Agricultural Bank of China (ABC) saw its profit rise 19.1% to US$7.48 billion in 2008, the Wall Street Journal reported, citing state media. The lender’s return on assets was 0.79% and its return on equity was 19.1%, though no comparative figures were provided. ABC President Zhang Yun said the bank saw "a great improvement in profitability" in 2008. The bank, which became a joint stock company in early January, planned to lend out US$23.4 billion in 2009 and continue to focus its services in rural areas. The bank has not decided when it will list its shares or whether it will invite any strategic domestic or foreign investors to take a stake in the lender. ABC is considering a dual listing in both Hong Kong and Shanghai, similar to its peers Bank of China and Industrial & Commercial Bank of China.