Agricultural Bank forecasts 84 billion gain of 29% this year

Economic observation Network reporter Liao Ying according to Hong Kong media reported that the Agricultural Bank of China, A shares of the initial public release of the preliminary disclosure documents, scheduled to be published today in the CSRC website, a large number of data was exposed last night, according to international accounting standards, Agricultural Bank 2009 net profit of 65 billion yuan (renminbi, the same　　The bank forecasts a net profit of $84 billion this year, an increase of 29% per cent.　　In addition, according to the Dow Jones Association yesterday quoted the ABC a A-share IPO data, the bank 2010 to 2012 3 dividend rate of 35% to 50%, higher than the current estimate of ICBC, CCB and Bank of China this year dividend yield of 20%, 21% and 16%. According to the information, Agricultural Bank in 2006-2008 3 achieved a composite annual increase in net profit of 45.7%, 2009 net profit growth slowed to 26%, mainly for net interest income mitigation and increase in profits tax expenditure. At the end of 2009, the net asset value was $355 billion, at the end of last year, with a return of about 18%.　　It is expected that the net asset value before the end of 2010 would be increased to $440 billion, in other words, the return on equity at the end of this year was about 19%, higher than the market estimate of 17.91% in BOC, but lower than that of ICBC, CCB 21.52% and 22.14%. The State Treasury and Central Huijin, which now hold 50% per cent of AgBank's shares, have agreed to a lock-up period of 36 months after the IPO, according to a report published yesterday by Dow Jones. The proceeds from listing will be used mainly for supplementary capital. By the end of 2009, AgBank's core capital adequacy ratio had fallen to 7.74%.