Banks’ assets climb 15.7% to US$32.8t

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November 11, 2016

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Banks’ assets climb 15.7% to US$32.8t

Source: Xinhua | November 11, 2016, Friday |

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CHINESE banks held 222.9 trillion yuan (US$32.8 trillion) in assets at the end of September, the banking regulator said yesterday.

The figure represented an increase of 15.7 percent year on year, according to a statement posted on the website of the China Banking Regulatory Commission.

As of September, lenders’ liabilities rose 15.5 percent to 205.9 trillion yuan.

Banks saw slower profit growth in the first three quarters amid a cooling economy.

Net profits of commercial lenders grew at a mild rate of 2.83 percent year on year to 1.33 trillion yuan during the first nine months, the statement said.

In the third quarter, the banking sector continued to give financial support to agriculture, small and micro enterprises as well as affordable housing projects.

Outstanding agriculture-related loans stood at 27.6 trillion yuan at the end of September, up 8 percent year on year. Outstanding loans to small and micro firms rose 13.7 percent to 25.6 trillion yuan.

Loans to pay off credit card debt and to affordable housing projects surged 19 percent and 57.5 percent during the first three quarters, outpacing average loan growth.

Commercial banks’ non-performing loans gained by 56.6 billion yuan to 1.49 trillion yuan at the end of September. The NPL ratio was 1.76 percent, up from 1.75 percent at the end of June.

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Banks’ assets climb 15.7% to US$32.8t

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