ABC's 2008 profit up 17.5%

Apr. 27, 2009 (China Knowledge) - Agricultural Bank of China (ABC), the last unlisted member of China's Big Four state-owned banks, reported net profit of RMB 51.45 billion (US$7.54 billion) for 2008, up 17.5% year on year, according to the audited annual report released on Sunday.

The lender's operating income climbed 17.8% from a year earlier to RMB 211.19 billion, while its net interest income hit RMB 193.85 billion, up 23.1% year on year.

At the end of last year, ABC's non-performing loan ratio declined 19.3% from a year earlier to stand at 4.3%, and its capital adequacy ratio reached 9.41%.

The lender's total assets surged 32.2% from the end of 2007 to RMB 7.01 trillion at the end of 2008, and its net capital was RMB 319.48 billion.

Last October, the State Council, China's Cabinet, approved the lender's shareholding transformation plan. In January, ABC was successfully converted into a shareholding company from a fully state-owned commercial bank.