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Agricultural Bank of China FY'17 net profit rises 4.9% YOY

Agricultural Bank of China Ltd. reported a 4.9% year-over-year rise in net profit for the 2017 full year on the back of an increase in net interest income.

The company's 2017 full-year net profit attributable to equity holders came to 192.96 billion yuan, up year over year from 183.94 billion yuan. EPS rose to 58 fen from 55 fen.

The S&P Capital IQ consensus GAAP and normalized EPS estimates for the bank's Hong Kong-listed shares were both 58 fen, while the GAAP and normalized EPS estimates for the Shanghai-listed shares were 59 fen and 58 fen, respectively.

Net interest income rose to 441.93 billion yuan from 398.10 billion yuan, while net fee and commission income fell to 72.90 billion yuan from 90.94 billion yuan.

Operating income climbed to 542.90 billion yuan from 510.13 billion yuan. Operating profit increased to 239.46 billion yuan from 226.63 billion yuan.

Impairment losses on assets for the year increased to 98.17 billion yuan from 86.45 billion yuan in the same period the prior year.

Net interest margin for the year clocked in at 2.28%, up from 2.25% for the prior-year period.

The group's nonperforming loan ratio clocked in at 1.81% as of end of 2017, up from 2.37% at the end of 2016.

As of Dec. 31, 2017, the bank's capital adequacy ratio was 13.74%, up from 13.04% at Dec. 31, 2016. Its common equity Tier 1 and Tier 1 ratios for the period were 10.63% and 11.26%, respectively, up from 10.38% and 11.06%, respectively, at the end of 2016.

The bank's board proposed a cash dividend of 17.83 fen per share for 2017, slightly up from the prior-year's dividend of 17 fen per share.

The dividend, which is subject to shareholder approval, is expected to be paid to A-share holders on May 25 and to H-share holders on June 14. The record date for the dividend is May 24.

As of March 23, US$1 was equivalent to 6.31 Chinese yuan.