AGRICULTURAL BANK OF CHINA(SH:601288) 券商中国·2026-03-31 10:11Core Viewpoint - Agricultural Bank of China (ABC) has demonstrated stable performance with continuous positive growth in operating income and net profit, achieving a net profit of 292 billion yuan, up 3.3% year-on-year, and operating income of 725.3 billion yuan, up 2.1% year-on-year, amidst a complex operating environment [3][4]. Financial Performance - Net profit and operating income have maintained "double positive growth" with net profit at 292 billion yuan and operating income at 725.3 billion yuan [3]. - The weighted average return on equity (ROE) stands at 10.16%, the highest among peers, while the average return on assets (ROA) is 0.63% [4]. - Total assets reached 48.8 trillion yuan, with new loans of 2.23 trillion yuan, an increase of 8.9% [5]. - Customer deposit balance is 38.69 trillion yuan, with an increase of 3.71 trillion yuan, leading peers in both daily average and growth rate of domestic RMB deposits [5]. Asset Quality - Non-performing loan (NPL) ratio is 1.27%, down 3 basis points from the beginning of the year, with overdue loan ratio at 1.25%, maintaining the best level among peers [5]. - The loan provision balance exceeds 1 trillion yuan, with a provision coverage ratio of 292.55%, both leading among peers [5]. Market Recognition - ABC has achieved the highest growth in A and H share prices, total market value, price-to-book (P/B) ratio, and price-to-earnings (P/E) ratio among peers [6]. - The bank's commitment to shareholder returns is evident with a proposed dividend of 1.3 yuan per 10 shares, totaling 454.98 billion yuan, maintaining a cash dividend ratio of 30% [7]. Future Outlook - The bank expresses confidence in 2026 performance, supported by stable credit growth and a positive trend in net interest income [8]. - ABC aims to enhance non-interest income and manage risks effectively while controlling overdue and new non-performing loans [8]. Inclusive Finance Strategy - ABC has established itself as a leader in inclusive finance, with the largest supply of inclusive loans and the widest customer coverage [10]. - By the end of 2025, inclusive loan balance reached 4.35 trillion yuan, with a year-on-year increase of 749.9 billion yuan, leading the industry [11]. County-Level Financial Services - ABC emphasizes its commitment to county-level financial services, with daily average deposits and loan increments exceeding 1 trillion yuan [19]. - The bank's county-level loan balance reached 10.9 trillion yuan, with an annual increase of over 1.08 trillion yuan, marking a growth rate of 11% [22]. Risk Management and Technology - ABC prioritizes risk management, with a continuous decline in NPL ratio over five years and a robust provision coverage ratio [26]. - The bank is leveraging AI technology for risk management, enhancing its ability to process data and manage credit risks effectively [27].