ABC posts 10.90% CET1 ratio and proposed A-share raise
Net interest margin was 1.28% for the nine months to September 2026, down from 1.30% a year earlier.
Agricultural Bank of China Limited (ABC) reported a net interest margin of 1.28% for the nine months ended 30 September 2026, down from 1.30% for the nine months ended 30 September 2025. Net interest income for the nine-month period was RMB472,541 million, up 10.59% year-on-year, after RMB151,196 million in the first quarter, up 7.55% year-on-year.
Operating income for the three months ended 30 September 2026 was RMB208,383 million, up 15.14% from the same quarter of 2025. Net profit attributable to equity holders of the Bank was RMB90,165 million, up 10.84% year-on-year, and basic earnings were RMB0.25 a share. Annualized return on weighted average net assets was 12.30% for the quarter, up 0.49 percentage points from a year earlier.
For the nine months, operating income was RMB619,505 million, up 12.48% year-on-year. Net fee and commission income was RMB62,584 million, down 10.44% year-on-year; the Bank attributed the decline to a high base of one-off gains from outstanding wealth-management products a year earlier and said that excluding that factor the line grew on a comparable basis. Operating expenses were RMB185,919 million, up 6.44% year-on-year, and the PRC GAAP cost-to-income ratio was 27.34%, down 1.80 percentage points. Credit impairment losses were RMB147,326 million, up RMB19,923 million year-on-year.
Total loans and advances to customers were RMB29,129,067 million at 30 September 2026, up 7.35% from year-end 2025, after a 4.97% increase from year-end 2025 at 31 March 2026. Corporate loans were RMB16,960,938 million, retail loans RMB9,546,402 million, discounted bills RMB2,152,173 million and overseas and other loans RMB401,125 million. Deposits from customers were RMB34,152,530 million, up 4.60% from year-end 2025. County Area Banking Business loans were RMB12,041,844 million, up 10.11% from year-end 2025.
Non-performing loans were RMB358,668 million at 30 September 2026, and the NPL ratio was 1.23%, down 0.04 percentage points from year-end 2025. Allowance to non-performing loans was 289.13%, down 3.42 percentage points from year-end 2025. Total assets were RMB52,124,798 million, up 6.85% from year-end 2025.
CET1 capital adequacy was 10.90% at 30 September 2026, with capital adequacy of 18.05% and Tier 1 of 12.75%. The daily average liquidity coverage ratio for the third quarter of 2026 was 131.00%. In August 2026 the Bank issued RMB20.0 billion of undated additional Tier 1 capital bonds, and in August and September it issued RMB50.0 billion of Tier 2 capital bonds each month. In October it issued RMB40.0 billion of total loss-absorbing capacity eligible non-capital bonds.
The Board approved on 6 September 2026, and shareholders on 29 September 2026, a proposed A-share placement of up to RMB160.0 billion to replenish CET1 capital after issuance expenses, subject to Shanghai Stock Exchange and CSRC registration. Shareholders also approved an interim cash dividend of RMB0.1297 a share, or RMB45,393 million in aggregate; A-share dividends were paid on 21 October 2026 and H-share dividends are expected on 25 November 2026.
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