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AgBank posted 12.4% growth in first-half profits, while BoC posted an 11.8% increase over the same period, the biggest jump since 2014 and 2013 respectively, as business acitivity recovered from the COVID-19 pandemic.
The results are in the same vein as those posted by Industrial and Commercial Bank of China, Bank of Communications Co Ltd and China Construction Bank (OTC:CICHF) Corp, all of who posted more than 9% first half net profit growth on Friday.
Both AgBank and BoC reported stable bad loan growth.
BoC logged the same non-performing loan ratio at 1.3% at the end of June in line with the level at the end of the first quarter, while AgBank’s NPL ratio slimmed down slightly from 1.53% to 1.5% over the same period.
At Bank of China, net interest margins (NIM) – a key measure of profitability for banks – fell slightly at the end of June to 1.76% from 1.8% at the end of the previous quarter. AgBank did not disclose its NIM.
