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Last updated at: (Beijing Time) Friday, January 10, 2003

Banks in Shanghai Report Good Performance in 2002

The banking sector in Shanghai improved its performance and assets quality in 2002, with both outstanding deposits and loans each topping one trillion yuan (120.48 billion US dollars).


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The banking sector in Shanghai improved its performance and assets quality in 2002, with both outstanding deposits and loans each topping one trillion yuan (120.48 billion US dollars).

Last year, outstanding deposits in local and foreign currencies at both Chinese and foreign financial institutions in Shanghai amounted to 1,403.5 billion yuan (169.096 billion US dollars), including 277.644 billion yuan (33.45 billion US dollars)deposited within the year, up 24.66 percent year-on-year.

Meanwhile, according to the latest statistics from the People'sBank of China (PBOC) Shanghai Branch, outstanding loans by the institutions also smashed the one-trillion-yuan (120.48-US dollar)mark to reach 1,055.094 billion yuan (127.12 billion US dollars) last year, including 177.168 billion yuan (21.35 billion US dollars) made within the year, up 20.18 percent.

Beside the enviable growth in both deposits and loans, the financial institutions lowered their non-performing loan (NPL) rate to 6.81 percent last year, the lowest among their peers across China. Of these, state-owned institutions reported an NPL rate of 8.14 percent, down 2.36 percentage points from the previous year, said Hu Pingxi, president of the PBOC Shanghai Branch.


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