Print Edition - 2018-08-29  |  Money Digest

China’s AgBank, BoC post higher profits

BEIJING

Aug 29, 2018-

Agricultural Bank of China Ltd (AgBank) and Bank of China Ltd (BoC), the country’s third- and fourth-largest lenders, reported higher profits for the first half of the year. The stronger earnings come at a time when China is actively pumping funds into the banking system and rolling out support measures for local businesses to cushion the impact from an escalating trade war with the United States. Net profit for AgBank, the first of the so-called Big Four Chinese state lenders to report interim results, rose to 115.8 billion yuan ($16.85 billion) for the six months ended June. BoC posted a 5 percent rise in profit to 109.1 billion yuan. (REUTERS)

Published: 29-08-2018 08:21

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