CBRC says China's bank assets up 18.6% in 2008
The China Banking Regulatory Commission (CBRC), the nation's banking watchdog, on Monday released its 2008 annual report for the country's banking industry, which shows that the total assets of financial institutions in China increased 18.6% to RMB 62.4 trillion in 2008.
The increase is equivalent to 207.5% of China's 2008 GDP, said a statement on the CBRC's website.
The average capital adequacy ratio of commercial banks climbed 3.7% year on year to reach 12% at the end of 2008.
By the end of last year, the non-performing loans (NPL) of commercial lenders had decreased by RMB 708.2 billion from the start of 2008 to RMB 560.3 billion, while the NPL ratio had dropped 3.7% from the beginning of last year to stand at 2.4%.
At the end of last year, the provision coverage ratio of commercial banks stood at 116.4%, up 75.2% from the beginning of 2008.
The bank sector reaped RMB 583.4 billion in net profit last year, with a 17.1% return on capital and a 1% return on assets.
At the end of last year, the balance of loans to small and medium-sized enterprises (SMEs) stood at RMB 10.3 trillion and accounted for 53.06% of the total corporate loans.
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