Record high profit for foreign lenders
By Lilith Hu |
January 29, 2013, Tuesday
|
Print Edition
Print Edition
FOREIGN banks in Shanghai made a record high profit last year despite falling deposits and loans, the China Banking Regulatory Commission Shanghai office said in a statement yesterday.
The combined net profit at locally incorporated foreign lenders in Shanghai totaled 12.5 billion yuan (US$2 billion) last year, the best ever in history, the local banking regulator said.
Deposits at all banks, including domestic and foreign, in Shanghai grew at a slower 9.2 percent last year, compared to 12.3 percent in 2011, according to the Shanghai headquarters of the People's Bank of China.
However, the foreign banks suffered a steeper decline of 85.5 billion yuan to 17.1 billion yuan in new deposits in all currencies. Their new lending fell 8.2 billion yuan from a year earlier, the PBOC's local headquarters said this month.
Deposit balances at the foreign lenders gained 6.7 percent to 1.1 trillion yuan last year from 2011, while outstanding loans rose 6.9 percent annually to 734.1 billion yuan.
The foreign lenders in Shanghai kept their bad loan ratio at 0.34 percent, lower than the industry average of 0.66 percent, last year, the local regulator said.
Local customers accounted for a bigger proportion - 41 percent - in the foreign lenders' base, while the yuan business soared to 73 percent of their operations.
By the end of last year, there were 22 locally incorporated foreign banks in the city, according to the CBRC Shanghai office.
The combined net profit at locally incorporated foreign lenders in Shanghai totaled 12.5 billion yuan (US$2 billion) last year, the best ever in history, the local banking regulator said.
Deposits at all banks, including domestic and foreign, in Shanghai grew at a slower 9.2 percent last year, compared to 12.3 percent in 2011, according to the Shanghai headquarters of the People's Bank of China.
However, the foreign banks suffered a steeper decline of 85.5 billion yuan to 17.1 billion yuan in new deposits in all currencies. Their new lending fell 8.2 billion yuan from a year earlier, the PBOC's local headquarters said this month.
Deposit balances at the foreign lenders gained 6.7 percent to 1.1 trillion yuan last year from 2011, while outstanding loans rose 6.9 percent annually to 734.1 billion yuan.
The foreign lenders in Shanghai kept their bad loan ratio at 0.34 percent, lower than the industry average of 0.66 percent, last year, the local regulator said.
Local customers accounted for a bigger proportion - 41 percent - in the foreign lenders' base, while the yuan business soared to 73 percent of their operations.
By the end of last year, there were 22 locally incorporated foreign banks in the city, according to the CBRC Shanghai office.
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