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AgBank of China Q1 net profit up 13.6 pct, beating estimates
April 25, 2014 / 10:12 AM / in 3 years

AgBank of China Q1 net profit up 13.6 pct, beating estimates

SHANGHAI, April 25 (Reuters) - Agricultural Bank of China Ltd (AgBank) , the country’s third-largest listed lender, said on Friday first-quarter net profits rose 13.6 percent, beating estimates, due to strong growth in its net interest margin.

Net profit for the quarter rose to 53.4 billion yuan ($8.55 billion) from 47.0 billion yuan in the same 2013 period, the bank said in its unaudited financial statement.

That compares with an average estimate of 46.59 billion yuan, calculated from a Thomson Reuters poll of eight analysts.

AgBank’s non-performing loan ratio remained flat at 1.22 at end-March compared to 1.22 percent at end-December. ($1 = 6.2489 Chinese Yuan) (Reporting by Shanghai Newsroom and Gabriel Wildau; Editing by Miral Fahmy)

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