ABC profit up 17.5% in 2008

Agricultural Bank of China (ABC) posted a 17.5% year-on-year increase in net profit for 2008, earning US$7.54 billion, state media reported. The increase followed approval of a shareholder transformation plan submitted to the State Council in October 2008. Business revenues rose 17.8% while interest earnings from loans increased 23.1%. The bank said its non-performing loan ratio fell to 4.3% from 19.3% at the end of 2007. The bank’s assets rose to US$890 billion, up 15.3%. ABC issued US$440 billion in loans in 2008, up 11.3% year-on-year, about 25% of which were agriculture-related.