The Agricultural Bank of China said on January 24 that its brisk business last year had resulted in sharp rises in both deposits and loans.

In 1999, the bank's deposits increased by 226.7 billion yuan, with the outstanding amount of deposits exceeding 1.6 trillion yuan. Loans increased 174.4 billion yuan, including 21 billion yuan extended for poverty-relief projects.

Vice-President Li Dianjun of the bank said that most of the newly-increased loans were given to industries with a good track record as well as a selective clientele, which ensured a much higher interest recovery rate than the previous year.

Li said that the bank's card business also experienced rapid development in 1999 with 11 million cards being issued.

Last year, the bank also successfully issued floating rate bonds on the international market, reinforced its customer credit management, and set up an information system for credit management.

Li said that in 2000 the bank will make further efforts for a bigger market share, providing better services for clients and developing retailing banking businesses.