AgBank sees 13.6% rise in net
Print Edition
THE Agricultural Bank of China posted an annual growth of 13.6 percent in net profit to 53.4 billion yuan (US$8.5 billion) in the first quarter as it gained from a higher net interest margin.
AgBank, the third-biggest lender in China, said yesterday that net profit added 6.4 billion yuan from a year earlier as net interest margin widened.
Net interest income rose 15.5 percent over the same period of last year to 103.1 billion yuan, while net interest margin, a measure of loan profitability, gained 18 basis points to 2.96 percent.
The bank saw a 3.5 percent rise in net fee and commission income to 26.9 billion yuan, taking up 19.7 percent of total operating income. Non-performing loans rose 4.2 billion yuan in the period to 92 billion yuan at the end of March, while the NPL ratio was flat at 1.22 percent.
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