Agricultural Bank of China reports stable annual financial performance

HONG KONG - The Agricultural Bank of China (OTC:ACGBF) Limited and its subsidiaries (the "Group") have released their consolidated financial statements for the year ending on December 31, 2024, revealing a steady financial performance. The independent auditor’s report, prepared by KPMG, confirms that the financial statements present a true and fair view of the Group’s financial position and comply with International Financial Reporting Standards (IFRS).

The Group’s interest income for the year stood at 1,275,680 million Renminbi (RMB), with a net interest income of 580,692 million RMB after accounting for interest expenses. Fee and commission income, however, showed a slight decrease to 89,965 million RMB, from 94,710 million RMB the previous year. Despite this, the Group posted a net fee and commission income of 75,567 million RMB.

Operating income for the year was reported at 711,416 million RMB, and after deducting operating expenses, credit impairment losses, and other impairment losses, the operating profit reached 319,129 million RMB. The Group’s profit before tax was slightly higher at 319,201 million RMB, leading to a profit for the year of 282,671 million RMB, an increase from the 269,820 million RMB reported in the previous year.

The consolidated statement of comprehensive income showed a total comprehensive income for the year of 321,384 million RMB, of which 322,398 million RMB was attributable to equity holders of the Bank. The Group’s total assets increased to 43,238,135 million RMB, up from 39,872,989 million RMB at the end of the previous year.

The Group’s loans and advances to customers were a significant contributor to the asset base, amounting to 23,977,013 million RMB. A notable increase was also seen in customer deposits, which rose to 30,305,357 million RMB.

In terms of capital management, the Group’s total equity attributable to equity holders of the Bank stood at 3,090,808 million RMB by the end of the year, with ordinary shares, other equity instruments, and retained earnings contributing to this figure.

The auditor’s report highlighted the measurement of expected credit losses for loans and advances to customers as a key audit matter, given the inherent uncertainty and extensive management judgement involved. The auditors also reviewed the measurement of interests in and consolidation of structured entities, as well as the measurement of financial instruments’ fair value, which are significant due to the complexity and judgement required in their valuation.

The information contained in the press release statement provides a comprehensive overview of the Agricultural Bank of China’s financial performance for the year ended December 31, 2024.

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