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Agricultural Bank of China '08 net profit up 17.5%
 

BEIJING - Agricultural Bank of China (ABC) reported Sunday that its net profit increased 17.5 percent to 51.45 billion yuan (US$7.54 billion) in 2008 over the previous year.

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Business revenue totaled 211.19 billion yuan last year, up 17.8 percent year on year. Net interest income rose 23.1 percent to 193.85 billion yuan, according to ABC's first audited annual report.

The report was the first after the State Council, China's Cabinet, approved the bank's shareholding transformation plan in October 2008.

The non-performing loan ratio was 4.3 percent at the end of 2008, down 19.3 percentage points from the end of 2007.

At the end of 2008, the bank's total assets exceeded 7.01 trillion yuan, up 32.2 percent from a year ago.
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