Agricultural Development Bank of China (ADBC) reported surging
profits and fewer non-performing loans in 2006, according to
statistics the bank released on Wednesday.
Bad loans in the ADBC portfolio dropped to 7.65 percent at the
end of last year, from 10.3 percent at the beginning of 2006.
Meanwhile, the bank reported annual profits of 8.77 billion yuan
(about US$1.1 billion), a year on year increase of 62 percent.
The ADBC raised 200 billion yuan from financial bonds issuance
last year, and its saving deposits amounted to 191.5 billion yuan,
up 52 percent on 2005.
China set up the ADBC and two other policy banks - China
Development Bank and The Export-Import Bank of China - in 1994 as
key channels of policy financing, a move that enabled the other Big
Four state banks to devote themselves solely to commercial
business.
The ADBC's mission is to raise funds for agricultural businesses
specified by the central government and to serve as an agent for
the state treasury to allocate special funds to agricultural
development.
(Xinhua News Agency January 11, 2007)