Saturday, March 23, 2019
Martin Hennecke

Net profit jumps for ABC
Agricultural Bank of China (1288) reported a 4.47 percent year-on- year gain in net profit of 192.7 billion yuan for 2017.

Earnings per share were 58 fen. Revenue climbed to 537.04 billion yuan, up 6.13 percent compared with 2016.

Loans at China's fourth-largest bank increased by 10.3 percent or 1 billion yuan throughout the year while deposits grew 1.16 billion yuan, up 7.69 percent year-on-year.

Meanwhile, the bank decided to issue up to 27.47 billion A-shares on the mainland to raise a maximum of 100 billion yuan for core capital. The issue will be allocated to seven partners including the Ministry of Finance, the State Tobacco Monopoly Administration and New China Life Insurance (1336). ABC's share price in Hong Kong jumped 4.68 percent to HK$4.47.

Joyce Chen

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