Agricultural Bank of China : 3Q Net Profit Slid on Higher Impairments

By Martin Mou

Agricultural Bank of China Ltd.'s third-quarter net profit declined 4.6% from a year earlier, as impairment losses ate into stronger interest and fee income.

The Chinese state-owned lender said Friday that net profit fell to CNY56.50 billion yuan ($8.41 billion), even as operating income rose 4.9% to CNY159.44 billion.

Net interest income rose to CNY134.89 billion from CNY122.84 billion, though credit impairment losses also grew to CNY39.95 billion from CNY30.69 billion.

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(END) Dow Jones Newswires

10-30-20 0540ET