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Agricultural Bank of China's profit up 27.55% in Q1

May. 2, 2012 (China Knowledge) - Agricultural Bank of China Ltd or ABC<601288><1288>, one of China's Big Four banks, earned RMB 43.45 billion in net profit in the first quarter of 2012, 27.55% more than in the corresponding period of last year.

During the period from January to March 2012, the Shanghai and Hong Kong-listed firm's earnings per share grew by 30% from a year earlier to RMB 0.13.

Operating revenue for the three-month period totaled RMB 106.97 billion, of which RMB 85.84 billion was net interest income. Fee and commission income increased 19.84% from a year earlier to RMB 21.27 billion.

The balance of non-performing loans was RMB 85.01 billion as of Mar. 31, 2012, RMB 2.34 billion less than the end of last year, while the ratio of non-performing loans was 1.44%, 0.11 percentage point lower than the end of 2011.

At the end of March 2012, the bank's capital adequacy ratio and core capital adequacy ratio was 12.01% and 9.60%, respectively, 0.07 and 0.10 percentage points higher than the end of last year, respectively.

The lender had RMB 12.56 trillion in total assets as of Mar. 31, 2012, 7.55% more than the end of last year, sources reported.

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