Earnings release
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- 1 - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. AGRICULTURAL BANK OF CHINA LIMITED ʮ ̡ (a joint stock company incorporated in the People’s Republic of China with limited liability) (Stock Code: 1288) THE FIRST QUARTERLY REPORT OF 2025 The board of directors (the “Board”) of Agricultural Bank of China Limited (the “Bank”) is pleased to announce the unaudited results of the Bank and its subsidiaries (collectively the “Group”) for the first quarter ended 31 March 2025, prepared in accordance with the IFRS Accounting Standards promulgated by the International Accounting Standards Board (“IFRS Accounting Standards”). This announcement is made in accordance with Part XIVA of the Securities and Futures Ordinance (Chapter 571, Laws of Hong Kong) and Rules 13.09(2) and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. I. BASIC CORPORATE INFORMATION Stock exchange on which A Shares are listed Stock name Stock code Shanghai Stock Exchange ุ༵ვБ 601288 Stock exchange on which H Shares are listed Stock name Stock code The Stock Exchange of Hong Kong Limited ABC 1288 Trading exchange and platform of preference shares Stock name Stock code The Integrated Business Platform of Shanghai Stock Exchange ༵БᎴ1, ༵БᎴ2 360001, 360009 Secretary to the Board of Directors and Company Secretary LIU Qing Address: No. 69, Jianguomen Nei Avenue, Dongcheng District, Beijing, PRC (Postal code: 100005) Tel: 86-10-85109619 (Investors enquiry) Fax: 86-10-85126571 E-mail: ir@abchina.com
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- 2 - II. MAJOR FINANCIAL DATA Financial data and indicators recorded in this quarterly financial report are consolidated data of the Group prepared in accordance with IFRS Accounting Standards and denominated in Renminbi (“RMB”), unless otherwise stated. (I) Major financial data and financial indicators In millions of RMB, unless otherwise stated Items Reporting period Change as compared to the same period of 2024 (%) Operating income 186,735 0.32 Net profit attributable to equity holders of the Bank 71,931 2.20 Net cash flows (used in)/generated from operating activities (768,830) -198.12 Basic earnings per share (RMB/share) 0.19 – Diluted earnings per share (RMB/share) 0.19 – Return on weighted average net assets (annualized, %) 10.82 Decreased by 0.57 percentage point 31 March 2025 31 December 2024 Change as compared to the end of 2024 (%) Total assets 44,818,957 43,238,135 3.66 Equity attributable to equity holders of the Bank 3,137,261 3,090,808 1.50
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- 3 - (II) Changes in major financial data and financial indicators and reasons In millions of RMB, except for percentages Item Three months ended 31 March 2025 Three months ended 31 March 2024 Change as compared to the same period of 2024 (%) Main reason for change Net cash flows (used in)/ generated from operating activities (768,830) 783,563 -198.12 Net increase in deposits from customers and deposits from banks and other financial institutions decreased. III. SHAREHOLDERS INFORMATION (I) Total number of holders of ordinary shares and particulars of shareholding of the top 10 shareholders Total number of holders of ordinary shares at the end of the reporting period 495,130, including 475,578 holders of A Shares and 19,552 holders of H Shares. Particulars of shareholding of the top 10 shareholders (based on the registers of shareholders as at 31 March 2025) Name of shareholders Nature of shareholders Type of shares Number of shares held Shareholding percentage (%) Number of shares subject to restrictions on sales Pledged, marked or locked-up Status Number of shares Central Huijin Investment Ltd. (the “Huijin”) State-owned A Shares 140,488,809,651 40.14 – None – Ministry of Finance of the PRC State-owned A Shares 123,515,185,240 35.29 – None – HKSCC Nominees Limited Overseas legal entity H Shares 30,555,403,193 8.73 – Unknown – National Council for Social Security Fund of the PRC State-owned A Shares 23,520,968,297 6.72 – None – Hong Kong Securities Clearing Company Limited Overseas legal entity A Shares 3,520,102,894 1.01 – None – China National Tobacco Corporation State-owned legal entity A Shares 2,518,891,687 0.72 – None – China Securities Finance Corporation Limited State-owned legal entity A Shares 1,842,751,177 0.53 – None – Shanghai Haiyan Investment Management Company Limited State-owned legal entity A Shares 1,259,445,843 0.36 – None – Central Huijin Asset Management Ltd. State-owned legal entity A Shares 1,255,434,700 0.36 – None – Zhongwei Capital Holding Company Limited State-owned legal entity A Shares 755,667,506 0.22 – None –
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- 4 - Notes: 1. The total number of shares held by HKSCC Nominees Limited represents the number of H Shares held by it in aggregate as a nominee on behalf of all institutional and individual investors registered with it as at 31 March 2025. 2. The number of shares held by Hong Kong Securities Clearing Company Limited represents the number of A Shares (northbound shares of Shanghai-Hong Kong Stock Connect) held by it as a nominee designated by and on behalf of investors from Hong Kong SAR and overseas. 3. Among the shareholders listed above, Huijin held 100% equity of Central Huijin Asset Management Ltd. and 66.70% equity of China Securities Finance Corporation Limited; HKSCC Nominees Limited is a wholly-owned subsidiary of Hong Kong Securities Clearing Company Limited; and China National Tobacco Corporation is the de facto controller of Shanghai Haiyan Investment Management Company Limited and Zhongwei Capital Holding Company Limited. Save as mentioned above, the Bank is not aware of any related party relationship between the shareholders above, or whether they are parties acting in concert. 4. None of the top 10 shareholders were engaged in the business of margin trading and securities lending or refinancing, among which HKSCC Nominees Limited held the H Shares as a nominee and it was not engaged in the business of margin trading and securities lending or refinancing. 5. None of the Bank’s shares were subject to restrictions on sales. The top 10 shareholders are the same as the previous period.
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- 5 - (II) Total number of holders of preference shares and particulars of shareholding of the top 10 holders of preference shares 1 Total number of holders of preference shares of “༵БᎴ1” (stock code: 360001) at the end of the reporting period 41 Particulars of shareholding of the top 10 holders of preference shares of “༵БᎴ1” (based on the registers of shareholders as at 31 March 2025) Name of shareholders Nature of shareholders Number of shares held Shareholding percentage (%) Number of shares subject to restrictions on sales Pledged, marked or locked-up Status Number of shares Sun Life Everbright Asset Management Co., Ltd. Others 53,400,000 13.35 – None – China Merchants Fund Management Co., Ltd. Others 49,000,000 12.25 – None – Bank of Communications Schroder Fund Management Co., Ltd. Others 33,180,000 8.30 – None – PICC Life Insurance Company Limited Others 30,000,000 7.50 – None – Ping An Life Insurance Company of China, Ltd. Others 30,000,000 7.50 – None – New China Life Insurance Company Ltd. Others 25,000,000 6.25 – None – CITIC-Prudential Life Insurance Co., Ltd. Others 22,440,000 5.61 – None – Shanghai Everbright Securities Asset Management Co., Ltd. Others 22,100,000 5.53 – None – Hwabao Trust Co., Ltd. Others 16,440,000 4.11 – None – SDIC Taikang Trust Co., Ltd. Others 12,000,000 3.00 – None – Notes: 1. Huijin is the controlling shareholder of New China Life Insurance Company Ltd. Save as mentioned above, the Bank is not aware of any related party relationship between the above holders of preference shares, and between the above holders of preference shares and the top 10 holders of ordinary shares, or whether they are parties acting in concert. 2. According to the No. 2 Standards on the Content and Format of Information Disclosure of Companies with Public Offerings — Content and Format of the Annual Report (Revision 2021), “Particulars of holders of preference shares should indicate the entities which hold shares on behalf of the states and foreign holders”. Except for the entities which hold shares on behalf of the states and foreign holders, the nature of other holders of preference shares is categorized as “others”. 3. “Shareholding percentage” refers to the percentage of “༵БᎴ1” held by the holders of preference shares to the total number of “༵БᎴ1” (i.e. 400 million shares). 1 The number of holders of preference shares was calculated by the number of qualified investors that hold the preference shares. When calculating the number of qualified investors, an asset management institution that purchases or transfers the preference shares through two or more products under its control will be counted as one.
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- 6 - Total number of holders of preference shares of “༵БᎴ2” (stock code: 360009) at the end of the reporting period 39 Particulars of shareholding of the top 10 holders of preference shares of “༵БᎴ2” (based on the registers of shareholders as at 31 March 2025) Name of shareholders Nature of shareholders Number of shares held Shareholding percentage (%) Number of shares subject to restrictions on sales Pledged, marked or locked-up Status Number of shares China National Tobacco Corporation Others 50,000,000 12.50 – None – China Life Insurance Company Limited Others 50,000,000 12.50 – None – New China Life Insurance Company Ltd. Others 29,000,000 7.25 – None – Sun Life Everbright Asset Management Co., Ltd. Others 25,000,000 6.25 – None – China Mobile Communications Group Co., Ltd. Others 20,000,000 5.00 – None – China National Tobacco Corporation Yunnan Province Company Others 20,000,000 5.00 – None – China National Tobacco Corporation Jiangsu Province Company (Jiangsu Tobacco Company) Others 20,000,000 5.00 – None – Shanghai Tobacco Group Co., Ltd. Others 15,700,000 3.93 – None – Ping An Property & Casualty Insurance Company of China, Ltd. Others 15,000,000 3.75 – None – National Social Security Fund Portfolio 304 Others 12,500,000 3.13 – None – Notes: 1. Huijin is the controlling shareholder of New China Life Insurance Company Ltd. China National Tobacco Corporation Yunnan Province Company, China National Tobacco Corporation Jiangsu Province Company (Jiangsu Tobacco Company), and Shanghai Tobacco Group Co., Ltd. are wholly-owned subsidiaries of China National Tobacco Corporation. China National Tobacco Corporation is the de facto controller of Shanghai Haiyan Investment Management Company Limited and Zhongwei Capital Holding Company Limited. Ping An Property & Casualty Insurance Company of China, Ltd. and Ping An Life Insurance Company of China, Ltd. are both controlled by Ping An Insurance (Group) Company of China, Ltd. Save as mentioned above, the Bank is not aware of any related party relationship between the above holders of preference shares, and between the above holders of preference shares and the top 10 holders of ordinary shares, or whether they are parties acting in concert. 2. According to the No. 2 Standards on the Content and Format of Information Disclosure of Companies with Public Offerings — Content and Format of the Annual Report (Revision 2021), “Particulars of holders of preference shares should indicate the entities which hold shares on behalf of the states and foreign holders”. Except for the entities which hold shares on behalf of the states and foreign holders, the nature of other holders of preference shares is categorized as “others”. 3. “Shareholding percentage” refers to the percentage of “༵БᎴ2” held by the holders of preference shares to the total number of “༵БᎴ2” (i.e. 400 million shares).
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- 7 - IV. OTHER MATTERS (I) Brief analysis on overall operating activities in the first quarter (The financial data herein are presented in RMB unless otherwise indicated) Financial results For the three months ended 31 March 2025, the Group achieved a net profit of RMB72,116 million, representing an increase of 1.80% as compared to the same period of the previous year. Annualized return on average total assets was 0.66%, representing a decrease of 0.03 percentage point as compared to the same period of the previous year; annualized return on weighted average net assets was 10.82%, representing a decrease of 0.57 percentage point as compared to the same period of the previous year. The Group achieved basic earnings per share of RMB0.19, which was the same as that of the same period of the previous year. For the three months ended 31 March 2025, the Group achieved an operating income of RMB186,735 million, representing an increase of 0.32% as compared to the same period of the previous year. Net interest income amounted to RMB140,577 million, representing a decrease of 2.74% as compared to the same period of the previous year. Net interest margin was 1.34%. Net fee and commission income amounted to RMB28,009 million, representing a decrease of 3.54% as compared to the same period of the previous year. Operating expenses amounted to RMB52,091 million, representing an increase of 1.99% as compared to the same period of the previous year. Cost-to-income ratio (under PRC GAAP) amounted to 25.58%, representing an increase of 0.20 percentage point as compared to the same period of the previous year. Credit impairment losses amounted to RMB57,060 million, representing an increase of RMB1,449 million as compared to the same period of the previous year. Assets and liabilities At 31 March 2025, the Group’s total assets amounted to RMB44,818,957 million, representing an increase of RMB1,580,822 million or 3.66% as compared to the end of the previous year. Total loans and advances to customers amounted to RMB26,187,372 million, representing an increase of RMB1,281,185 million or 5.14% as compared to the end of the previous year. Total loans and advances to customers (excluding accrued interest) by business type consist of corporate loans, retail loans, discounted bills, and overseas and other loans, which amounted to RMB15,221,415 million, RMB9,273,742 million, RMB1,254,232 million and RMB386,336 million, respectively. Financial investment amounted to RMB14,072,583 million, representing an increase of RMB223,480 million or 1.61% as compared to the end of the previous year.
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- 8 - Total liabilities amounted to RMB41,675,952 million, representing an increase of RMB1,535,090 million or 3.82% as compared to the end of the previous year. Deposits from customers amounted to RMB32,017,351 million, representing an increase of RMB1,711,994 million or 5.65% as compared to the end of the previous year. In terms of maturity, deposits from customers (excluding accrued interest) consist of time deposits, demand deposits and other deposits, which amounted to RMB17,990,807 million, RMB12,645,987 million and RMB899,466 million, respectively. In terms of business line, deposits from customers (excluding accrued interest) consist of corporate deposits, retail deposits and other deposits, which amounted to RMB10,633,188 million, RMB20,003,606 million and RMB899,466 million, respectively. Shareholders’ equity amounted to RMB3,143,005 million, representing an increase of RMB45,732 million or 1.48% as compared to the end of the previous year, with ordinary shares of RMB349,983 million, other equity instruments of RMB500,000 million, capital reserve of RMB173,419 million, surplus reserve of RMB301,850 million, general reserve of RMB532,764 million, other comprehensive income of RMB61,111 million, and retained earnings of RMB1,218,134 million. Asset quality At 31 March 2025, the balance of non-performing loans amounted to RMB334,644 million, representing an increase of RMB12,479 million as compared to the end of the previous year. Non-performing loan ratio decreased by 0.02 percentage point to 1.28% as compared to the end of the previous year. Allowance to non-performing loans was 297.81%, representing a decrease of 1.80 percentage points as compared to the end of the previous year. County Area Banking Business 1 At 31 March 2025, total loans and advances to customers of County Area Banking Business amounted to RMB10,581,049 million, representing an increase of RMB726,095 million or 7.37% as compared to the end of the previous year. Deposits from customers of County Area Banking Business amounted to RMB14,001,876 million, representing an increase of RMB848,533 million or 6.45% as compared to the end of the previous year. 1 The County Area Banking Business in this report is the financial business activities conducted by all operation institutions under the management of the County Area Banking Division of Agricultural Bank of China.
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- 9 - Other information At 31 March 2025, the capital adequacy ratio, Tier 1 capital adequacy ratio and CET 1 capital adequacy ratio calculated pursuant to the Rules on Capital Management of Commercial Banks were 17.79%, 13.36%, and 11.23%, respectively. The daily average of liquidity coverage ratio for the first quarter of 2025 was 132.57%. For details of capital adequacy ratio as well as liquidity coverage ratio, please refer to the Pillar 3 Report for the First Quarter of 2025 published on the website of the Bank (www.abchina.com.cn, www.abchina.com). (II) Progress of significant events during the reporting period ½ Applicable ✓ Not applicable (III) Implementation of cash dividend policy during the reporting period Upon approval at the 2024 Third Extraordinary General Meeting, the Bank distributed 2024 interim cash dividend of RMB0.1164 (tax inclusive) per ordinary share, with a total amount of RMB40,738 million (tax inclusive), to holders of ordinary shares on the register of members after the close of the market on 7 January 2025. On 11 March 2025, the Bank distributed cash dividends of RMB4.84 (tax inclusive) per preference share, with a total amount of RMB1,936 million (tax inclusive, calculated at a coupon rate of 4.84%), to all holders of “༵БᎴ2” (stock code: 360009) on the register of members after the close of the market on 10 March 2025. Please refer to the relevant announcements published by the Bank on the websites of the Shanghai Stock Exchange (www.sse.com.cn) and The Stock Exchange of Hong Kong Limited (www.hkexnews.hk) for details.
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- 10 - V. QUARTERLY FINANCIAL STATEMENTS There are no differences between the net profit or shareholders’ equity for the reporting period in the consolidated financial statements of the Group prepared under IFRS Accounting Standards and those under PRC GAAP. See Appendix for the quarterly financial statements prepared under IFRS Accounting Standards. VI. RELEASE OF QUARTERLY REPORT The quarterly report prepared under IFRS Accounting Standards will be published on the website of The Stock Exchange of Hong Kong Limited (www.hkexnews.hk) and the website of the Bank (www.abchina.com.cn, www.abchina.com). The quarterly report prepared under PRC GAAP will be simultaneously published on the website of the Shanghai Stock Exchange (www.sse.com.cn) and the website of the Bank (www.abchina.com.cn, www.abchina.com). By order of the Board Agricultural Bank of China Limited LIU Qing Company Secretary Beijing, the PRC 29 April 2025 As at the date of this announcement, the executive directors of the Bank are Mr. GU Shu, Mr. WANG Zhiheng, and Mr. LIN Li; the non-executive directors of the Bank are Ms. ZHOU Ji, Mr. LI Wei, Mr. LIU Xiaopeng, Mr. XIAO Xiang and Mr. ZHANG Qi; and the independent non-executive directors of the Bank are Ms. LEUNG KO May Yee, Margaret, Mr. WU Liansheng, Mr. WANG Changyun, Mr. JU Jiandong and Ms. ZHUANG Yumin.
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- I - APPENDIX FINANCIAL STATEMENTS PREPARED UNDER IFRS ACCOUNTING STANDARDS AGRICULTURAL BANK OF CHINA LIMITED CONSOLIDATED INCOME STATEMENT FOR THE THREE MONTHS ENDED 31 MARCH 2025 (Amounts in millions of Renminbi, unless otherwise stated) Three months ended 31 March 2025 2024 (Unaudited) (Unaudited) Interest income 297,478 323,842 Interest expense (156,901) (179,307) Net interest income 140,577 144,535 Fee and commission income 31,430 32,505 Fee and commission expense (3,421) (3,468) Net fee and commission income 28,009 29,037 Net trading gain 7,326 9,445 Net gain on financial investments 420 2,708 Net gain on derecognition of financial assets measured at amortized cost 6,308 415 Other operating income 4,095 7 Operating income 186,735 186,147 Operating expenses (52,091) (51,075) Credit impairment losses (57,060) (55,611) Impairment losses on other assets (13) (17) Operating profit 77,571 79,444 Share of results of associates and joint ventures 72 (5) Profit before tax 77,643 79,439 Income tax expense (5,527) (8,600) Profit for the period 72,116 70,839 Attributable to: Equity holders of the Bank 71,931 70,386 Non-controlling interests 185 453 72,116 70,839 Earnings per share attributable to the ordinary equity holders of the Bank (expressed in RMB yuan per share) – Basic and diluted 0.19 0.19
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- II - AGRICULTURAL BANK OF CHINA LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED 31 MARCH 2025 (Amounts in millions of Renminbi, unless otherwise stated) Three months ended 31 March 2025 2024 (Unaudited) (Unaudited) Profit for the period 72,116 70,839 Other comprehensive income: Items that may be reclassified subsequently to profit or loss: Fair value changes on debt instruments at fair value through other comprehensive income (22,985) 14,287 Loss allowance on debt instruments at fair value through other comprehensive income (5,780) (17,123) Income tax impact for fair value changes and loss allowance on debt instruments at fair value through other comprehensive income 7,125 808 Foreign currency translation differences 166 (197) Others (248) (2,747) Subtotal (21,722) (4,972) Items that will not be reclassified subsequently to profit or loss: Fair value changes on other equity investments designated at fair value through other comprehensive income 148 200 Income tax impact for fair value changes on other equity investments designated at fair value through other comprehensive income (37) (32) Others – 3 Subtotal 111 171 Other comprehensive income, net of tax (21,611) (4,801) Total comprehensive income for the period 50,505 66,038 Total comprehensive income attributable to: Equity holders of the Bank 51,226 66,326 Non-controlling interests (721) (288) 50,505 66,038
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- III - AGRICULTURAL BANK OF CHINA LIMITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025 (Amounts in millions of Renminbi, unless otherwise stated) 31 March 2025 31 December 2024 (Unaudited) (Audited) Assets Cash and balances with central banks 2,918,463 2,134,452 Deposits with banks and other financial institutions 411,027 571,956 Precious metals 249,922 115,253 Placements with and loans to banks and other financial institutions 442,308 529,767 Derivative financial assets 54,720 65,920 Financial assets held under resale agreements 854,308 1,371,571 Loans and advances to customers 25,221,001 23,977,013 Financial investments Financial assets at fair value through profit or loss 550,638 513,306 Debt instrument investments at amortized cost 10,197,310 9,905,633 Other debt instrument and other equity investments at fair value through other comprehensive income 3,324,635 3,430,164 Investment in associates and joint ventures 10,358 10,332 Property and equipment 152,396 154,484 Goodwill 1,381 1,381 Deferred tax assets 155,274 148,009 Other assets 275,216 308,894 Total assets 44,818,957 43,238,135 Liabilities Borrowings from central banks 671,007 847,324 Deposits from banks and other financial institutions 4,056,839 4,667,561 Placements from banks and other financial institutions 427,905 364,022 Financial liabilities at fair value through profit or loss 20,676 15,841 Derivative financial liabilities 70,721 58,146 Financial assets sold under repurchase agreements 789,637 615,725 Due to customers 32,017,351 30,305,357 Dividends payable – 40,738 Debt securities issued 3,117,069 2,678,509 Deferred tax liabilities 411 309 Other liabilities 504,336 547,330 Total liabilities 41,675,952 40,140,862
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- IV - 31 March 2025 31 December 2024 (Unaudited) (Audited) Equity Ordinary shares 349,983 349,983 Other equity instruments 500,000 500,000 Preference shares 80,000 80,000 Perpetual bonds 420,000 420,000 Capital reserve 173,419 173,419 Other comprehensive income 61,111 81,816 Surplus reserve 301,850 301,841 General reserve 532,764 532,991 Retained earnings 1,218,134 1,150,758 Equity attributable to equity holders of the Bank 3,137,261 3,090,808 Non-controlling interests 5,744 6,465 Total equity 3,143,005 3,097,273 Total equity and liabilities 44,818,957 43,238,135 The consolidated financial statements on page I to VI were approved and authorized for issue by the Board of Directors on 29 April 2025 and are signed on its behalf by: Gu Shu Wang Zhiheng Chairman Vice Chairman AGRICULTURAL BANK OF CHINA LIMITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Continued) AS AT 31 MARCH 2025 (Amounts in millions of Renminbi, unless otherwise stated)
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- V - AGRICULTURAL BANK OF CHINA LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED 31 MARCH 2025 (Amounts in millions of Renminbi, unless otherwise stated) Three months ended 31 March 2025 2024 (Unaudited) (Unaudited) Cash flows from operating activities Profit before tax 77,643 79,439 Adjustments for: Amortization of intangible assets and other assets 1,023 907 Depreciation of property, equipment and right-of-use assets 4,834 4,775 Credit impairment losses 57,060 55,611 Impairment losses on other assets 13 17 Interest income arising from investment securities (91,070) (86,749) Interest expense on debt securities issued 17,306 17,467 Revaluation gain on financial instruments at fair value through profit or loss (3,911) (4,211) Net gain on investment securities (811) (502) Share of results of associates and joint ventures (72) 5 Net gain on disposal of property, equipment and other assets (189) (187) Net foreign exchange gain (3,039) (389) 58,787 66,183 Net changes in operating assets and operating liabilities: Net (increase)/decrease in balances with central banks, deposits with banks and other financial institutions (557,542) 89,019 Net increase in placements with and loans to banks and other financial institutions (3,851) (14,862) Net decrease in financial assets held under resale agreements 6,015 9,324 Net increase in loans and advances to customers (1,284,220) (1,245,191) Net decrease in borrowings from central banks (173,209) (14,294) Net increase in placements from banks and other financial institutions 64,133 2,902 Net increase in due to customers and deposits from banks and other financial institutions 1,140,072 2,127,708 Increase in other operating assets (118,950) (247,588) Increase in other operating liabilities 125,663 56,480 Cash (used in)/from operations (743,102) 829,681 Income tax paid (25,728) (46,118) Net cash (used in)/from operating activities (768,830) 783,563
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- VI - Three months ended 31 March 2025 2024 (Unaudited) (Unaudited) Cash flows from investing activities Cash received from disposal of investment securities 895,929 739,677 Cash received from investment income 94,091 85,267 Cash received from disposal of investment in associates and joint ventures 45 10 Cash received from disposal of property, equipment and other assets 1,812 2,760 Cash paid for purchase of investment securities (1,132,493) (2,009,483) Cash paid for purchase of property, equipment and other assets (5,201) (5,780) Net cash used in investing activities (145,817) (1,187,549) Cash flows from financing activities Contribution from issues of other equity instruments – 40,000 Cash received from debt securities issued 1,172,345 829,401 Cash payments for transaction cost of debt securities issued (10) (10) Repayments of debt securities issued (724,108) (774,018) Cash payments for interest on debt securities issued (27,060) (27,240) Cash payments for principal portion and interest portion of lease liability (1,234) (1,112) Dividends paid (45,511) (3,681) Net cash from financing activities 374,422 63,340 Net decrease in cash and cash equivalents (540,225) (340,646) Cash and cash equivalents as at 1 January 1,846,612 2,512,725 Effect of exchange rate changes on cash and cash equivalents 3,206 (1,696) Cash and cash equivalents as at 31 March 1,309,593 2,170,383 AGRICULTURAL BANK OF CHINA LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (Continued) FOR THE THREE MONTHS ENDED 31 MARCH 2025 (Amounts in millions of Renminbi, unless otherwise stated)