Agricultural Bank of China reports record loan to farmers

The Agricultural Bank of China (ABC), one of the country's top four state-owned commercial banks, lent a total of RMB150 billion (US$22 billion) to rural households in 2009.

The loan 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 RMB67.3 billion (US$9.9 billion) by the end of 2009, up by RMB62.6 billion (US$9.2 billion) compared to the beginning of last year.

The ABC would continue to offer small-loan support for rural households in 2010 and tap into new markets at counties in the country, ABC President Xiang Junbo said.

The bank reported RMB1.75 trillion (US$256 billion) of new deposits in 2009, up 27.7% on-year.