Economy

ABC profit up 40% on rural biz expansion

(Xinhua)
Updated: 2010-08-28 03:18
Large Medium Small

BEIJING - The Agricultural Bank of China (ABC), the country's largest rural lender, said Friday that its net profit in the first half year jumped 40.2 percent on the expansion of rural business.

Special Coverage:
2010 Interim Results of Listed Companies
Related readings:
ABC profit up 40% on rural biz expansion Critical week for ABC shares
ABC profit up 40% on rural biz expansion AgBank greenshoe brings $22b IPO record: sources
ABC profit up 40% on rural biz expansion ABC in full exercise of over-allotment option
ABC profit up 40% on rural biz expansion ABC shares make a modest debut
Net profits hit 45.86 billion yuan ($6.77 billion) in the first half year, according to its statement delivered to the Shanghai Stock Exchange.

Also, its non-performing loans decreased 13.16 billion yuan in the first half-year compared with the end of last year, according to the statement.

The non-performing credit rate fell to 2.32 percent, 0.59 percentage points lower than the 2009 figure.

The company attributed its growth in profits to robust growth of loans in rural areas due to its upgrading of services.

The Beijing-based company launched its Initial public offering (IPO) at the Shanghai bourse and the Hong Kong bourse in July this year.