ABC net profit more than doubles

Agricultural Bank of China (ABC) announced that it recorded net profit of US$1.71 billion in 2007, more than double its 2006 profit of US$753 million, the Wall Street Journal reported. ABC’s operating revenue rose 31% to US$16.5 billion, while revenue from its intermediary businesses jumped 68% to US$3.38 billion. The bank, which is awaiting recapitalization and restructuring in preparation for a listing, reported that non-performing loans (NPLs) still accounted for 23.5% of outstanding loans at the end of the year. This compares to an average 6.17% NPL ratio for China’s commercial-banking sector. ABC is the only one of the Big Four state-owned banks that has yet to list.