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ABC sees 20.7% rise in H1 profit

Aug. 30, 2012 (China Knowledge) - Agricultural Bank of China Ltd or ABC<601288><1288>, one of China's Big Four banks, announced yesterday that its net profit jumped 20.7% YoY to RMB 80.50 billion in the first half of this year.

The growth rate was higher than the 7.58% increase of Bank of China Ltd<601988><3988> and the 14.49% increase of China Construction Bank Co<601939><0939>.

Basic earnings per share were RMB 0.25 during the period, up from RMB 0.21 in H1 of 2011.

The bank's operating revenue rose 13.9% YoY to RMB 209.73 billion in the first six months, boosted by an increase in net interest income that reached RMB 167.69 billion in the period. Net fee and commission income climbed 4.8% YoY to RMB 38.93 billion in H1.

At the end of June, ABC's capital adequacy ratio had increased 0.08 percentage points from the end of last year to 12.02%, and its core capital adequacy ratio had risen 0.15 percentage points to 9.65%.

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