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China’s AgBank posts 12.4% rise in H1 net profits


FILE PHOTO: A sign of Agricultural Bank of China is seen at its office building in Beijing, China March 29, 2021. REUTERS/Tingshu Wang

BEIJING (Reuters) – Agricultural Bank of China (OTC:ACGBF) (AgBank), the country’s third-largest lender by assets, on Monday posted 12.4% growth in first-half profits, the fastest first-half growth since 2014 as the economy recovers from the COVID-19 pandemic.

AgBank said net profit for the first six months of the year totalled 122.3 billion yuan, versus 108.8 billion yuan a year earlier.

That implied a second quarter net profit of 56.4 billion yuan, up 26.4% versus a year earlier, Reuters calculations show.

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