ABC Net Interest Income Remains Weak; Shifting Asset Mix to Bond Investment to Save Capital
Agricultural Bank of China, or ABC, recorded 0.8% net profit growth in the first half on a year-on-year basis. Top-line growth remained the weakest among large state-owned banks, and the 5% total revenue decline was dragged by a 9.4% drop in net interest income, partially offset by 7.3% fee income growth. Preprovision operating profits fell 3% against the year-ago quarter, while the cost/income ratio increased 46 basis points to 30%, bucking the downward trend witnessed over the past few quarter...
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