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ABC's H1 net profit surges 40.2% to RMB 45.84 bln
Source :China Knowledge update : 2010-08-31
State-owned Agricultural Bank of China<601288><1288>, which was listed in Hong Kong and Shanghai last month, said its net profit for the first half of this year surged 40.2% year on year due to a robust growth in its rural banking business, sources reported.
In a statement filed with the Shanghai Stock Exchange, the lender said that its net profit during a six-month period end Jun. 30 was RMB 45.84 billion, whereas it earned RMB 32.71 billion in the same period of last year.
By the end of June, ABC's nonperforming loan balance dropped by RMB 13.16 billion from the end of last year, while its nonperforming loan ratio decreased by 0.59% to 2.32%.
Xiang Junbo, ABC president, said that the bank is expected to benefit from the rural banking market in the long term.
Earlier this month, ABC raised a record US$22.1 billion after fully exercising overallotment option, thus bringing its IPO size becomes the world largest so far.
In a statement filed with the Shanghai Stock Exchange, the lender said that its net profit during a six-month period end Jun. 30 was RMB 45.84 billion, whereas it earned RMB 32.71 billion in the same period of last year.
By the end of June, ABC's nonperforming loan balance dropped by RMB 13.16 billion from the end of last year, while its nonperforming loan ratio decreased by 0.59% to 2.32%.
Xiang Junbo, ABC president, said that the bank is expected to benefit from the rural banking market in the long term.
Earlier this month, ABC raised a record US$22.1 billion after fully exercising overallotment option, thus bringing its IPO size becomes the world largest so far.