2018-08-28 16:00Financial Performance - The bank achieved a net profit of CNY 115.976 billion in the first half of 2018[4]. - Net profit for the first half of 2018 was RMB 115,976 million, compared to RMB 108,670 million in the same period of 2017, marking an increase of 6.67%[18]. - Operating income for the first half of 2018 was RMB 306,302 million, up from RMB 276,953 million in the first half of 2017, reflecting a growth of 10.59%[18]. - Total operating income for the first half of 2018 reached RMB 306.302 billion, an increase of 10.6% compared to RMB 276.953 billion in the same period of 2017[69]. - The average return on total assets was 1.15% for the first half of 2018, up from 1.08% in the same period of 2017[16]. - The weighted average return on equity for the first half of 2018 was 16.72%, compared to 17.63% in the first half of 2016[19]. - The net interest margin improved to 2.35% in the first half of 2018, compared to 2.24% in the first half of 2017[16]. - The cost-to-income ratio decreased to 26.67% in the first half of 2018, down from 28.31% in the same period of 2017, indicating improved efficiency[16]. Asset and Liability Management - As of June 30, 2018, the total assets of Agricultural Bank of China amounted to CNY 21,920.851 billion, with loans and advances issued totaling CNY 11,463.138 billion and deposits absorbed reaching CNY 16,939.933 billion[4]. - Total assets reached RMB 21,920,851 million as of June 30, 2018, up from RMB 21,053,382 million at the end of 2017, representing a growth of 4.14%[16]. - As of June 30, 2018, the total liabilities of the company amounted to CNY 20,351.14 billion, an increase of CNY 727.16 billion or 3.7% compared to the end of the previous year[103]. - The company's total deposits reached CNY 16,939.93 billion, growing by CNY 7,456.54 billion or 4.6% from the previous year-end[106]. - The bank's total equity as of June 30, 2018, was 1,569.71 billion RMB, with a net asset value per share of 4.24 RMB, an increase of 0.09 RMB from the end of the previous year[113]. Risk Management - The bank emphasizes the importance of risk management and internal controls in its operations[9]. - The non-performing loan ratio improved to 1.62% as of June 30, 2018, down from 1.81% at the end of 2017[16]. - The provision coverage ratio increased to 248.40% as of June 30, 2018, compared to 208.37% at the end of 2017, indicating stronger risk management[16]. - The company is closely monitoring potential risks such as shadow banking and local government debt, emphasizing the importance of risk control[28]. - Loan impairment losses were CNY 66.655 billion, an increase of CNY 25.200 billion year-on-year, reflecting a cautious approach to provisioning due to macroeconomic uncertainties[64]. Loan and Deposit Growth - Total loans and advances amounted to RMB 11,463,138 million, an increase from RMB 10,720,611 million at the end of 2017, reflecting a growth of 6.93%[18]. - Personal loans reached RMB 4,337.19 billion, up 8.4% from the previous year, driven by increased demand for housing and consumer loans[83]. - Corporate loans totaled RMB 6,551.36 billion, with a year-on-year increase of 6.6%, primarily supporting key national projects and infrastructure[75]. - The bank's deposits from the Yangtze River Delta region accounted for 22.1% of total deposits, while the Pearl River Delta region contributed 14.1%[110]. - The balance of corporate loans and discounted bills reached 67,057.78 billion RMB, an increase of 3,706.92 billion RMB or 5.9% compared to the previous year[122]. Strategic Initiatives - The bank's strategic focus includes expanding its service capabilities and enhancing value creation through a robust distribution network and advanced technology platforms[4]. - The company plans to enhance financial services for the real economy and rural revitalization, aiming for breakthrough development in microfinance services[28]. - The company allocated strategic credit resources to major national development strategies, including the Belt and Road Initiative and the Yangtze River Economic Belt[88]. - The bank has signed a strategic cooperation agreement with the Xiong'an New Area Management Committee to enhance financial services in the region[121]. Technological Advancements - The bank aims to accelerate technological and product innovation management reforms to support business development[28]. - The bank's online banking and mobile banking platforms saw a significant increase in transaction volume, with private fund and wealth management internet channel sales accounting for 95%, up nearly 10 percentage points year-on-year[151]. - The bank's core system daily average transaction volume reached 505 million transactions, with peak daily transaction volume hitting 619 million transactions during the reporting period[172]. Customer Engagement - The number of personal online banking registered customers reached 243 million, a growth of 9% year-on-year, with transaction volume of 28.02 trillion yuan, up 15.3% from the previous year[165]. - The number of personal mobile banking users reached 226 million, a growth of 9.7% year-on-year, with transaction volume of 22.62 trillion yuan, an increase of 68.44% compared to the previous year[165]. - The bank's call center received 216 million calls, with a connection rate of 93.01% and a satisfaction rate of 99.16%[167]. International Operations - As of June 30, 2018, the bank's overseas branches and holding institutions had total assets of 130.57 billion USD, an increase of 6.9% compared to the end of the previous year, with a net profit of 429 million USD for the first half of 2018[161]. - The bank's cross-border RMB settlement volume reached 557.65 billion yuan, a year-on-year increase of 49%[161]. Environmental and Social Responsibility - The bank's green credit loan balance reached CNY 872.07 billion, marking a 16.6% increase from the end of the previous year[158]. - The bank launched various financial products to support rural revitalization, including loans for elderly care institutions and integrated agricultural development loans[199].