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China's Large Joint-stock Bank Cuts Non-performing Loans
The Everbright Bank of China reported a 4.48-percent drop in non-performing loans during the first nine months of this year.
The bank had cut the rate of non-performing loans by 13.67 percent last year, bank sources said Tuesday. Its total assets have topped 268.2 billion yuan (about 32.4 billion U.S. dollars) so far, a rise of 29.32 percent since the start of the year.
During the first nine months, non-performing loans worth about 1.91-billion-yuan were collected in cash after the bank took a firm hand on loan repayment.
More than 20 employees and bank officials have been punished and fined by the bank for their actions which resulted in the financial losses, according to bank sources.
Founded in 1992, Everbright is China's only State-controlled commercial bank with international shares. It has nearly 300 offices around the country.
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