China's Agricultural Bank Says Third-Quarter Profit Rises 4.9%Bloomberg News
Agricultural Bank of China Ltd., the nation’s third-largest lender by assets, reported a 4.9 percent increase in third-quarter profit.
Net income for the three months through September rose to 51.4 billion yuan ($7.7 billion), the company said in a statement to Hong Kong’s stock exchange on Monday.
The results came after rivals Industrial & Commercial Bank of China Ltd. and China Construction Bank Corp. reported higher profit amid improvements in interest margins and asset quality.
Shares of the Big Four banks have jumped this year on optimism that the worst of a regulatory crackdown is behind them and that sustained economic growth will boost profitability. The quartet’s price-to-book ratios are near the highest level in about two years.
— With assistance by Alfred Liu, and Angus Whitley