Agricultural Bank of China, the nation's largest lender to farmers, said Tuesday its profits rose 46 percent from one year earlier in 2010 due to widened interest margins.
Net profits climbed to 94.91 billion yuan (14.38 billion U.S. dollars), or 0.33 yuan a share, from 65 billion yuan, or 0.25 yuan a share one year earlier, the Beijing-based bank said in a statement filed at the Shanghai Stock Exchange.
The capital adequacy ratio of the nation's third largest bank by assets rose to 11.59 percent at the end of December from 10.07 percent in 2009.
Its total assets had reached 10.34 trillion yuan by the end of last year, an increase of 16.4 percent from one year earlier, the statement noted.
The bank said the increased profit was due to rising commission fees and widened interest margins.
Net interest income, or revenue from borrowers minus interest paid to depositors, climbed 33.3 percent to 242 billion yuan as the net interest margin widened to 2.57 percent, a rise of 29 percentage points from one year earlier.
Commissions and income from fee-based services gained 29.4 percent to 46.13 billion yuan, the statement said.
Source: Xinhua
