5 state-owned banks profits up 29% in 1st three quarters

13:08, November 01, 2010      

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As of Friday, five major state-owned commercial banks, namely the Industrial and Commercial Bank of China, the Agricultural Bank of China, Bank of China, China Construction Bank and Bank of Communications published third-quarter data, showing that the five banks saw net profit of 421.2 billion yuan in the first three quarters, up 29 percent over last year.

According to the latest statistics released by China Banking Regulatory Commission, at the end of September, total domestic assets of China's banking institutions reached 90.6 billion yuan, an increase of 20.4 percent. Of all the different kinds of income, banks made the most profit on interest.

ICBC said the further optimized credit structure promotes the increase in loan yields, and net interest income increased steadily. In the first three quarters, net interest income of Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank and Bank of Communications was 221.6 billion yuan, 174 billion yuan, 140.8 billion yuan, 182 billion yuan and 61.5 billion yuan, respectively, an increase of 24.4 percent, 36.1 percent, 21.8 percent, 17.1 percent and 30.4 percent, respectively.

At the end of September, non-performing loans and the non-performing loan ratio of the Industrial and Commercial Bank of China, the Agricultural Bank of China, Bank of China and China Construction Bank continued to decline.

Although by the end of the third quarter, non-performing loan ratio of Bank of Communications dropped 0.14 percentage points compared to the beginning of this year, the non-performing loans totaled 26.6 billion yuan, 1.6 billion yuan more than the beginning of the year, and the risk of loans is on the rise.

China Construction Bank's balance of non-performing loans decreased by 9.5 billion yuan over the previous year-end, non-performing loan ratio fell to 1.14 percent, declined 0.36 percentage points compared with in the previous year end.

According to preliminary statistics of China Banking Regulatory Commission, as of the end of September, total assets of large commercial banks was 45 trillion yuan, up 15.3 percent; joint-stock commercial banks' total assets reached 14.2 trillion yuan, up 27.5 percent; urban commercial banks' total assets reached 7 trillion yuan, an increase of 34.8 percent; while other financial institutions' total assets reached 24.4 trillion yuan, an increase of 22.5 percent.

By Huang Beibei, People's Daily Online


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