Agricultural Bank of China issues 400 bn yuan in perpetual bonds, reports strong Q3

Agricultural Bank of China completed the issuance of its 2025 second tranche perpetual bonds (Bond Connect) on October 30, 2025, after book-building on October 28, 2025. The 400 billion yuan bonds carry a coupon rate of 2.27% for the first five years, with an option for the issuer to redeem from the fifth year onwards. The proceeds will bolster the bank's additional Tier 1 capital, as approved by regulatory bodies.

Concurrently, the bank announced its Q3 2025 financial results, with net profit attributable to parent company shareholders reaching 220,859 million yuan for the nine months ended September 30, 2025, a 3.03% increase year-on-year. Total assets grew by 11.33% to 48,135,429 million yuan compared to the end of last year. The capital adequacy ratio stood at 17.78%, Tier 1 at 12.92%, and core Tier 1 at 11.16%. The leverage ratio for Q3 2025 was 6.29%, while the liquidity coverage ratio averaged 130.25%.

The bank’s board of directors approved the 2025 Q3 report and the third pillar information disclosure report. The board also approved the financial bond issuance plan and the capital instrument and total loss-absorbing capacity non-capital bond plan for 2025.