Agbank's net profit rises 16%
By Richard Fu |
October 27, 2012, Saturday
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Print Edition
Print Edition
THE Agricultural Bank of China yesterday posted a 16 percent rise in third-quarter net earnings, beating analysts' estimates, on higher lending.
Net profit at the nation's third-largest lender by assets rose to 39.6 billion yuan (US$6.3 billion) in the July-September period from 34.1 billion yuan a year earlier. Eleven analysts polled by Reuters estimated an average of 37.4 billion yuan.
The bank tapped the rising demand for credit over the past quarter as a seven-quarter slowdown in China's economic growth may be ending.
Its net interest income rose 8.8 percent to 85.5 billion yuan in the third quarter and net fee and commission income gained 8.4 percent to 19.2 billion yuan, AgBank said. The lender's net interest margin widened by 2 basis points to 2.82 percent in the first nine months of this year.
Net profit at the nation's third-largest lender by assets rose to 39.6 billion yuan (US$6.3 billion) in the July-September period from 34.1 billion yuan a year earlier. Eleven analysts polled by Reuters estimated an average of 37.4 billion yuan.
The bank tapped the rising demand for credit over the past quarter as a seven-quarter slowdown in China's economic growth may be ending.
Its net interest income rose 8.8 percent to 85.5 billion yuan in the third quarter and net fee and commission income gained 8.4 percent to 19.2 billion yuan, AgBank said. The lender's net interest margin widened by 2 basis points to 2.82 percent in the first nine months of this year.
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