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Agricultural Bank of China

Agricultural Bank's net profit rose 5.51% yoy to CNY 60,194 mil in 2Q2019

By Helgi Library - October 10, 2019

Agricultural Bank of China made a net profit of CNY 60,194 mil under revenues of CNY 152,803 mil in the second quarter of 2019, up 5....

Agricultural Bank's capital adequacy ratio rose 4.81% yoy to 15.5% in 2Q2019

By Helgi Library - October 10, 2019

Agricultural Bank of China's capital adequacy ratio reached 15.5% at the end of second quarter of 2019, up from 15.3% when compar...

Agricultural Bank's customer deposits rose 10.9% yoy to CNY 15,224,100 mil in 4Q2016

By Helgi Library - October 10, 2019

Agricultural Bank of China's customer deposits reached CNY 15,224,100 mil in 2016-12-31, up 1.51% compared to the previous year. ...

Annual Quarterly LTM
Profit Statement Dec 2018 Mar 2019 Jun 2019
Net Interest Income CNY mil 122,345 119,113 118,519
Net Fee Income CNY mil 15,779 29,218 21,681
Other Income CNY mil 2,828 27,787 12,603
Total Revenues CNY mil 140,952 176,118 152,803
Operating Profit CNY mil 72,444 119,841 103,319
Provisions CNY mil 25,661 42,495 28,923
Net Profit CNY mil 31,172 61,251 60,194
Balance Sheet Dec 2018 Mar 2019 Jun 2019
Interbank Loans CNY mil 1,032,700 1,451,900 998,078
Customer Loans CNY mil 11,461,500 12,155,500 12,475,800
Total Assets CNY mil 22,609,500 23,657,900 23,975,200
Shareholders' Equity CNY mil 1,674,800 1,737,500 1,738,100
Interbank Borrowing CNY mil 1,607,000 2,022,700 1,673,800
Customer Deposits CNY mil 17,838,400 18,447,200 19,066,400
Issued Debt Securities CNY mil 849,718 780,050 845,264
Ratios Dec 2018 Mar 2019 Jun 2019
ROE % 7.53 14.4 13.9
ROA % 0.550 1.06 1.01
Costs (As % Of Assets) % 1.21 0.973 0.831
Costs (As % Of Income) % 48.6 32.0 32.4
Capital Adequacy Ratio % 15.1 15.3 15.5
Net Interest Margin % 2.16 2.06 1.99
Loans (As % Of Deposits) % 64.3 65.9 65.4
NPLs (As % Of Loans) % 2.09 1.53 1.85
Provisions (As % Of NPLs) % 192 248 215
Valuation Dec 2018 Mar 2019 Jun 2019
Price/Earnings (P/E) 5.92 7.33 5.49
Price/Book Value (P/BV) 0.716 0.866 0.658
Dividend Yield % 0 0 0
Earnings Per Share (EPS) CNY 0.579 0.587 0.596
Book Value Per Share CNY 4.78 4.96 4.97
Dividend Per Share CNY 0 0 0

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summary Unit Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
income statement                                                                            
Net Interest Income CNY mil                                                               117,670 117,481 116,352 121,582 122,345    
Total Revenues CNY mil                                                               136,276 159,301 154,608 154,918 140,952    
Operating Profit CNY mil                                                               72,506 107,378 105,263 109,002 72,444    
Net Profit CNY mil                                                               32,952 58,736 57,053 55,822 31,172    
balance sheet                                                                            
Interbank Loans CNY mil                                                               1,175,900 1,197,200 896,922 1,160,800 1,032,700    
Customer Loans CNY mil                                                               10,316,300 10,701,200 11,001,400 11,295,100 11,461,500    
Debt Securities CNY mil                                                               6,187,500 6,157,600 6,504,800 6,747,600 6,909,200    
Total Assets CNY mil                                                               21,053,400 21,639,000 21,920,900 22,700,300 22,609,500    
Shareholders' Equity CNY mil                                                               1,429,400 1,463,600 1,569,700 1,634,900 1,674,800    
Interbank Borrowing CNY mil                                                               1,595,700 1,296,400 1,480,100 1,546,700 1,607,000    
Customer Deposits CNY mil                                                               16,422,500 16,864,900 17,325,200 17,299,700 17,838,400    
Issued Debt Securities CNY mil                                                               712,780 1,080,100 685,697 1,303,700 849,718    
ratios                                                                            
ROE %                                                               9.29 16.2 15.0 13.9 7.53    
ROA %                                                               0.628 1.10 1.05 1.00 0.550    
Costs (As % Of Assets) %                                                               1.22 0.973 0.906 0.823 1.21    
Costs (As % Of Income) %                                                               46.8 32.6 31.9 29.6 48.6    
Capital Adequacy Ratio % ...                                                             13.7 13.8 14.8 15.0 15.1    
Net Interest Margin %                                                               2.24 2.20 2.14 2.18 2.16    
Interest Income (As % Of Revenues) %                                                               86.3 73.7 75.3 78.5 86.8    
Fee Income (As % Of Revenues) %                                                               10.8 14.7 13.1 12.1 11.2    
Equity (As % Of Assets) %                                                               6.79 6.76 7.16 7.20 7.41    
Loans (As % Of Deposits) %                                                               62.8 63.5 63.5 65.3 64.3    
Loans (As % Assets) %                                                               49.0 49.5 50.2 49.8 50.7    
NPLs (As % Of Loans) %                     ...   ...                                     2.32 1.68 2.11 1.60 2.09    
Provisions (As % Of NPLs) %                     ...                                         162 238 190 255 192    
valuation                                                                            
Market Capitalisation (End Of Period) USD mil ... ...                                                           156,133 160,497 138,127 150,664 134,649    
Number Of Shares (Average) mil                                                               324,794 324,794 324,794 349,983 350,121    
Share Price (End Of Period) HKD ... ...                                                           3.75 3.88 3.34 3.37 3.01    
Earnings Per Share (EPS) CNY                                                               0.594 0.603 0.616 0.584 0.579    
Book Value Per Share CNY                                                               4.40 4.51 4.83 4.67 4.78    
Dividend Per Share CNY                                                               0 0 0 0 0    
Price/Earnings (P/E) ... ...                                                           7.58 8.02 6.42 6.57 5.92    
Price/Book Value (P/BV) ... ...                                                           1.02 1.07 0.819 0.822 0.716    
Dividend Yield % ... ...                                                           0 0 0 0 0    
Earnings Per Share Growth % ... ... ... ...                                                       4.90 5.96 6.82 0.031 -2.51    
Book Value Per Share Growth % ... ... ... ...                                                       8.16 7.14 15.6 7.65 8.69    
income statement Unit Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
income statement                                                                            
Interest Income CNY mil                                                               187,591 187,947 190,347 200,605 205,825    
Interest Cost CNY mil                                                               69,921 70,466 73,995 79,023 83,480    
Net Interest Income CNY mil                                                               117,670 117,481 116,352 121,582 122,345    
Net Fee Income CNY mil                                                               14,766 23,386 20,251 18,725 15,779    
Other Income CNY mil                                                               3,840 18,434 18,005 14,611 2,828    
Total Revenues CNY mil                                                               136,276 159,301 154,608 154,918 140,952    
Operating Cost CNY mil                                                               63,770 51,923 49,345 45,916 68,508    
Operating Profit CNY mil                                                               72,506 107,378 105,263 109,002 72,444    
Provisions CNY mil                                                               24,483 33,972 32,683 37,795 25,661    
Extra and Other Cost CNY mil                                                               3,715 2,060 2,374 2,708 5,160    
Pre-Tax Profit CNY mil                                                               44,308 71,346 70,206 68,499 41,623    
Tax CNY mil                                                               11,317 12,306 13,270 12,671 10,796    
Minorities CNY mil                                                               39.0 304 -117 6.00 -345    
Net Profit CNY mil                                                               32,952 58,736 57,053 55,822 31,172    
growth rates                                                                            
Net Interest Income Growth % ... ... ... ...                                                       -29.3 13.8 7.62 7.65 3.97    
Net Fee Income Growth % ... ... ... ...                                                       -17.0 -8.19 19.2 19.5 6.86    
Total Revenue Growth % ... ... ... ...                                                       12.3 5.19 18.8 13.8 3.43    
Operating Cost Growth % ... ... ... ...                                                       2.35 -8.75 8.67 4.48 7.43    
Operating Profit Growth % ... ... ... ...                                                       22.9 13.6 24.3 18.2 -0.086    
Pre-Tax Profit Growth % ... ... ... ...                                                       27.7 3.48 9.24 10.6 -6.06    
Net Profit Growth % ... ... ... ...                                                       10.7 5.43 7.89 8.57 -5.40    
balance sheet Unit Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
balance sheet                                                                            
Cash CNY mil                                                               2,896,600 2,978,100 2,963,600 2,878,700 2,805,100    
Interbank Loans CNY mil                                                               1,175,900 1,197,200 896,922 1,160,800 1,032,700    
Customer Loans CNY mil                                                               10,316,300 10,701,200 11,001,400 11,295,100 11,461,500    
Retail Loans CNY mil                                                               4,005,900 4,188,600 4,346,800 4,518,500 4,677,300    
Mortgage Loans CNY mil                                                               3,133,500 3,267,250 3,401,000 3,531,450 3,661,900    
Consumer Loans CNY mil                                                               872,400 921,350 945,800 987,050 1,015,400    
Corporate Loans CNY mil                                                               6,714,700 6,436,800 6,927,700 6,613,900 7,236,400    
Debt Securities CNY mil                                                               6,187,500 6,157,600 6,504,800 6,747,600 6,909,200    
Fixed Assets CNY mil                                                               177,056 152,946 171,990 149,250 173,256    
Total Assets CNY mil                                                               21,053,400 21,639,000 21,920,900 22,700,300 22,609,500    
Shareholders' Equity CNY mil                                                               1,429,400 1,463,600 1,569,700 1,634,900 1,674,800    
Of Which Minority Interest CNY mil                                                               2,982 3,635 4,485 4,488 4,493    
Liabilities CNY mil                                                               19,624,000 20,175,400 20,351,200 21,065,400 20,934,700    
Interbank Borrowing CNY mil                                                               1,595,700 1,296,400 1,480,100 1,546,700 1,607,000    
Customer Deposits CNY mil                                                               16,422,500 16,864,900 17,325,200 17,299,700 17,838,400    
Sight Deposits CNY mil                                                               9,450,600 9,695,700 9,827,700 10,004,700 9,995,700    
Term Deposits CNY mil                                                               6,971,900 7,169,200 7,497,500 7,295,000 7,842,700    
Issued Debt Securities CNY mil                                                               712,780 1,080,100 685,697 1,303,700 849,718    
Other Liabilities CNY mil                                                               893,020 934,000 860,203 915,300 639,582    
asset quality                                                                            
Non-Performing Loans CNY mil                                                               249,152 187,278 242,433 188,258 249,234    
Gross Loans CNY mil                     ...                                         10,720,600 11,147,500 11,463,100 11,775,000 11,940,700    
Total Provisions CNY mil                     ...                                         404,300 446,341 461,771 479,936 479,143    
growth rates                                                                            
Customer Loan Growth % ... ... ... ...                                                       10.7 10.3 10.1 10.3 11.1    
Retail Loan Growth % ... ... ... ...                                                       19.7 19.0 18.0 17.4 16.8    
Mortgage Loan Growth % ... ... ... ...                                                       22.4 20.7 19.1 17.9 16.9    
Consumer Loan Growth % ... ... ... ...                                                       10.9 13.5 14.1 15.8 16.4    
Corporate Loan Growth % ... ... ... ...                                                       5.36 11.2 2.98 6.40 7.77    
Total Asset Growth % ... ... ... ...                                                       7.58 6.47 6.55 8.49 7.39    
Shareholders' Equity Growth % ... ... ... ...                                                       8.16 7.14 15.6 16.0 17.2    
Customer Deposit Growth % ... ... ... ...                                                       7.87 5.66 5.96 5.68 8.62    
market share                                                                            
Market Share in Customer Loans %                                                               8.01 7.99 8.01 7.93 7.90   ...
Market Share in Total Assets % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                 ... ... ... ... ... ... ... ... ... ...
Market Share in Customer Deposits % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                 ... ... ... ... ... ... ... ... ... ...
ratios Unit Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
ratios                                                                            
ROE %                                                               9.29 16.2 15.0 13.9 7.53    
ROA %                                                               0.628 1.10 1.05 1.00 0.550    
Costs (As % Of Assets) %                                                               1.22 0.973 0.906 0.823 1.21    
Costs (As % Of Income) %                                                               46.8 32.6 31.9 29.6 48.6    
Capital Adequacy Ratio % ...                                                             13.7 13.8 14.8 15.0 15.1    
Tier 1 Ratio % ...                                                             11.3 11.1 11.8 11.9 12.1    
Net Interest Margin %                                                               2.24 2.20 2.14 2.18 2.16    
Interest Spread % ...                                                             2.15 2.11 2.04 2.07 2.04    
Asset Yield %                                                               3.58 3.52 3.50 3.60 3.63    
Cost Of Liabilities % ...                                                             1.43 1.42 1.46 1.53 1.59    
Payout Ratio %                                                               0 0 0 0 0    
Interest Income (As % Of Revenues) %                                                               86.3 73.7 75.3 78.5 86.8    
Fee Income (As % Of Revenues) %                                                               10.8 14.7 13.1 12.1 11.2    
Other Income (As % Of Revenues) %                                                               2.82 11.6 11.6 9.43 2.01    
Equity (As % Of Assets) %                                                               6.79 6.76 7.16 7.20 7.41    
Loans (As % Of Deposits) %                                                               62.8 63.5 63.5 65.3 64.3    
Loans (As % Assets) %                                                               49.0 49.5 50.2 49.8 50.7    
NPLs (As % Of Loans) %                     ...   ...                                     2.32 1.68 2.11 1.60 2.09    
Provisions (As % Of NPLs) %                     ...                                         162 238 190 255 192    
Provisions (As % Of Loans) %                     ...                                         3.92 4.17 4.20 4.25 4.18    
Cost of Provisions (As % Of Loans) %                                                               0.953 1.29 1.20 1.36 0.902    
other data Unit Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
other data                                                                            
Employees ...                                                             487,307 482,174 477,040 475,366 473,691    
Sight (As % Of Customer Deposits) %                                                               57.5 57.5 56.7 57.8 56.0    
On-balance Sheet Loans RMB mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                                 10,316,300 10,701,200 11,001,400 11,295,100 11,461,500    

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Agricultural Bank's price/earnings (P/E) fell 14.6% yoy to 5.49 in 2Q2019

By Helgi Library - October 10, 2019

Agricultural Bank of China stock traded at HKD 2.87 per share at the end second quarter of 2019 implying a market capitalization of USD 128,822 mil. Since the end of 2Q2014, the stock has appreciated by 5.00 % implying an annual average growth of 0.981 %. In absolute ...

Agricultural Bank's corporate loans rose 13.5% yoy to CNY 7,859,900 mil in 2Q2019

By Helgi Library - October 10, 2019

Agricultural Bank of China's loans reached CNY 12,991,700 mil in the second quarter of 2019, up from CNY 12,634,100 mil when compared to the previous quarter and up from CNY 11,463,100 mil when compared to the same period of last year. Historically, t...

Agricultural Bank's npls (as % of loans) fell 12.5% yoy to 1.85% in 2Q2019

By Helgi Library - October 10, 2019

Agricultural Bank of China's non-performing loans reached 1.85% of total loans at the end of 2019-06-30, down from 2.11% compared to the previous year. Historically, the NPL ratio hit an all time high of 2.91% in 2016-12-31 and an all time low of 1.22% in 2014-03...

Agricultural Bank's net interest margin fell 6.85% yoy to 1.99% in 2Q2019

By Helgi Library - October 10, 2019

Agricultural Bank of China's net interest margin amounted to 1.99% in the second quarter of 2019, down from 2.06% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 3.99% in 4Q2015 and an all time ...

Agricultural Bank's market capitalisation (end of period) fell 21.4% to USD 128,822 mil in 2Q2019

By Helgi Library - October 23, 2019

Agricultural Bank of China stock traded at JPY 1,645 per share at the end of second quarter of 2019 implying a market capitalization of USD 3,477 mil. Over the last five years, the stock has depreciated by 36.4 implying an annual average growth of -8.65% ...

Agricultural Bank's share price (end of period) fell 13.9% yoy to HKD 2.87 in 2Q2019

By Helgi Library - October 10, 2019

Agricultural Bank of China stock traded at HKD 2.87 per share at the end of second quarter of 2019 implying a market capitalization of USD 128,822 mil. Over the last five years, the stock has appreciated by 5.00 % implying an annual average growth of 0.981 %. In absol...

Agricultural Bank's equity (as % of assets) rose 1.24% yoy to 7.25% in 2Q2019

By Helgi Library - October 10, 2019

Agricultural Bank of China's Equity reached 7.25% of total assets in the 2Q2019, up from 7.16% for the previous year. As a share of net customer loans, the ratio amounted to 13.9% at the end of the second quarter of 2019. ...

Agricultural Bank's customer loan growth rose 33.3% yoy to 13.4% in 2Q2019

By Helgi Library - October 10, 2019

Agricultural Bank of China's customer loan growth reached 13.4% in 2019-06-30, up from 10.1% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 16.7% in 2011-03-31 and an all time low of 7.78% in 2016-06-30. I...

Agricultural Bank's retail loan growth fell 3.23% yoy to 17.4% in 2Q2019

By Helgi Library - October 10, 2019

Agricultural Bank of China's retail loans reached CNY 5,102,400 mil at the end of 2019-06-30, up 3.85% compared to the previous year. In the last decade, the average annual loan growth amounted to 0%. Overall, retail loans accounted for 40.9% of the bank's ...

Agricultural Bank's capital adequacy ratio rose 10.0% to 15.1% in 2018

By Helgi Library - October 10, 2019

Agricultural Bank of China's capital adequacy ratio reached 15.1% at the end of 2018, up from 13.7% compared to the previous year. Historically, the bank’s capital ratio hit an all time high of 15.1% in 2018 and an all time low of 9.41% in 2008. The Tier 1 ra...

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Finance

Agricultural Bank of China has been growing its revenues and asset by 11.0% and 12.4% a year on average in the last 10 years. Its loans and deposits have grown by 14.3% and 11.3% a year during that time and loans to deposits ratio reached 64.3% at the end of 2018. The company achieved an average return on equity of 18.1% in the last decade with net profit growing 14.7% a year on average. In terms of operating efficiency, its cost to income ratio reached 35.4% in 2018, compared to 41.3% average in the last decade.

Equity represented 7.41% of total assets or 14.6% of loans at the end of 2018. Agricultural Bank of China's non-performing loans were 2.09% of total loans while provisions covered some 192% of NPLs at the end of 2018.

Valuation

Agricultural Bank of China stock traded at HKD 3.01 per share at the end of 2018 resulting in a market capitalization of USD 134,649 mil. Over the previous five years, stock price rose by 19.2% or 3.58% a year on average. That’s compared to an average ROE of 15.4% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 5.92x and price to book value (PBV) of 0.716x in 2018.

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