Shanghai banks bag more profits

Shanghai Banking Regulatory Bureau (SBRB) announced recently that the city's commercial banks realized profits of 29.41 billion yuan (3.63 billion US dollars) in the first three quarters of this year, up 17 percent year-on-year.

An SBRB official said the wider floating band of interest rates resulted in the rising profits.

Foreign banks in the city also registered impressive growth rates in revenues, with a total profit of 2.05 billion yuan (252.77 million US dollars) in the first nine months, up 72 percent year-on-year.

State-owned commercial banks saw profits of 17.87 billion yuan (2.20 billion US dollars), 14.1 percent higher than that of the same period last year.

The total assets of all financial institutions in Shanghai stood at 2.94 trillion yuan (362.5 billion US dollars) at the end of September, posting a yearly rise of 19 percent. Among which, 43.8 percent came from state-owned commercial banks, 29.4 percent from joint-stock commercial banks and 12.1 percent from foreign banks.

Balance of loans totaled 1.65 trillion yuan (203.4 billion US dollars) at the end of September, up 14 percent year-on-year.

Outstanding non-performing loans in Chinese-funded banks stood at 47.03 billion yuan (5.80 billion US dollars) at the end of September, with a decrease of 2.54 billion yuan (313 million US dollars) from January this year.

Source: Xinhua