RETAIL BANKING | Cesar Tordesillas, China

Agricultural Bank of China first half profits surges by 20.8%

Agricultural Bank of China's profits jumped 20.8 percent year on year in the first half of the year to 80.52 billion yuan.

The bank attributed the profit increase to the steady growth of brokerage business, income from the interest rates gap and lower operating costs, according to its semi-annual report.

Its asset value increase of 10.5 percent from last year to 12.9 trillion yuan or US$2.05 trillion.

The non-performing loans ratio stood at 1.39 percent at the end of June, 0.16 percentage point lower than at the beginning of the year.

The capital adequacy ratio was 12.02 percent, 0.08 percentage point higher than that of January.

Revenues from commission charges rose 4.8 percent year on year to 38.9 billion yuan with brokerage businesses, including credit cards, insurance agents and other financial agent businesses, posting robust expansions.

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