Statistics

ABC reports 30% increase in Q3 profit

(Xinhua)
Updated: 2010-10-28 10:40

BEIJING - The Agricultural Bank of China (ABC), one of the country's "big four" state-owned commercial lenders, said Wednesday that its third-quarter profit rose 29.53 percent from a year earlier to 24.31 billion yuan ($3.63 billion) on the back of higher interest income.

The bank, which raised a record $22.1 billion in its initial public offering on the Shanghai and Hong Kong bourses, said its net interest income reached 174.02 billion yuan in the first nine months of this year, up 36.09 percent year on year.

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Outstanding loans totaled 4.78 trillion yuan by the end of September, an increase of 640.26 billion yuan from the end of last year, it said in a statement to the Shanghai Stock Exchange.

Additionally, total assets climbed 13.9 percent from the end of last year to hit 10.12 trillion yuan by the end of September.

At the end of September, the bank's capital adequacy ratio, an important gauge to measure financial strength of a bank, stood at 11.38 percent, up 3.07 percentage points from June this year.

Shares of the bank closed flat on the Shanghai bourse Wednesday, while they fell 0.25 percent to HK$4.05 (52 cents) on the Hong Kong bourse.