Agricultural Bank of China : Interim Results Announcement for the Six Months Ended 30 June 20202020-08-31

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

AGRICULTURAL BANK OF CHINA LIMITED

中 國 農 業 銀 行 股 份 有 限 公 司

(a joint stock company incorporated in the People's Republic of China with limited liability)

(Stock Code: 1288)

INTERIM RESULTS ANNOUNCEMENT

FOR THE SIX MONTHS ENDED 30 JUNE 2020

Agricultural Bank of China Limited (the "Bank") is pleased to announce the unaudited interim results of the Bank and its subsidiaries (together, the "Group") for the six months ended 30 June 2020. This announcement contains the interim report of the Bank for the six months ended 30 June 2020, the contents of which have been prepared in accordance with the relevant disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Hong Kong Listing Rules"). The interim financial information of the Group for the six months ended 30 June 2020 has been reviewed by PricewaterhouseCoopers in accordance with International Standard on Review Engagements 2410. The interim results have also been reviewed by the Audit and Compliance Committee of the Board of Directors of the Bank (the "Audit and Compliance Committee"). This interim results announcement is published on the websites of the Bank (www.abchina.com) and The Stock Exchange of Hong Kong Limited (www.hkexnews.hk). The interim report of the Bank for the six months ended 30 June 2020 will be despatched to the holders of H shares of the Bank and will also be available at the abovementioned websites in due course.

The Board of Directors of

Agricultural Bank of China Limited

Beijing, the PRC

28 August 2020

As at the date of this announcement, the executive directors are Mr. ZHOU Mubing, Mr. ZHANG Qingsong and Ms. ZHANG Keqiu; the non-executive directors are Mr. ZHU Hailin, Mr. LIAO Luming, Mr. LI Qiyun, Mr. LI Wei and Mr. WU Jiangtao; and the independent non-executive directors are Ms. XIAO Xing, Mr. WANG Xinxin, Mr. HUANG Zhenzhong, Ms. LEUNG KO May Yee, Margaret and Mr. LIU Shouying.

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Contents

Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Basic Corporate Information and Major Financial Indicators. . . . . . . . . . . . . . . . . . . . . . . . . . 5

Discussion and Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	12
	Environment and Prospects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	12
Pandemic Prevention and Control . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	14
Progress of Digital Transformation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	15
	Financial Statement Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	17
	Business Review. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	40
County Area Banking Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	71
Risk Management and Internal Control . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	79
	Capital Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	97
Changes in Share Capital and Shareholdings of Substantial Shareholders . . . . . . . . . . . . . .	99
Details of Preference Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	105
Directors, Supervisors and Senior Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	109
Significant Events . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	110
Appendix I  Capital Adequacy Ratio Information
Appendix II	Liquidity Coverage Ratio Information
Appendix III	Net Stable Funding Ratio Information
Appendix IV	Leverage Ratio Information
Appendix V	Interim Financial Information (Unaudited)
Appendix VI	Unreviewed Supplementary Information

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Definitions

In this announcement, unless the context otherwise requires, the following terms shall have the meanings set out below:

1.	A Share(s)	Ordinary shares listed domestically which are subscribed
		and traded in Renminbi
2.	ABC/Agricultural Bank of China/	Agricultural Bank of China Limited, or Agricultural Bank
	the Bank/the Group/We	of China Limited and its subsidiaries
3.	CASs/PRC GAAP	The Accounting Standards for Enterprises promulgated
		on 15 February 2006 by the Ministry of Finance of the
		People's Republic of China and other related rules and
		regulations subsequently issued
4.	CBIRC	China Banking and Insurance Regulatory Commission,
		or its predecessors, the former China Banking Regulatory
		Commission and/or the former China Insurance
		Regulatory Commission, where the context requires
5.	County Area(s)	The county-level regions (excluding the district-level
		areas in the cities) in the People's Republic of China and
		the areas under their administration, including counties
		and county-level cities
6.	County Area Banking Business	We provide customers in the County Areas with a broad
		range of financial services through our branch outlets
		located in counties and county-level cities in the People's
		Republic of China. We refer to such banking business as
		the County Area Banking Business or Sannong Banking
		Business
7.	County Area Banking Division	An internal division with management mechanism
		adopted by us for specialized operation of financial
		services provided to Sannong and the County Areas, as
		required under our restructuring into a joint stock limited
		liability company, which focuses on the County Area
		Banking Business with independence in aspects such as
		governance mechanism, operational decision making,
		financial accounting as well as incentive and constraint
		mechanism to a certain extent
8.	CSRC	China Securities Regulatory Commission

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9.	Global Systemically Important	Banks recognized as key players in the financial market
	Banks	with global features as announced by the Financial
		Stability Board
10.	H Share(s)	Shares listed on The Stock Exchange of Hong Kong
		Limited and subscribed and traded in Hong Kong Dollars,
		the nominal value of which are denominated in Renminbi
11.	Hong Kong Listing Rules	The Rules Governing the Listing of Securities on The
		Stock Exchange of Hong Kong Limited
12.	Hong Kong Stock Exchange	The Stock Exchange of Hong Kong Limited
13.	Huijin	Central Huijin Investment Ltd.
14.	MOF	Ministry of Finance of the People's Republic of China
15.	PBOC	The People's Bank of China
16.	Sannong	Agriculture, rural areas and rural people
17.	SSF	National Council for Social Security Fund of the People's
		Republic of China

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