Rising NPLs weigh on AgBank net
Print Edition
THE Agriculture Bank of China, the country’s third-largest lender by assets, posted a 0.62 percent growth in profit from a year earlier as rising bad loans weighed on earnings.
AgBank’s net profit added 1.1 billion yuan (US$170 million) to 180.6 billion yuan last year, while non-performing loans surged 70 percent to 212.9 billion yuan at the end of 2015, pushing its bad-loan ratio to a six-year high of 2.39 percent.
The ratio compares with the 1.54 percent ratio a year earlier and an average of 1.67 percent among lenders countrywide.
Bad loans in China’s banking industry jumped 51 percent last year to 1.27 trillion yuan, data from the China Banking Regulatory Commission showed.
AgBank said its bad-loan ratio was higher in west China, the Bohai Rim and the Yangtze River Delta as manufacturing, wholesale and retail companies faced solvency issues.
On Wednesday, Industrial and Commercial Bank of China — the world’s largest bank — Bank of China and China Construction Bank all reported less than 1 percent growth in their net earnings last year, slowing down from their single-digit expansion a year earlier.
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