BEIJING - The Agricultural Bank of China (ABC), the country's largest rural lender, said Friday that its net profit in the first half year jumped 40.2 percent on the expansion of rural business.
Net profits hit 45.86 billion yuan ($6.77 billion) in the first half year, according to its statement delivered to the Shanghai Stock Exchange.
Special Coverage:2010 Interim Results of Listed CompaniesThe non-performing credit rate fell to 2.32 percent, 0.59 percentage points lower than the 2009 figure.
The company attributed its growth in profits to robust growth of loans in rural areas due to its upgrading of services.
The Beijing-based company launched its Initial public offering (IPO) at the Shanghai bourse and the Hong Kong bourse in July this year.
