Agricultural Bank of China reported a net profit of RMB 148.1 billion for the first half of 2026, an increase of 5.8% from the same period a year earlier, alongside an 11.2% year-on-year rise in operating income to RMB 411.1 billion.
Return on equity for the period stood at 10.14%, according to the interim disclosure released by the state-owned lender, one of China's four largest commercial banks and a systemically important institution within the domestic financial system.
GROWTH ACCELERATES FROM FIRST QUARTER
Growth in operating income and net profit picked up by 0.7 and 1 percentage point respectively from the first quarter, the group said. Its 11.2% operating income growth was the fastest among China's six large state-owned banks, all of which reported interim results on 28 August.
Asset quality also improved, with the non-performing loan ratio falling 2 basis points from the end of 2025 to 1.25% and the allowance to non-performing loans at 290.10%, although credit impairment losses rose to RMB 110.6 billion from RMB 98.0 billion a year earlier.
Agricultural Bank of China's County Area Banking Business generated RMB 198.1 billion, or 48.2%, of group operating income in the first half.
The 11.2% year-on-year rise in operating income reflected a RMB 29.8 billion increase in net interest income, driven mainly by volume growth, and a 44.7% rise in other non-interest income, which more than offset an 8.7% fall in net fee and commission income.
STATE LENDER DELIVERS SOLID HALF
Net interest margin was 1.28%, down 4 basis points year on year but up 2 basis points from the first quarter.
The annualised return on weighted average net assets was 10.14%, compared with 10.16% a year earlier.
The interim results were filed with the Hong Kong stock exchange on 28 August.
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