Agricultural Bank's profit up 14.5%

Agricultural Bank will explore new ways to replenish capital for long-term development, said Li Zhenjiang, executive vice-president of the bank.

China's securities regulator last week unveiled rules for a pilot program allowing banks and other listed firms to issue preferred shares. Li said his bank plans to issue preferred shares and is waiting for more detailed rules from regulators before proceeding.

Like many other commercial banks, Agricultural Bank faces greater competition from Internet companies that are expanding into financial services.

"We hold a respectful and welcome attitude toward Internet finance and hope an environment for fair market competition will be created by having each participant regulated by corresponding rules," Li said.

He noted that Internet finance redefined banks' service channels, service and data systems, but also extended certain risks - especially those stemming from lack of liquidity.

Agricultural Bank of China, along with the three other largest State-owned commercial banks, recently imposed transaction ceilings on instant transfer via third-party payment tools.

"We lowered the cap on instant transfer to protect the safety of our clients' funds. Many thefts occurred during our cooperation with a large number of third-party payment service providers," Li said.

He said the bank will still cooperate with major third-party payment companies and emphasized the safety of clients' personal information and funds.

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