ABC expects strong full-year growth

Agricultural Bank of China (ABC; 601288.SH, 1288.HK) expects net profit to continue rising in the second half on asset and margin expansion, the South China Morning Post reported, citing bank chairman Xiang Junbo. Xiang said full-year earnings are expected to surpass the US$12.17 billion forecast the bank made during its initial public offering in July. ABC reported a first-half net profit increase of 40.1% to US$6.73 billion. State media earlier reported that the country’s listed banks reported a 45.67% rise in aggregate net profit over the first half. Combined net proft of the 16 banks was US$50.5 billion. ABC’s Xiang said the bank’s leading position in China’s central and western regions should be key drivers of deposit and loan growth.