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Agricultural Bank of China FY'15 net profit inches up 0.6% YOY

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Agricultural Bank of China FY'15 net profit inches up 0.6% YOY

AgriculturalBank of China Ltd. on March 31 said net profit for 2015 edged up0.6% year over year, as a jump in impairment losses on assets more than offsetan increase in interest and noninterest income.

The company's 2015 consolidated net profit attributable toequity holders inched up to 180.58 billion yuan from 179.46 billion yuan in2014. EPS remained flat at 55 fen.

Net interest income rose to 436.14 billion yuan from 429.89billion yuan in the year prior. Net fee and commission income for 2015increased year over year to 82.55 billion yuan from 80.12 billion yuan.

Operating income for 2015 climbed to 540.86 billion yuanfrom 524.13 billion yuan in 2014, while operating profit declined year overyear to 230.87 billion yuan from 232.26 billion yuan.

Net interest margin clocked in at 2.66% in 2015, down from2.92% in 2014.

Impairment losses on assets jumped to 84.17 billion yuan in2015 from 67.97 billion yuan in the prior year.

The group's nonperforming loan ratio increased to 2.39% asof the end of 2015 from 1.54% in the prior-year period.

As of Dec. 31, 2015, the group's capital adequacy ratio was13.40%, up from 12.82% at Dec. 31, 2014. Its common equity Tier 1 and Tier 1ratios for the period were 10.24% and 10.96%, respectively, compared to 9.09%and 9.46%, respectively, at the end of 2014.

The company's board proposed a cash dividend of 16.68 fenper share for 2015, down from the prior-year's dividend of 18.2 fen per share.

As of March 30, US$1was equivalent to 6.47 Chinese yuan.