AgBank posts 12.6% rise in H1 net profit
Print Edition
THE Agricultural Bank of China, the third-biggest lender in the country, gained from improved loan profitability that boosted its net profit 12.6 percent in the first half from a year earlier.
AgBank’s net profit totaled 104 billion yuan (US$16.9 billion) in the first six months. However, the growth rate slowed from 14.7 percent in 2013, according to its half-year results released yesterday.
Ping An Securities said in a report that the growth momentum in net profit for Beijing-based AgBank will slow from 14.6 percent in 2013 to 11.7 percent in 2014.
Net fee and commission income added 0.5 percent from last year to 47.8 billion yuan in the first half. The bank’s net interest income jumped 16.4 percent to 209.4 billion yuan. Net interest margin, an important indicator of loan profitability, improved from 2.74 percent in the same period a year ago to 2.93 percent.
The bank President Zhang Yun said that during the six-month period, AgBank increased credit facilities in line with the demand of the real economy.
Higher priority was given to county areas for new credit facilities to modernize agriculture, build new urban areas and new rural business entities, he said.
The bank’s non-performing loans climbed 9.7 billion yuan during the first six months to 97.5 billion yuan, while the non-performing loan ratio worsened from 1.22 percent to 1.24 percent at the end of June.
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