The banking sector of China registered a profit of approximately 93 billion yuan (some 11.24 billion US dollars) last year, a year on year rise of 200 percent, according to a report on the growth of China's banking sector.

The drastic rise in the profits is ascribed to the robust growth of China's economy, in-depth reform of state-owned commercial banks and rural credit cooperatives and rectification of share-holding commercial banks, according to the report which will be published by the China Banking Regulatory Commission.

The four leading state-owned commercial banks, namely the Bank of China, the Industrial and Commercial Bank of China, the Construction Bank of China and the Agricultural Bank of China, registered a profit of 64.742 billion yuan (about 7.83 billion US dollars) last year, 67.9 billion yuan (8.21 billion US dollars) more than that for the previous year.

The reports says, share-holding banks registered a total profit of 29.494 billion yuan (3.56 billion US dollars) last year, up over 60 percent over the previous year. The figure deducted a large amount of cash drawn by the Bank of Communications owing to its financial regrouping.

The report disclosed that rural credit cooperatives across China for the first time reported a combined surplus of 10.462 billion yuan (1.26 billion US dollars) last year. A total of 26, 245 credit cooperatives, or 81 percent of the total, recorded surpluses in the year.

Source: Xinhua