AgBank posts 14.6% annual hike in net profit
Print Edition
THE Agricultural Bank of China, the country’s third-biggest lender, yesterday posted a 14.6 percent annual increase in profit last year, thanks to robust growth in fee and commission income.
AgBank was the first among the top-five banks in the country to announce earnings for 2013. The other four lenders will post their results this week.
Net profit rose 14.6 percent, its slowest pace ever, from a year earlier to 166.3 billion yuan (US$27 billion) in 2013, AgBank said in its annual financial report.
Net fee and commission income rose 11 percent year on year to 83.2 billion yuan, which accounted for 17.9 percent of operating income, 0.25 percentage points up from 2012.
Net interest income rose 10 percent to 376.2 billion yuan.
Interest margin dipped to 2.79 percent at the end of last year from 2.81 percent a year ago, as China accelerated interest rate liberalization.
The non-performing loan, or bad loan, ratio improved from 1.33 percent at the end of 2012 to 1.22 percent in December last year, the bank revealed.
Song Xianping, head of risk management at AgBank, said yesterday the bank sold bad loans worth 4.1 billion yuan to asset management companies last year, 35 percent of which were recovered.
Song said the bank faces rising pressure from asset deterioration amid an economic slowdown this year. Bad loan ratios rebounded since the second half of 2013. The ratio was as low as 1 percent in the Yangtze River Delta region and most of Zhejiang Province. But in Wenzhou, one of the richest cities in China, the ratio was as high as 2.6 percent.
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