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AgBank of China's first-half profit falls 10.4% as coronavirus bites

BEIJING/SHANGHAI, Aug 30 (Reuters) - Agricultural Bank of China Ltd (AgBank) reported a 10.4% fall in first-half net profit on Sunday, the first drop in six-month profit since its market debut in 2010, as the COVID-19 pandemic hit margins.

China’s third-largest lender by assets said profit for the first six months of 2020 totalled 108.83 billion yuan ($15.85 billion), versus 121.45 billion yuan in the same period a year earlier.

The result implies profit of 44.66 billion yuan for the April-June quarter, down 25.8% from 60.194 billion yuan a year prior, the biggest slump in its quarterly profit since 2010, Reuters calculations showed. ($1 = 6.8647 Chinese yuan) (Reporting by Cheng Leng and Zhang Yan in Beijing, Engen Tham in Shanghai; Editing by Christopher Cushing and Sam Holmes)

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