AgBank profit said to grow 40%
By Zhang Fengming |
July 14, 2010, Wednesday
|
Print Edition
Print Edition
THE Agricultural Bank of China was reported to post a 40 percent jump in net profit in the first half of this year, just days before its mammoth dual listing which could be the world's biggest initial public offering.
The profit, reported by the Shanghai Securities News, could bolster investor sentiment in the Shanghai stock market, whose benchmark index has lost about 25 percent this year.
The Beijing-based bank reportedly posted a net profit of 46 billion yuan (US$6.8 billion) for January to June as it tapped demand for loans.
The bank's fee-based income surged 60 percent in the first half to 23 billion yuan. Its loans grew 11.2 percent, the report said, without giving its sources.
The bank was not available for comment yesterday.
The AgBank, China's biggest by network and the third-biggest by assets, will be listed tomorrow in Shanghai, a day before it debuts on the Hong Kong market.
The bank could surpass the Industrial and Commercial Bank of China as the world's largest IPO if it turned to an over-allotment shares option to raise up to US$22.1 billion.
The AgBank's giant share offering is expected to stretch market liquidity and divert money away from stocks of rival banks, analysts said.
The profit, reported by the Shanghai Securities News, could bolster investor sentiment in the Shanghai stock market, whose benchmark index has lost about 25 percent this year.
The Beijing-based bank reportedly posted a net profit of 46 billion yuan (US$6.8 billion) for January to June as it tapped demand for loans.
The bank's fee-based income surged 60 percent in the first half to 23 billion yuan. Its loans grew 11.2 percent, the report said, without giving its sources.
The bank was not available for comment yesterday.
The AgBank, China's biggest by network and the third-biggest by assets, will be listed tomorrow in Shanghai, a day before it debuts on the Hong Kong market.
The bank could surpass the Industrial and Commercial Bank of China as the world's largest IPO if it turned to an over-allotment shares option to raise up to US$22.1 billion.
The AgBank's giant share offering is expected to stretch market liquidity and divert money away from stocks of rival banks, analysts said.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
