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Agricultural Bank of China logs 6.10% YOY in Q3 net profit, names president

Agricultural Bank of China Ltd. announced the appointment of a new president as it reported a 6.10% year-over-year increase in third-quarter net profit.

The bank said its board of directors approved the appointment of Zhang Qingsong as president and executive director. Zhang's appointment as president of the bank will take effect once the China Banking and Insurance Regulatory Commission ratifies his qualification. His appointment as a director is subject to shareholders' approval and ratification of his qualification by the CBIRC.

Meanwhile, the bank said net profit attributable to equity holders climbed to 59.23 billion yuan from 55.82 billion yuan in the year-ago quarter. EPS for the quarter remained unchanged year over year at 17 fen.

The bank's net interest income for the quarter grew to 122.84 billion yuan fron 121.58 billion yuan, and net fee and commission income increased to 18.96 billion yuan from 18.73 billion yuan.

Operating expenses swelled year over year to 49.72 billion yuan from 47.60 billion yuan, while credit impairment losses fell to 30.69 billion yuan from 36.10 billion yuan.

Operating income decreased to 151.94 billion yuan from 152.19 billion yuan, while operating profit climbed to 71.48 billion yuan from 68.48 billion yuan.

The group's nonperforming loan as of Sept. 30 was 1.42%, down 17 basis points from the end of 2018. Allowance to nonperforming loans ratio was 281.26%, up 29.08 percentage points from the end of 2017.

Under the Capital Rules for Commercial Banks (Provisional), the group's capital adequacy ratio was 16.10% as of Sept. 30, up from 15.12% at Dec. 31, 2018. Its common equity Tier 1 and Tier 1 capital adequacy ratios were 11.19% and 12.50%, respectively, compared to 11.55% and 12.13% at the end of 2018.

As of Oct. 24, US$1 was equivalent to 7.07 Chinese yuan.