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HONG KONG | Fri Jul 16, 2010 9:39am BST

HONG KONG (Reuters) - Agricultural Bank of China (1288.HK) is confident that its 2010 net profit will exceed its previously announced target after its massive share offering, a senior executive at the country's third-biggest bank said on Friday.

AgBank (601288.SS) said in its prospectus that 2010 net profit would increase about 30 percent to 82.9 billion yuan ($12.23 billion).

"Our profit growth for this year will surely exceed that figure," Executive Vice-President Pan Gongsheng told Reuters.

Pan, who was instrumental in rival Industrial and Commercial Bank of China's (1398.HK)(601398.SS) $21.9 billion record IPO in 2006, spoke to Reuters in an exclusive interview on the bank's debut day in Hong Kong.

AgBank's stock traded up 2 percent to HK$3.27 in its Hong Kong debut on Friday.

Pan said on Friday that both the ratio and outstandings of the bank's bad loan are expected to fall this year and its rural business growth would outpace that of cities.

($1=6.777 Yuan)

(Reporting by Michael Wei; Editing by Chris Lewis)
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