Agricultural Development Bank of China 2007 Profits
AGRICULTURAL DEVELOPMENT BANK OF CHINA 2007 PROFITS
Agricultural Development Bank of China said its outstanding non-performing loans dropped Y3.4 billion and the NPL ratio was off 1.36% points to 6.29% by the end of 2007.
The bank was established in 1994 by the central government with a view of promoting rural and agricultural development.
The bank is one of the three policy banks in the country
It currently has 2,000 branches in 30 Chinese provinces.
The bank gained Y14.878 billion operating profit for the full year 2007, a hike of 69.6% over a year earlier.
Its 30 province-level branches all were profitable, and every employee achieved Y125,000 from the previous year.
Meanwhile, the bank strengthened lending for agricultural development.
The move helped to guarantee the purchase of grain, cotton and oil as well as supported infrastructure construction in rural areas and agricultural industrialized operation.
The bank also provided support to infrastructure construction in rural areas, it said.
The outstanding loans of the lender exceeded Y1 trillion for the first time by the end of 2007 and the figure hit Y1.0224 trillion, swelling by Y138 billion over the previous year.
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