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JPMorgan Chase raises stake in ABC

May. 23, 2012 (China Knowledge) - U.S.-based financial holding company JPMorgan Chase & Co recently increased its H-share holding in Agricultural Bank of China Ltd or ABC<601288><1288> to 7.05%, according to the bourse operator Hong Kong Exchange and Clearing<0388>, sources reported.

Information from HKEx showed that JPMorgan on May. 17 purchased 29.99 million H shares of ABC, one of China's Big Four banks, for HK$98.95 million.

The average share price of the transaction was HK$3.3 apiece.

ABC 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. Operating revenue for the three-month period totaled RMB 106.97 billion, of which RMB 85.84 billion was net interest income, China Knowledge reported earlier.

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