AgBank's profit growth rate more than halves
By Hu Xiaocen |
August 30, 2012, Thursday
|
Print Edition
Print Edition
NET profit at the Agricultural Bank of China, the nation's third-largest lender by assets, rose to 80.5 billion yuan (US$12.7 billion) in the first half of this year, but the bank saw the on-year growth rate more than halve to 20.8 percent, it said yesterday.
The Beijing-based bank's growth rate in profit plunged from 45.4 percent in the same period of last year, and was below the industry average of 23 percent, according to data from the China Banking Regulatory Commission.
However, the profit growth AgBank reported was stronger than that of the Bank of China and China Construction Bank, another two of the nation's four biggest lenders, in the first six months, according to its mid-year earning report prepared under international accounting rules.
Last week, China Galaxy Securities predicted the growth in AgBank's profit to slow to 4.4 percent next year.
AgBank's fee and commission income rose 4.8 percent in the first half, a sharp slowdown from 65.4 percent a year earlier. Interest income, which accounts for 79.6 percent of its total revenue, gained 15.9 percent to 167.7 billion yuan.
The Beijing-based bank's growth rate in profit plunged from 45.4 percent in the same period of last year, and was below the industry average of 23 percent, according to data from the China Banking Regulatory Commission.
However, the profit growth AgBank reported was stronger than that of the Bank of China and China Construction Bank, another two of the nation's four biggest lenders, in the first six months, according to its mid-year earning report prepared under international accounting rules.
Last week, China Galaxy Securities predicted the growth in AgBank's profit to slow to 4.4 percent next year.
AgBank's fee and commission income rose 4.8 percent in the first half, a sharp slowdown from 65.4 percent a year earlier. Interest income, which accounts for 79.6 percent of its total revenue, gained 15.9 percent to 167.7 billion yuan.
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