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.
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