Agricultural Bank of China Posts 5% Net Profit Growth in First Half

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Agricultural Bank of China (ABC) posted solid gains in both revenues and profits for the first half of 2022.

The big state-owned lender saw operating revenues of 387.2 billion yuan in the first half, for year-on-year (YoY) growth of 5.9%, according to its mid-year report released on 29 August.

Net profits were 129 billion yuan, for YoY growth of 4.98%, while total assets breached 32 trillion yuan by the end of June.

In the first half of 2022 new lending by ABC reached a historic high for the period. New loans were 1.6 trillion yuan for YoY growth of 9.6%, bringing the lender’s renminbi loan balance to 18.3 trillion yuan in total.

Renminbi retail loans increased 366.6 billion yuan, for growth of 5.2%, while renminbi public loans increased by over 1 trillion yuan, for growth of 11.6%, bringing the total balance to over 10 billion yuan.

ABC’s non-performing loan ratio stood at 1.41% as of the end of June, for a decline of 0.02 percentage points compared to the start of the year. The overdue loan ratio was 1.00%, for a decline of 8 basis points, while the special mention loan ratio was 1.46%, for a decline of 2 baks points.

ABC’s provisions coverage ratio was 304.9% as of the end of the second half.