The Agricultural Bank of China, one of China's leading state-owned commercial banks, announced Friday its net profit hit 43.5 billion yuan (6.9 billion U.S. dollars) in the first quarter of 2012, up 27.6 percent year on year.
During the first three months, net interest income reached 85.8 billion yuan, up 21.7 percent; commission and service charges totaled 21.3 billion yuan, up 19.8 percent, according to the company's quarterly business report.
The bank said it witnessed moderate improvement in its capital adequacy with its core capital adequacy ratio reaching 9.6 percent as of the end of the first quarter, up 0.1 percentage points compared to the end of 2011.
The non-performing loan ratio was 1.44 percent, down 0.11 percentage points from the end of 2011. Total non-performing loans hit 85 billion yuan, down 2.3 billion yuan from the end of last year.
The bank's total assets hit nearly 12.6 trillion yuan by the end of the quarter, up nearly 7.6 percent from the end of last year.
Copyright ©1999-2011 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.
