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Agricultural Bank of China posts 4.9% YOY increase in H1 net profit

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Agricultural Bank of China posts 4.9% YOY increase in H1 net profit

Agricultural Bank of China Ltd. reported a 4.9% year-over-year increase in net profit for the first half ended June 30 as operating income grew on the back of a rise in net interest income.

The bank on Aug. 30 reported a first-half net profit attributable to equity holders of 121.45 billion yuan, up from 115.79 billion yuan in the prior-year period. EPS for the period declined to 34 fen from 35 fen.

Net interest income rose to 237.63 billion yuan from 233.83 billion yuan, while net fee and commission income grew to 50.90 billion yuan from 43.64 billion yuan.

Operating income rose to 324.47 billion yuan from 307.95 billion yuan. Operating profit climbed to 145.89 billion yuan from 141.55 billion yuan.

Credit impairment losses for the half came to 73.48 billion yuan, up from 66.42 billion yuan in the same period the prior year.

Net interest margin for the period came to 2.16%, down from 2.35% in the prior-year period.

The bank's nonperforming loan ratio came to 1.43% as of June 30, down from 1.59% at the end of 2018.

As of June 30, the group's capital adequacy ratio clocked in at 15.48%, up from 15.12% at Dec. 31, 2018. Its common equity Tier 1 ratio for the period was 11.13%, down from 11.55% at the end of 2018, while its Tier 1 ratio declined to 11.67% from 12.13% over the same period.

As of Aug. 29, US$1 was equivalent to 7.14 Chinese yuan.