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AgBank posts 1.86 percent annual profit

AGRICULTURE Bank of China, the country’s third largest bank by assets, posted 1.86 percent year-on-year profit increases in 2016.

The full year net profit of AgBank rose to 184 billion yuan(US$26.7 billion)by the end of December, supported by a 10.2-percent growth in net fee and commission income of 90.9 billion yuan, according to its announcements filed to both Shanghai and Hong Kong stock exchange.

Loan growth was driven by mortgage loans in 2016, with AgBank’s mortgage loans increasing by a third to 2.56 trillion yuan by December, the bank said.

Credit quality of the bank improved last year due to stricter risk control, as AgBank’s bad loan ratio fell slightly to 2.37 percent by 2016 from previous 2.39 percent, the report showed.

Larger lenders are benefit from tightening conditions in the money markets, as they charged more from smaller banks by a rising borrowing cost in the interbank market, Citigroup said in a March 22 note in favor of AgBank’s stock in Hong Kong market.

Shares of AgBank in Shanghai rose 0.61 percent to 3.3 yuan by the end of morning session, while its Hong Kong shares also edged up in the same period after the annual report released.


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