China's AgBank posts 4.8% rise in first-quarter profit despite coronavirus outbreak [Reuters]
AGRICULTURAL B/C UNSP/ADR (ACGBY)
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Source: Reuters
China's AgBank posts 4.8% rise in first-quarter profit despite coronavirus outbreak BEIJING/SHANGHAI (Reuters) - Agricultural Bank of China Ltd (AgBank) ( 1288.HK ), ( 601288.SS ), the country’s third-largest lender by assets, reported a 4.79% rise in first-quarter net profit on Tuesday despite the impact of the coronavirus pandemic. AgBank said net profit for the first three months of the year totalled 64.187 billion yuan ($9.07 billion), versus 61.25 billion yuan a year earlier. AgBank’s non-performing loan (NPL) ratio unchanged at 1.4% by March-end from three month earlier. Total bad loans at the bank was 196.693 billion yuan at end-March, compared with 187.21 billion yuan at end-2019. The bank did not disclose its net interest margin for the quarter.
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