Summary by Moomoo AI
Agricultural Bank of China Co., Ltd. (Agricultural Bank) issued a summary of the 2023 Annual Report on 28 March 2024. The report showed that the bank achieved a net profit of RMB2698.20 billion in 2023, an increase of 4.2% over the previous year. As of the end of 2023, total assets reached RMB398,729.89 billion, an increase of 17.5% year-on-year. Net loans and deposits increased by $27,507.93 billion, an increase of 14.5%; financial investments increased by $16,835.50 billion, an increase of 17.7%. Total deposits reached $28,898.47 billion, an increase of 15% year-on-year. The bad loan rate decreased to 1.33% and the reserve overdraft rate was 303.87%. In addition, the Agricultural Bank proposed to distribute a cash dividend of RMB808.11 billion per 10 shares (tax included). The Bank stressed that it will continue to support the key areas of “Shandong” and the prefecture, green, affordable, and private economy, and deepen the digital transformation to improve the level of integrated financial services.