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...AGRICULTURAL BANK OF CHINA LIMITED is a China-based commercial bank. The Bank mainly operates through four business segments. The Corporate Finance segment is engaged in the deposit and loan business, small and micro business finance, settlement and cash management, trade financing and investment banking, among others. The Personal Finance segment is engaged in personal deposit and loan, credit card business and private banking business. The Treasury segment is engaged in money market business and investment portfolio management. The Asset Management segment is engaged in the provision of financial services, asset custody business, pension business and precious metal business.
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