Agbank sees slower H1 profit rise
Print Edition
The Agricultural Bank of China, the nation’s third-biggest lender, posted an on-year 14.7 percent increase in net profit in the first half of this year while its bad loans declined.
The AgBank’s net profit was 92.4 billion yuan (US$15 billion) in the first six months, up from 80.5 billion yuan a year earlier, according to a stock exchange filing yesterday. But the growth slowed from a 21 percent rise a year earlier and 45.4 percent in 2011.
Minsheng Securities predicted the AgBank’s net profit at 194.9 billion yuan for this year.
By the end of June, the AgBank had managed to reduce its non-performing loans by 1.2 billion yuan to 86.7 billion yuan. Its bad loan ratio improved to 1.25 percent at the end of June from 1.33 percent at the end of last year. But the NPL ratio was higher than all commercial banks’ average of 0.96 percent, according to the China Banking Regulatory Commission.
The AgBank’s net interest income rose 7.3 percent to 180 billion yuan in the first half, or 76 percent of its total operating income. Net interest margin, a measure of loan profitability, eased 0.07 percentage point to 2.74 percent.
China Construction Bank, the second-biggest lender, earlier reported a 12.6 percent annual increase in net earnings in the first six months.
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