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Agricultural Bank of China reports record lending to farmers in 2009
(Xinhua)
Updated: 2010-01-21 13:30
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The Agricultural Bank of China (ABC), one of the country's top four State-owned commercial banks, lent a total of 150 billion yuan ($22 billion) to rural households last year, the bank said on Wednesday.
The lending for farmers in 2009 exceeded the combined amount for the previous five years, according to the bank.
Total outstanding small-loans for farmers stood at 67.3 billion yuan by the end of 2009, up by 62.6 billion yuan compared to the beginning of last year.
At a work meeting for 2010 held on Wednesday, ABC president Xiang Junbo said the bank had provided financial services for agriculture-related needs in a "positive" manner last year.
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The bank reported 1.75 trillion yuan of new deposits in 2009, up 27.7 percent year-on-year. Total lending by the bank last year increased by 1.03 trillion yuan, 658.9 yuan more than the year earlier.
Xiang said the bank would start making a shift of its business strategy with more efforts to be made this year in achieving breakthroughs in its urban business.
He said the ABC would lean policy support and resources to 50 of its major city banks from 2010, aiming to boost its business in cities, where it lagged behind some other major State-owned banks such the Industrial and Commercial Bank of China, China Construction Bank, and Bank of China.
