Agricultural Bank of China’s H1 net profit rose 3.48%, NIM and NPL slightly down from Q2
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Agricultural Bank of China’s H1 net profit rose 3.48%, NIM and NPL slightly down from Q2
STOCKS

Agricultural Bank of China’s H1 net profit rose 3.48%, NIM and NPL slightly down from Q2

 

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Agricultural Bank of China, the country’s third-largest lender by assets, said its first-half net profit rose by 3.48% to 133.23 billion yuan, rising from a restated 128.75 billion yuan a year earlier.

It net interest margin, a key gauge of profitability, stood at 1.66% at end-June, down from 1.7% at the end of March. Non-performing loan (NPL) ratio came in at 1.35% at the end of the second quarter, down from 1.37% at the end of March.

“Looking forward into the second half, as China’s economy has strong resilience and potential of development, its fundamentals of long-term sustainability will remain unchanged,” the bank said in a filing.

The bank will improve financial services for the real economy, provide more support to the manufacturing industry and tech innovation, it said.