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1st LD Writethru: Chinese lenders' profit growth slows down

Xinhua, August 10, 2016 Adjust font size:

Profit growth for Chinese commercial banks slowed this year, the top banking regulator said Wednesday.

The net profits of commercial lenders reached 899.1 billion yuan (about135.14 billion U.S. dollars) during the first half (H1) of the year, up 3.17 percent year on year, according to a statement on the website of the China Banking Regulatory Commission.

The assets of the banking sector jumped 15.7 percent from one year earlier to 218 trillion yuan at the end of June, while liabilities hit 201.8 trillion yuan, an increase of 15.2 percent year on year.

The banking sector continued to give financial support to agriculture, small-and-micro enterprises as well as affordable housing projects.

Outstanding agriculture-related loans stood at 27.3 trillion yuan at the end of June, up 8.7 percent year on year. Outstanding loans to small-and-micro firms hit 25 trillion yuan, up 13.2 percent.

Loans to pay off credit card debt and loans to affordable housing projects surged 17.2 percent and 62 percent during the first half of the year, outpacing average loan growth.

Commercial banks' non-performing loans (NPL) increased by 45.2 billion yuan to 1.44 trillion yuan at the end of June. The NPL ratio was 1.75 percent, unchanged from the end of March.

An NPL is a loan that is in default or close to being in default.

The capital adequacy ratio of commercial lenders stood at 13.11 percent at the end of June, down 0.25 percentage point from the end of March, the statement said, adding that banking liquidity remained ample. Endi