Agricultural Bank of China Ltd Class A

601288: XSHG (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥4.70	Vtrvzgm	Nttvxgqj

Agricultural Bank of China’s 2022 Net Profits Growth Strongest Among Peers; NIM Contraction Missed

Iris Tan

Mar 31, 2023

Agricultural Bank of China, or ABC, posted the strongest growth, at 7.4%, in full-year 2022 net profits among the big four SOE banks, supported by robust loan growth and resilient fee income. In contrast to the year-on-year decline in revenue for ICBC and CCB, ABC’s revenue edged up 0.7% on the 2.1% and 1.2% respective growths in net interest income and fee income. Loans grew at a faster-than-peer pace of 15% in 2022 from the 2021 level, underscoring its inherent advantage in rural financing and policy tailwinds brought by the government's rural revitalization initiative.

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