Core Viewpoint - The management of Agricultural Bank of China expresses confidence in better performance for 2026, driven by a stable economic environment and the foundation laid during the 14th Five-Year Plan [1][2]. Economic Environment - The economic operation is improving, creating a favorable macro environment for the bank's development. The "14th Five-Year" plan provides fundamental guidance for the next five years [1][2]. - China's economic fundamentals remain stable, with strong resilience and potential, supporting a long-term positive trend. Economic growth is expected to maintain a reasonable range, with a stronger momentum towards improvement [1][2]. Development Foundation - The high-quality development during the "14th Five-Year" period has laid a solid foundation for the bank to embark on a new journey and achieve breakthroughs [1][2]. - 2026 marks the beginning of the "15th Five-Year" plan, calling for new responsibilities and actions. The bank aims to strengthen party leadership, establish a correct view of performance, and refine its development positioning [1][2]. Strategic Implementation - Agricultural Bank of China plans to deepen strategic implementation and provide high-quality financial services to contribute to the successful start of the "15th Five-Year" plan [1][2]. - The bank emphasizes its commitment to resonate with national strategies, align with millions of customers, and share value with investors, celebrating its 75th anniversary this year [1][2].

Core Insights - Agricultural Bank of China reported a total operating income of RMB 725.131 billion for the year ending December 31, 2025, representing a year-on-year increase of 1.92% [1][3] - The net profit attributable to shareholders of the parent company was RMB 291.041 billion, reflecting a year-on-year growth of 3.18% [1][3] - Basic earnings per share stood at RMB 0.78 [1][3] Financial Performance Summary - Operating income: RMB 725.131 billion in 2025, up from RMB 711.416 billion in 2024 [2][4] - Net interest income: RMB 569.594 billion in 2025, down from RMB 580.692 billion in 2024 [2][4] - Net fee and commission income: RMB 88.085 billion in 2025, an increase from RMB 75.567 billion in 2024 [2][4] - Operating expenses: RMB 275.371 billion in 2025, compared to RMB 261.180 billion in 2024 [2][4] - Credit impairment losses: RMB 127.189 billion in 2025, slightly down from RMB 130.840 billion in 2024 [2][4] - Total profit before tax: RMB 323.689 billion in 2025, up from RMB 319.201 billion in 2024 [2][4] - Net profit: RMB 292.003 billion in 2025, compared to RMB 282.671 billion in 2024 [2][4] - Cash flow from operating activities: RMB 2,112.907 billion in 2025, significantly higher than RMB 1,353.042 billion in 2024 [2][4]

Financial Data and Key Indicators Changes - ABC's net profit reached CNY 292 billion, with a growth rate of 3.3%, while operating income was CNY 725 billion, growing by 2.1% [3] - Total assets increased to CNY 48.8 trillion, reflecting a growth rate of 12.8% [3] - The net interest margin (NIM) stood at 1.28%, among the top in the industry, with an average return on total assets of 0.63% and a weighted average return on net assets of 10.16% [3] Business Line Data and Key Indicators Changes - New loans and financial investments totaled CNY 4.7 trillion, with a loan growth rate of 8.9% [4] - The balance of loans from county-level regions reached CNY 10.9 trillion, accounting for over 40% of total loans, with a doubling of the balance during the 14th Five-Year Plan period [8] - The balance of technology finance loans, foreign finance loans, and inclusive finance loans reached CNY 4.7 trillion, CNY 5.93 trillion, and CNY 4.35 trillion respectively, with growth rates of 10%, 20.1%, and 18.7% [14] Market Data and Key Indicators Changes - The non-performing loan (NPL) ratio for domestic banks decreased to 1.7%, with ABC's NPL ratio at 1.27%, down by 0.03% from the previous year [5][43] - The special mention loan ratio was 1.39%, and the overdue loan ratio was 1.25%, maintaining a low level compared to peers [5][43] - The balance of inclusive retail loans was CNY 9.26 trillion, with an NPL ratio of 1.34% [45] Company Strategy and Development Direction - ABC aims to strengthen its service to the real economy, focusing on agricultural areas and rural revitalization, while enhancing its competitive advantages [7][11] - The company plans to continue expanding its client base and improving service capabilities, with a focus on digital transformation and wealth management [16][61] - ABC is committed to risk management and control, enhancing its comprehensive risk management system to maintain financial stability [20][53] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in stable economic performance and growth, supported by the 15th Five-Year Plan [20][21] - The company anticipates continued positive growth in net interest income and operating performance in 2026, driven by strategic focus and market opportunities [27][30] - Management highlighted the importance of risk management as a key differentiator among commercial banks [41][53] Other Important Information - The board proposed a final dividend distribution of CNY 1.3 per share, with a dividend payout ratio of 30% [6][7] - ABC has developed 43 products across various industries and 208 regional characteristic products to support rural revitalization [10] Q&A Session All Questions and Answers Question: What is the outlook of ABC in next year, such as in NIM and net profit? - Management indicated that despite a complex business environment, revenue growth has remained resilient, with net profit on an upward trajectory [25][26] Question: Could you walk us through the plans or growth targets for credit loans in 2026? - Management stated that they will maintain the current intensity of credit to support the real economy, with a focus on agricultural and rural areas, and expect growth rates similar to the previous year [32][34] Question: What measures have you taken to manage and prevent risks? - Management emphasized the importance of risk management, highlighting a proactive approach to control risks and ensure good asset quality, with a focus on maintaining a low NPL ratio [39][41][44] Question: Could you elaborate on the innovative measures in wealth management and future plans? - Management outlined a strategy focused on customer-centric asset allocation, comprehensive service capabilities, and digital transformation to enhance wealth management services [59][61][67] Question: How will ABC support key foreign trade enterprises to go global? - Management highlighted the growth in international trade financing and the establishment of a comprehensive service system to support businesses in going global, particularly in Belt and Road countries [75][77]

Financial Data and Key Indicators Changes - ABC's net profit reached CNY 292 billion, with a growth rate of 3.3%, while operating income was CNY 725 billion, growing by 2.1% [3] - Total assets increased to CNY 48.8 trillion, reflecting a growth rate of 12.8% [3] - The net interest margin (NIM) stood at 1.28%, among the top in the industry, with an average return on total assets of 0.63% and a weighted average return on net assets of 10.16% [3] Business Line Data and Key Indicators Changes - New loans and financial investments totaled CNY 4.7 trillion, with a loan growth rate of 8.9% [4] - The balance of loans from county-level regions reached CNY 1 trillion for four consecutive years, contributing significantly to the overall loan balance of CNY 10.9 trillion [8] - The balance of technology finance loans, foreign finance loans, and inclusive finance loans reached CNY 4.7 trillion, CNY 5.93 trillion, and CNY 4.35 trillion respectively, with growth rates of 10%, 20.1%, and 18.7% [14] Market Data and Key Indicators Changes - The non-performing loan (NPL) ratio for domestic banks decreased to 1.7%, with ABC maintaining a lower NPL ratio of 1.27% [5] - The provision coverage ratio was 292.5%, ranking first among comparable peers [6] - The balance of inclusive retail loans was CNY 9.26 trillion, with an NPL ratio of 1.34% [45] Company Strategy and Development Direction - ABC aims to strengthen its service to the real economy, focusing on agricultural areas and rural revitalization [7][11] - The company plans to enhance its wealth management services and digital transformation, positioning itself as a reliable financial advisor for clients [61][67] - ABC is committed to risk management and control, emphasizing a proactive approach to maintaining asset quality [20][53] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in stable economic performance and growth, supported by the 15th Five-Year Plan [20][21] - The company anticipates continued positive growth in net interest income and operating performance in 2026, driven by strategic focus and market opportunities [27][30] - Management highlighted the importance of aligning with national strategies and supporting key sectors such as agriculture and technology [34][36] Other Important Information - The board proposed a final dividend of CNY 1.3 per share, with a dividend payout ratio of 30% [6][7] - ABC has expanded its client base to 896 million personal clients, maintaining the largest number in the industry [16][17] Q&A Session All Questions and Answers Question: What is the outlook of ABC in next year, such as in NIM and also in the net profit? - Management indicated that despite a complex business environment, revenue growth has remained resilient, with net profit on an upward trajectory [25][26] Question: Could you walk us through the plans or growth targets for credit loans in 2026? - Management plans to maintain credit intensity to support the real economy, focusing on agricultural and rural revitalization loans, with an expected growth rate similar to last year [33][35] Question: What measures have you taken to manage and prevent risks? - ABC has emphasized risk prevention and management as a core theme, maintaining a strong asset quality with a proactive approach to risk control [41][43] Question: Could you elaborate on the innovative measures in wealth management and future plans? - Management highlighted the importance of wealth management in enhancing financial service efficiency and customer engagement, with plans to expand product offerings and improve service capabilities [61][66] Question: How will ABC support key foreign trade enterprises to go global? - ABC has been optimizing its cross-border financial services and supporting international cooperation projects, with significant growth in international trade financing [77][78]

Agricultural Bank of China (SEHK:01288) H2 2025 Earnings call March 30, 2026 04:00 AM ET Speaker0 Ladies and gentlemen, good afternoon. I'm the President of ABC. Welcome to the annual results announcement of ABC. It's a great pleasure to meet with the friends online, offline, investors and analysts, and friends from the media. I'd like to take this opportunity to express my appreciation for your support, trust, and interest in the development of ABC. With that, I'd like to present to you the management of A ...

Core Viewpoint - Agricultural Bank of China (ABC) reported a steady growth in its financial performance for the year ending December 31, 2025, with a revenue of RMB 725.13 billion, a year-on-year increase of 1.92%, and a net profit of RMB 291.04 billion, up 3.18% from the previous year [1] Financial Performance - The bank achieved a net profit of RMB 292 billion, reflecting a year-on-year growth of 3.3% [1] - Total operating revenue reached RMB 725.1 billion, marking a 1.9% increase compared to the previous year [1] - Basic earnings per share stood at RMB 0.78 [1] Asset Quality - The non-performing loan (NPL) ratio was 1.27%, a decrease of 3 basis points from the end of the previous year [1] - The overdue loan ratio was 1.25%, maintaining a favorable level compared to peers [1] - The bank's loan provision balance remained above RMB 1 trillion, with a provision coverage ratio of 292.55%, indicating strong risk mitigation capabilities [1] Loan and Deposit Growth - Total assets amounted to RMB 48.8 trillion, with total loans of RMB 27.13 trillion, an increase of RMB 2.23 trillion [1] - Financial investments reached RMB 16.3 trillion, with an increase of RMB 2.47 trillion [1] - Customer deposit balance was RMB 38.69 trillion, with an increase of RMB 3.71 trillion, showing improved deposit stability [1] Rural Financial Services - The bank's county-level loan balance was RMB 10.9 trillion, with a growth rate of 11.0%, accounting for 41.0% of domestic loans [2] - The bank has been rated "Excellent" for five consecutive years in supporting rural revitalization, being the only national financial institution to achieve this [2] - Loans in key areas such as food security and rural construction reached RMB 1.21 trillion, RMB 2.66 trillion, and RMB 2.46 trillion, with growth rates of 20.3%, 19.5%, and 9.6%, respectively [2] Service Expansion - The bank established 179 new service points in towns and built 1,742 agricultural service stations, enhancing service coverage [2] - The monthly active users of county-level mobile banking reached 130 million [2] - The balance of "Huinong e-loan" products was RMB 1.84 trillion, with a growth rate of 22.9%, improving accessibility for farmers [2]

Core Viewpoint - Agricultural Bank of China (01288.HK) reported steady operational performance for 2025, with net profit and operating income continuing to show positive growth trends [1] Financial Performance - Net profit reached 292 billion yuan, an increase of 3.3% year-on-year [1] - Operating income totaled 725.1 billion yuan, reflecting a year-on-year growth of 1.9% [1] - Total assets amounted to 48.8 trillion yuan, with total loans at 27.13 trillion yuan, an increase of 2.23 trillion yuan [1] - Financial investments stood at 16.3 trillion yuan, with an increase of 2.47 trillion yuan [1] Asset Quality - Non-performing loan (NPL) ratio was 1.27%, down 3 basis points from the end of the previous year [1] - Overdue loan ratio was 1.25%, maintaining a favorable level compared to peers [1] - Loan provision balance remained above 1 trillion yuan, with a provision coverage ratio of 292.55%, indicating strong risk mitigation capability [1] Deposit Stability - Total customer deposits reached 38.69 trillion yuan, with an increase of 3.71 trillion yuan [1] - The deviation rate of foreign and domestic currency deposits was 0.58%, the best among peers and consistently below 3% for seven consecutive quarters [1] County Loan Growth - County loan balance reached 10.9 trillion yuan, with a growth rate of 11.0%, accounting for 41.0% of domestic loans [2] - The bank has been rated "excellent" for five consecutive years in supporting rural revitalization [2] - Loans in key areas such as food security and rural construction showed significant growth, with balances of 1.21 trillion yuan, 2.66 trillion yuan, and 2.46 trillion yuan, growing at rates of 20.3%, 19.5%, and 9.6% respectively [2] Service Expansion - The bank established 179 new service points in towns and built 1,742 agricultural service stations, enhancing service coverage [2] - Monthly active users of county mobile banking reached 130 million [2] - The balance of "Huinong e-loan" reached 1.84 trillion yuan, with a growth rate of 22.9%, improving accessibility for farmers [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 中 國 農 業 銀 行 股 份 有 限 公 司 AGRICULTURAL BANK OF CHINA LIMITED （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 股 份 有 限 公 司 ） （股份代號：1288） 2025年年度業績公告 中國農業銀行股份有限公司（「本行」）董事會（「董事會」）欣然宣佈本行及所屬子公司截至 2025年12月31日止年度，根據國際會計準則委員會頒佈的《國際財務報告會計準則》（「國 際財務報告會計準則」）編製的經審核業績。本行董事會審計委員會已審閱此年度業績。 本公告符合《香港聯合交易所有限公司證券上市規則》相關披露要求。本行2025年年度報 告的印刷版本將於2026年4月寄發予已表示希望收取本行公司通訊之印刷版本的本行H股 股東，並同時刊載於香港聯合交易所有限公司的網站(www.hkexnews.hk)及本行的網站 (www.abchina.com.cn, ww ...

Investment Rating - The industry rating is maintained as "Positive" [5] Core Views - The banking sector's performance is relatively stable compared to the market, with the banking index down by 0.71% this week, ranking 13th among 31 primary industries [1] - State-owned banks experienced a larger decline, with respective drops of -1.17% for state-owned banks, -0.30% for joint-stock banks, -0.88% for city commercial banks, and -0.57% for rural commercial banks [1] - The financial reports of 22 listed banks show a recovery in profitability, with average revenue and net profit growth of 2.1% and 4.9%, respectively, indicating a positive trend in earnings [3] - The average non-performing loan (NPL) ratio for these banks is 1.05%, down by 2 basis points, reflecting stable asset quality [3] Summary by Sections Industry Performance - The banking sector's index decreased by 0.71%, while the overall market index fell by 0.73%, indicating a slight underperformance [1] - The top three gainers in the banking sector were CITIC Bank (+4.39%), Ping An Bank (+2.32%), and Shanghai Rural Commercial Bank (+1.25%), while the largest decliners included Chongqing Bank (-6.55%), Xiamen Bank (-4.26%), and Agricultural Bank (-4.14%) [1][10] Financial Reports - The financial reports indicate a clear recovery trend, with 22 listed banks showing an average revenue growth of 2.1% and net profit growth of 4.9% [3] - The average net interest margin for the banks is 1.50%, with a slight decrease of 1 basis point, while some banks like Bank of Communications and China Construction Bank reported an increase in their margins [3] - The asset scale of these banks grew by 10.1% year-on-year, with a slight acceleration in growth rates [3] Investment Recommendations - The report suggests focusing on state-owned banks and certain high-dividend small and medium-sized banks, recommending major banks like Bank of Communications, Industrial and Commercial Bank, and China Construction Bank [7] - The report highlights the potential for a recovery in earnings growth for the banking sector in 2026, with an expected core revenue growth of 5% [6][7] - The average dividend yield for the banking sector is projected at 4.4%, making it an attractive investment option [6][12]

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - This week (20260323 - 20260327), there were no new issuances of secondary capital bonds in the inter - bank and exchange markets [1]. - The weekly trading volume of secondary capital bonds this week was approximately 177.9 billion yuan, a decrease of 10.5 billion yuan compared to last week. The top three most - traded bonds were 25 Bank of China Secondary Capital Bond 02BC, 25 Bank of China Secondary Capital Bond 03A(BC), and 25 China Construction Bank Secondary Capital Bond 03BC [2]. - In terms of the regions of issuers, the top three regions in terms of trading volume were Guangdong Province, Guizhou Province, and Heilongjiang Province, with trading volumes of approximately 131.6 billion yuan, 13 billion yuan, and 8.1 billion yuan respectively [2]. - As of March 27, the changes in the yields to maturity of 5Y secondary capital bonds with ratings of AAA -, AA +, and AA compared to last week were - 3.21BP, - 3.87BP, and - 3.87BP respectively; for 7Y secondary capital bonds, the changes were - 6.06BP for all three ratings; for 10Y secondary capital bonds, the changes for ratings of AAA -, AA +, and AA were - 4.25BP, - 4.24BP, and - 4.24BP respectively [2]. - This week, the overall deviation of the weekly average trading price valuation of secondary capital bonds was not large. The proportion of discount transactions was greater than that of premium transactions, and the discount amplitude was larger than the premium amplitude [3]. 3. Summary by Directory 3.1 Primary Market Issuance - This week (20260323 - 20260327), there were no new issuances of secondary capital bonds in the inter - bank and exchange markets [1]. 3.2 Secondary Market Trading - **Trading Volume**: The weekly trading volume of secondary capital bonds this week was approximately 177.9 billion yuan, a decrease of 10.5 billion yuan compared to last week. The top three most - traded bonds were 25 Bank of China Secondary Capital Bond 02BC (13.259 billion yuan), 25 Bank of China Secondary Capital Bond 03A(BC) (10.928 billion yuan), and 25 China Construction Bank Secondary Capital Bond 03BC (7.651 billion yuan) [2]. - **Regional Trading Volume**: In terms of the regions of issuers, the top three regions in terms of trading volume were Guangdong Province, Guizhou Province, and Heilongjiang Province, with trading volumes of approximately 131.6 billion yuan, 13 billion yuan, and 8.1 billion yuan respectively [2]. - **Yield to Maturity**: As of March 27, the changes in the yields to maturity of 5Y secondary capital bonds with ratings of AAA -, AA +, and AA compared to last week were - 3.21BP, - 3.87BP, and - 3.87BP respectively; for 7Y secondary capital bonds, the changes were - 6.06BP for all three ratings; for 10Y secondary capital bonds, the changes for ratings of AAA -, AA +, and AA were - 4.25BP, - 4.24BP, and - 4.24BP respectively [2]. 3.3 Valuation Deviation of the Top 30 Individual Bonds - **Discount Bonds**: The top two bonds with the highest discount rates were 24 Mintai Commercial Bank Secondary Capital Bond 01 (- 0.6931%) and 25 Mintai Commercial Bank Secondary Capital Bond 01 (- 0.6400%), and the discount rates of the rest were within - 0.50%. The ChinaBond implicit ratings were mainly AAA -, AA +, and AA -, and the bonds were mainly distributed in Beijing, Shanghai, and Guangdong [3]. - **Premium Bonds**: The top three bonds with the highest premium rates were 23 Mintai Commercial Bank Secondary Capital Bond 01 (0.2287%), 22 Xiamen Rural Commercial Secondary 01 (0.0991%), and 22 Ningbo Bank Secondary Capital Bond 01 (0.0701%), and the premium rates of the rest were within 0.07%. The ChinaBond implicit ratings were mainly AAA -, AA +, and AA, and the bonds were mainly distributed in Beijing, Shanghai, and Zhejiang [3].