The predecessor of the Bank was Agricultural Cooperative Bank established in 1951. Since the resumption of establishment in February 1979, the Bank has evolved from a state-owned specialized bank to a wholly state-owned commercial bank and subsequently a state-controlled commercial bank. The Bank was restructured into a joint stock limited liability company in January 2009. In July 2010, the Bank was listed on both the Shanghai Stock Exchange and the Hong Kong Stock Exchange.
The Bank is one of the major integrated financial service providers in China, aiming at high-quality development, highlighting the two positionings of a leading bank serving rural revitalization and a major bank serving the real economy, and fully implementing the three strategies in Sannong and inclusive finance, green finance and digital operation. Capitalizing on its comprehensive business portfolio, extensive distribution network and advanced IT platform, the Bank provides a diverse portfolio of corporate and retail banking products and services for a broad range of customers and conducts treasury operations and asset management. Our business scope also includes, among other things, investment banking, fund management, financial leasing and life insurance. At the end of 2023, the Bank had total assets of RMB39,872,989 million, total loans and advances to customers of RMB22,614,621 million and deposits from customers of RMB28,898,468 million. Our capital adequacy ratio was 17.14%. The Bank achieved a net profit of RMB269,820 million in 2023.
As of the end of 2023, we had 22,843 domestic branch outlets, including the Head Office, Business Department of the Head Office, four specialized institutions managed by the Head Office, four training institutes, 37 tier-1 branches, 409 tier-2 branches, 3,316 tier-1 sub-branches, 19,025 foundation-level branch outlets and 46 other establishments. Our overseas branch outlets consisted of 13 overseas branches and four overseas representative offices. We had 16 major subsidiaries, including 11 domestic subsidiaries and five overseas subsidiaries.
The Financial Stability Board has included the Bank into the list of Global Systemically Important Banks for ten consecutive years since 2014. In 2023, the Bank ranked No. 3 among global banks in terms of tier 1 capital. Standard & Poor’s affirmed long-/short-term issuer credit ratings of the Bank at A/A-1. Moody’s affirmed long-/short-term bank deposit ratings of the Bank at A1/P-1 and Fitch Ratings affirmed long-/short-term issuer default ratings of the Bank at A/F1+.
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