In Depth: Returning to Its Roots Pushes China’s Agricultural Bank Up the Ranks
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Gu Shu, chairman of Agricultural Bank of China. Photo: AI generated
Agricultural Bank of China Ltd. (ABC) (601288.SH) has been outpacing the country’s other “Big Four” state-owned commercial lenders in recent years, as Beijing’s drive into inclusive finance has buoyed its business and turned it into a stock market darling.
It went from No. 3 to No. 2 by total assets in 2023, overtaking China Construction Bank Corp. (CCB) (601939.SH) and leaving Bank of China Ltd. (601988.SH) sitting in fourth.
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What Happened When
- 2018：
- State-owned banks’ participation in the inclusive finance initiative became part of how their performance is assessed.
- Since 2020：
- Gu Shu has been chairman of ABC.
- 2022–2024：
- ABC’s finance in less urbanized areas became a main growth engine, according to the bank’s reports.
- 2023：
- ABC moved from No. 3 to No. 2 by total assets, overtaking China Construction Bank Corp. (CCB).
- 2023 and 2024：
- ABC led the 'Big Four' banks in profit growth.
- 2023 and 2024：
- ICBC’s annual revenue declined.
- 2023–2025：
- ABC has gained market share across many provinces and cities, ranking first among peers in incremental growth.
- 2024：
- ABC had rapid growth in inclusive finance, putting pressure on rivals.
- End of 2024：
- ABC led the 'Big Six' lenders with a year-on-year increase of slightly over 30% in inclusive finance loans.
- First quarter of 2025：
- ABC was the only one among the 'Big Four' banks to post a year-on-year profit expansion.
- First quarter of 2025：
- ICBC’s revenue decline persisted.
- 2025：
- ICBC appointed its first-ever chief financial officer (CFO).
- As of 2025：
- ABC’s share price had surged 40% so far in the year, outpacing the other 'Big Four' banks.
- End of June 2025：
- ABC had 47 trillion yuan in total assets, trailing ICBC by about 5 trillion yuan.
- Aug. 29, 2025：
- ICBC appointed Senior Executive Vice President Yao Mingde as CFO and Chief Business Officer Tian Fenglin as new board secretary.
AI generated, for reference only
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