Agricultural Bank of China Limited released its semi-annual report, with both revenue and profit showing positive growth. A dividend of RMB 1.164 per 10 shares will be distributed
Agricultural Bank of China released its 2024 interim performance, with revenue of 367.1 billion yuan and net profit of 136.5 billion yuan, representing growth of 0.4% and 2.0% respectively. This is the first time in the history of state-owned large banks to achieve double growth. Total assets reached 42 trillion yuan, with loans amounting to 24.4 trillion yuan and improved asset quality. The non-performing loan ratio is 1.32%. It is recommended to distribute a dividend of 1.164 yuan per 10 shares, with a total dividend amount of 40.738 billion yuan, subject to approval at the shareholders' meeting
On the afternoon of August 30th, Agricultural Bank of China disclosed its 2024 interim performance.
The announcement shows that Agricultural Bank of China achieved operating income of RMB 367.1 billion and a net profit of RMB 136.5 billion in the first half of the year, representing a year-on-year increase of 0.4% and 2.0% respectively. This is also the first time this year that state-owned major banks have seen both revenue and profit growth in their semi-annual reports.
The interim report also indicates that the average return on total assets is 0.67%, the weighted average return on net assets is 10.75%, the cost-to-income ratio is 27.44%, and overall operating efficiency is improving.
As of the end of June, the total assets of the group amounted to RMB 42 trillion, an increase of 5.3% compared to the end of the previous year; among which, the total amount of customer loans and advances was RMB 24.4 trillion, up by 7.8% from the end of the previous year. Total liabilities reached RMB 38.9 trillion, an increase of 5.3% from the end of the previous year; with total customer deposits of RMB 34.1 trillion.
Asset quality has also improved, with a non-performing loan ratio of 1.32%, a decrease of 0.01 percentage points from the end of the previous year; an overdue loan ratio of 1.07%, a decrease of 0.01 percentage points from the end of the previous year; a provision coverage ratio of 303.94%, and a capital adequacy ratio of 18.45%.
Furthermore, the interim report also reveals that as of the end of June, the total amount of county-level loans of Agricultural Bank of China was RMB 9.6 trillion, an increase of 9.4% from the end of the previous year, accounting for 40.1% of domestic loans. The balances of loans in the fields of ensuring the supply of grain and important agricultural products, rural industries, and rural construction were RMB 994.5 billion, RMB 2.26 trillion, and RMB 2.22 trillion respectively, with year-on-year increases of 17.8%, 22.8%, and 13.6%. The bank's performance in its main responsibilities and businesses was outstanding.
The announcement also states that the board of directors of the bank recommends distributing a cash dividend of RMB 1.164 (tax included) per 10 shares to ordinary shareholders for the 2024 interim year, totaling RMB 40.738 billion (tax included). This dividend distribution plan will be submitted for approval at the shareholders' meeting