-controlling interests of other equity instruments 2,700 3,585 Non-controlling interests 11,099 11,291 Total equity 1,291,468 1,155,597 Total equity and liabilities 15,499,783 14,900,717
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15 3. Unaudited Interim Consolidated Statement of Cash Flows For the nine months ended 30 September 2025 (All amounts presented in millions of RMB except when otherwise indicated) Nine months ended 30 September 2025 2024 Cash flows from operating activities: Profit before tax: 75,217 72,886 Adjustments for: Provision for credit impairment losses 42,988 44,841 Provision for other assets impairment losses 1,128 647 Depreciation and amortization 14,907 14,357 Provision for outstanding litigation and unsettled obligation (96) 63 Net gains on the disposal of property, equipment and other assets (887) (471) Interest income on financial investments (84,955) (83,772) Net (gains)/losses on fair value and foreign exchange (7,660) (3,764) Net (gains)/losses on investments in associates and joint ventures (333) (400) Net (gains)/losses on financial investments (3,037) (1,696) Interest expense on debt securities issued 13,445 12,276 Interest expense on lease liabilities 130 135 Operating cash flows before movements in operating assets and liabilities 50,847 55,102 Net decrease in balances with central banks 13,718 66,412 Net decrease/(increase) in due from and placements with banks and other financial institutions 112,671 (50,179) Net increase in loans and advances to customers (544,123) (510,492) Net decrease/(increase) in financial assets at fair value through profit or loss 8,679 (46,220) Net increase in other assets (22,150) (73,247) Net decrease in due to and placements from banks and other financial institutions (19,905) (32,643) Net increase/(decrease) in financial liabilities at fair value through profit or loss 5,970 (1,601) Net increase in deposits from customers and certificates of deposit issued 533,624 454,529 Net (decrease)/increase in other liabilities (939) 27,930 Net decrease in value-added tax and other taxes payable (292) (341) Income taxes paid (6,643) (4,911) Net cash flows generated from/(used in) operating activities 131,457 (115,661)
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16 (All amounts presented in millions of RMB except when otherwise indicated) Nine months ended 30 September 2025 2024 Cash flows from investing activities: Cash payment for investment in subsidiaries, associated ventures and joint ventures (3,098) (2,163) Cash payments for financial investments (718,619) (921,117) Proceeds from disposal or redemption of financial investments 497,257 868,179 Dividends received 846 710 Interest received from financial investments 80,468 82,078 Acquisition of intangible assets and other assets (1,380) (478) Cash received from the sale of intangible assets and other assets 20 5 Acquisition of property and equipment (29,853) (30,888) Cash received from disposal of property and equipment 11,067 2,865 Cash paid for other investing activities – (345) Net cash flows generated from/(used in) investing activities (163,292) (1,154) Cash flows from financing activities: Cash received from investments by owners 120,000 – Cash received from issuing other equity instruments 2,700 – Proceeds from issue of debt securities 137,548 149,044 Repayment of principals and interest of lease liabilities (1,703) (1,702) Repayment of principals of debt securities issued (122,173) (97,456) Payment of interest on debt securities (12,954) (12,832) Cash received for redemption of other equity instruments (33,601) – Dividends paid (33,957) (34,419) Dividends paid to non-controlling interests (91) (222) Cash paid for the issuance of ordinary shares (22) – Cash paid for other financing activities (116) – Net cash flows generated from/(used in) financing activities 55,631 2,413 Effect of exchange rate fluctuations on cash and cash equivalents held 635 (798) Net changes in cash and cash equivalents 24,431 (115,200) Cash and cash equivalents at the beginning of the period 161,950 275,461 Cash and cash equivalents at the end of the period 186,381 160,261 Net cash flows from operating activities include: Interest received 236,461 258,044 Interest paid (177,854) (187,758)
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17 VII. PUBLICATION OF THE THIRD QUARTER REPORT The results announcement will be simultaneously published on the “HKEXnews ” website of The Stock Exchange of Hong Kong Limited at www.hkexnews.hk and the website of the Bank at www.bankcomm.com for the reference of shareholders. The third quarter report 2025 prepared in accordance with China Accounting Standards will be available on the website of the Shanghai Stock Exchange at www.sse.com.cn and the website of the Bank at www.bankcomm.com. This announcement is prepared in both Chinese and English. Should there be any inconsistency between the Chinese and English versions, the Chinese version shall prevail. By order of the Board Bank of Communications Co., Ltd. Ren Deqi Chairman of the Board Shanghai, the PRC 30 October 2025 As at the date of this announcement, the directors of the Bank are Mr. Ren Deqi, Mr. Zhang Baojiang, Mr. Yin Jiuyong, Mr. Zhou Wanfu, Mr. Chang Baosheng*, Mr. Liao, Yi Chien David*, Mr. Chan Siu Chung*, Mr. Mu Guoxin*, Mr Ai Dong*, Mr. Shi Lei #, Mr. Zhang Xiangdong #, Ms. Li Xiaohui #, Mr. Ma Jun #, Mr. Wong Tin Chak # and Mr. Xiao Wei #. * Non-executive directors # Independent non-executive directors