Agricultural Bank of China's Q1 profits up

BEIJING - The Agricultural Bank of China (ABC), the country's third-largest commercial bank by market value, announced on Friday that its profits soared 13.75 percent year on year in the first quarter.

The bank reported a net profit of 53.52 billion yuan ($8.7 billion), according to a statement filed with the Shanghai Stock Exchange.

Net profit attributable to the parent company's shareholders rose 13.65 percent to 53.43 billion yuan.

The ABC attributed the surge primarily to the increase in net interest income, which was up by 15.52 percent year on year to 103.14 billion yuan.

By the end of March, total assets rose 5.52 percent from the end of 2013 to 15.32 trillion yuan, while liabilities rose 5.1 percent from end of last year to 14.42 trillion yuan.

The non-performing loans ratio remained at the same level as that for the end of 2013 at 1.22 percent by the end of last month, while its capital adequacy ratio stood at 11.87 percent, the bank said.

The ABC is listed in both Shanghai and Hong Kong. On Friday, its shares edged up 0.42 percent in Shanghai but were down by 1.23 percent in Hong Kong.

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