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The Agricultural Bank of China (ABC) is now the second largest bank in China in terms of total assets, according to the bank's latest report.

 

The statistics from the ABC, one of China's big four commercial banks, revealed that the bank's total assets had hit 4.88 trillion yuan (US$605 billion) by the end of 2005, second only to the Industrial and Commercial Bank of China (ICBC).

 

According to the ABC, the bank's deposit balance exceeded 4 trillion yuan by the end of last year, with the loan balance amounting to 2.8 trillion yuan.

 

The ABC said its non-performing loan (NPL) ratio had been whittled down to 26.31 percent by the end of last year, 0.51 percent lower than the beginning of last year.

 

The ABC is still working on its joint-stock reform and listing plan in line with China's commitments to the World Trade Organization to open its banking industry to foreign competition by late 2006.

 

(Xinhua News Agency February 6, 2006)