BEIJING (XFN-ASIA) - The Agricultural Bank of China booked domestic
operating profit of 14.1 bln yuan in the first quarter, up 71 pct year-on-year,
on improvements arising from an ongoing restructuring in the group, the official
Xinhua news agency reported.
Income from its intermediary business was 5.97 bln yuan, up 53 pct
year-on-year.
Non-performing loans (NPL) dropped by 7.3 bln yuan in the first quarter from
the end of 2007, with the NPL ratio falling by 1.14 percentage points from 23.64
pct at the end of last year.
The bank said it had given extensive support to reconstruction work
following the severe winter storms, as well as to spring planting and
initiatives to stabilize the supply of grains, meat, edible oils and dairy
products.
New loans to support agriculture and rural development amounted to 68.3 bln
yuan in the first quarter, accounting for 48 pct of new loans.
The report did not provide data on overseas profit.
The bank has branches in Singapore and Hong Kong, as well as representative
offices in London, Tokyo and New York.
(1 usd = 7.0 yuan)
zachary.wei@xfn.com
-
xfnzw/xfntm
COPYRIGHT
Copyright Thomson Financial News Limited 2008. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
|