26th October 2012

Chinese Agribank to improve profit

Agricultural Bank of China Ltd. has a more than estimated 16 percent jump in quarterly profit on higher lending and fee income and improved asset quality. Nation´s third largest lender by assets had income of 39.6 billion yuan ($6.3 billion) in the third quarter, which is rise of 5.5 billion yuan from a year earlier. Agribank follows previous news from Bank of China Ltd., which also overcame this year estimates. However, shares of Agricultural Bank fell 1.5 percent to HK$3.24 in Hong Kong yesterday before the earnings were published. That brings their loss for the year to 3 percent, compared with a 17 percent gain in the Hang Seng Index. Further, net interest income grew to 85.5 billion yuan in the third quarter, while fee income from businesses such as credit cards and custodial services reached 19.2 billion yuan.

For more, click here.

Members of the American Chamber of Commerce in the Czech Republic