Slow half for foreign banks in Shanghai
Print Edition
FOREIGN banks in Shanghai reported minimal asset growth in the first half of the year, while the contribution interest margins made to their profits continued to fall, the city’s banking regulator said yesterday.
The lenders’ total assets rose just 1.7 percent in the six months through June to 1.3 trillion yuan (US$203.3 billion), according to the Shanghai branch of the China Banking Regulatory Commission.
That compared with a 21.7 percent annual expansion recorded in June last year.
The growth rate appeared also to lag that of Chinese banks. The latest available data showed the assets of Chinese banks in Shanghai rose 12 percent year-on-year in the first quarter to 11.4 trillion yuan.
Meanwhile, the contribution made by interest rate margins to foreign banks’ profits in the six-month period was just 31 percent, far below its peak of 76 percent in 2008, the commission said, without providing a year-on-year comparison.
In contrast, the proportion of their revenue generated from business with financial institutions rose to 20 percent and the profit contribution from transaction businesses rose to 36 percent, it said, again without providing comparative figures.
“Foreign banks have adjusted their operations and diversified their sources of profits to handle the new economic circumstances,” the regulator said.
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