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Agricultural Bank of China Q1 net profit edges up YOY

AgriculturalBank of China Ltd. saw its net profit for the first quarter climb1.06% year over year.

The bank's consolidated profit attributable to equity holdersrose to 54.69 billion yuan from 54.12 billion yuan in the prior-year period.EPS for the period fell to 16 fen from 17 fen.

Net interest income dropped to 101.70 billion yuan from109.44 billion yuan, while net fee and commission income increased to 28.92billion yuan from 26.98 billion yuan.

Operating income dropped to 139.03 billion yuan from 140.64billion yuan. Operating profit fell to 69.08 billion yuan from 70.20 billionyuan.

As of the end of March, the bank's nonperforming loansamounted to 221.62 billion yuan, an increase of 8.76 billion yuan from the endof 2015. Over the same period, the NPL ratio stood still at 2.39%, while theallowance to NPLs dropped 9 percentage points to 180.43%.

Under the latest capital standard, the group's common equityTier 1 capital adequacy ratio stood at 10.21%, down from 10.24% at the end ofDecember 2015. The Tier 1 capital adequacy ratio also dropped to 10.90% from10.96% over the same period, while the capital adequacy ratio fell to 13.11%from 13.40%.

In addition, Agricultural Bank of China said it appointedGuo Ningning as an executive vice president.

Guo Ningning previously served as president of the Singaporebranch of Bank of ChinaLtd.

As of April 27, US$1was equivalent to 6.50 Chinese yuan.