从中期财报，读懂农业银行的“韧性”

Investment Rating - The report indicates a positive investment outlook for Agricultural Bank of China, highlighting its resilience and ability to adapt to market changes [18]. Core Insights - Agricultural Bank of China has demonstrated strong financial resilience with key performance indicators showing positive growth despite industry challenges [19][23]. - The bank's net interest margin has stabilized and is expected to remain steady, supporting its profitability and ability to serve the real economy [10][26]. - The bank's asset quality is robust, with a declining non-performing loan ratio and strict recognition standards, indicating strong risk management [11][27]. - The bank's capital adequacy ratio is well above regulatory requirements, providing a solid buffer against potential risks [30][44]. Financial Resilience - Agricultural Bank's operating income for the first half of 2024 reached RMB 367.1 billion, a year-on-year increase of 0.4%, while net profit grew by 2% to RMB 136.5 billion [19]. - The net interest income was RMB 290.8 billion, reflecting a slight increase of 0.1% year-on-year, supported by a stable net interest margin of 1.45% [19][8]. - The bank's non-performing loan ratio stood at 1.32%, down by 1 basis point from the end of the previous year, indicating improved asset quality [11][14]. Organizational Resilience - As of June 30, 2024, Agricultural Bank's total customer deposits reached RMB 34.1 trillion, with personal deposits averaging RMB 17.5 trillion, leading the industry in growth [46]. - The bank has strategically expanded its network, with 70% of new branches located in rural and suburban areas, enhancing customer reach [15][34]. - The bank's customer base continues to grow, with personal customers totaling 870 million and corporate customers reaching 11.57 million [32]. Business Resilience - Agricultural Bank has increased its focus on rural revitalization, with its "Huinong e-loan" balance reaching RMB 1.4 trillion, a 29.5% increase from the beginning of the year [49]. - The bank has also made significant strides in green finance, with a green credit balance exceeding RMB 4.8 trillion, growing faster than the average loan growth rate [37]. - In the digital finance sector, the bank's mobile banking monthly active users reached 230 million, maintaining a leading position in the industry [51].