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China banking industry assets rise to $32.09 trillion

Staff writer |
The total assets of China's banking industry reached 208.6 trillion yuan ($32.09 trillion) at the end of March, up 16.7 percent year on year, the country's banking regulator said.

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Gross liability stood at 192.5 trillion yuan, an increase of 16.1 percent year on year, according to a statement on the website of the China Banking Regulatory Commission.

The banking industry continued its credit support to farmers, small firms, and projects related to people's livelihoods during the first quarter.

Outstanding agriculture-related loans amounted to 26.8 trillion yuan at the end of March, up 9.2 percent year on year. Outstanding loans to small firms increased 13.5 percent from one year earlier to 24.3 trillion yuan.

Credit card consumer loans and loans to affordable housing projects soared 20.4 percent and 63 percent, respectively.

Risks in China's banking industry are generally controllable, the statement said.

Commercial banks' non-performing loans ratio rose to 1.75 percent at the end of March, up 0.07 percentage points from the end of December.

The banking sector posted steady profit growth during the first quarter. Commercial lenders raked in 471.6 billion yuan in profits from January to March, up 6.32 percent year on year, according to the statement.

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