营收净利双增之上再提速！农行“硬核”年中成绩单

Core Viewpoint - Agricultural Bank of China (ABC) demonstrates stable asset quality and strong growth in its "Three Rural" county business, distinguishing itself among peers as it approaches total assets of 47 trillion yuan [1][4]. Financial Performance - In the first half of the year, ABC reported a continuous increase in both operating income and net profit, with growth rates accelerating each quarter [2][5]. - The bank achieved a net profit of 139.9 billion yuan, a year-on-year increase of 2.53%, and operating income of 369.8 billion yuan, up 0.72% year-on-year [5][6]. - ABC's asset quality remains robust, with a provision balance exceeding 1 trillion yuan and a provision coverage ratio of 295%, both leading among peers [6]. County Business Significance - As of June, ABC's county loans exceeded 10 trillion yuan, accounting for 40.9% of domestic loans, highlighting the importance of county business in its operations [8][10]. - The bank's county loans increased by 916.4 billion yuan in the first half of the year, with specific products like "Huinong e-loan" reaching a balance of 1.79 trillion yuan, growing at 19.9% [9][10]. Customer Base Expansion - ABC's personal customer base reached 888 million, the largest among peers, with personal loans surpassing 9 trillion yuan, primarily supporting county development and rural revitalization [13][14]. - The bank's corporate customer base also grew, with 12.99 million corporate clients, and significant growth in loans to private enterprises and inclusive finance [14]. Interest Margin Management - ABC's net interest margin stabilized at 1.32%, with a reduction in deposit interest expenses exceeding 30.7 billion yuan in the first half of the year [15][17]. - The decline in deposit interest rates contributed to a favorable environment for managing funding costs, while the bank also focused on optimizing its asset structure to enhance income [18]. Future Outlook - ABC's management expresses confidence in maintaining stable growth and shareholder returns in the second half of the year, with a focus on enhancing revenue and deepening its county market presence [6][19].