Agricultural Bank of China Reports H1 2026 Net Profit of 146.381 Billion Yuan, Up 4.93% YoY
Nashnova编辑部
Agricultural Bank of China reported H1 net profit of RMB 146.4 billion, up 4.93% year-on-year, with revenue growth accelerating to 11.18% and net interest margin recovering to 1.28% — an improving trend, though second-half NIM and credit demand remain the swing factors.
How much did revenue and profit actually grow?
H1 operating revenue hit RMB 411.1 billion, up 11.18% YoY; net profit attributable to shareholders reached RMB 146.4 billion, up 4.93%.
Revenue and profit growth each accelerated from Q1 — by 0.7 and 1.0 percentage point respectively.
This means → profit is growing slower than revenue, but the direction is improving quarter-on-quarter, not fading.
Why is the net interest margin the number to watch?
Net interest margin — the spread between what a bank earns on loans and what it pays on deposits — rose to 1.28%, up 2 basis points from Q1.
Net interest income was RMB 312.2 billion, up 10.54% YoY, the single biggest driver of revenue growth.
In plain terms = the bank's ability to "earn the spread" improved; every yuan lent out generated slightly more interest income than last quarter.
This reflects simultaneous progress on deposit-cost control and loan pricing.
How fast are loans and deposits expanding?
Total broad-measure financing — loans plus bonds — grew by RMB 3.2 trillion: new loans added RMB 1.69 trillion (up 6.2%), new bonds RMB 1.52 trillion (up 9.6%).
Total customer deposits reached RMB 40.86 trillion, adding RMB 2.18 trillion; the deposit deviation ratio stayed below 3% for 9 consecutive quarters.
This means → the deposit base is stable and growing, signaling that customers are comfortable keeping funds with ABC — liability-side pressure is manageable.
Is asset quality actually solid?
The non-performing loan ratio fell to 1.25%, down 2 basis points from year-end; the overdue-to-NPL scissors gap — the difference between overdue loans and those classified as non-performing — has been negative for 24 straight quarters.
In plain terms = a negative scissors gap means overdue loans are fewer than those already flagged as "bad" — the bank classifies aggressively, with no hidden risk.
The provision coverage ratio — the "safety cushion" set aside for bad debts — stood at 290.10%, with total loan provisions of RMB 1.04 trillion, both the highest among comparable peers.
This means → the cushion is thick enough that the bank could release extra profit by reducing provisions — but only if credit quality holds up.
How fast are rural and inclusive loans growing?
County-level loans reached RMB 11.9 trillion, adding RMB 981.5 billion, growing at 9.0% — their share of domestic loans rose to 41.9%.
Loans for grain supply security, rural industry, and rural infrastructure grew at 20.3%, 18.1%, and 7.0% respectively — far outpacing overall loan growth.
Inclusive-finance loans hit RMB 4.88 trillion, with new lending of RMB 532.4 billion, the highest balance and increment among comparable peers; tech-enterprise loans grew 24%.
What should investors watch in the second half?
Whether the NIM recovery continues is the first test of full-year earnings quality — the downtrend only just reversed, and durability is unproven.
County-level and inclusive credit are expanding fast, but whether asset quality stays stable under that growth is equally critical.
This means → the H1 numbers say "improving," not "improved" — second-half NIM trajectory and credit demand will determine the full-year picture.
市场有风险，内容仅供研究参考，不构成投资建议。