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Rural Financial Institutions See US$10.5 Bln Profit

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China's small- and medium-sized rural financial institutions developed fast in 2009, and the total profit reached 71.6 billion yuan (US$10.49 billion), the Shanghai Securities News reported Friday, citing the China Banking Regulatory Commission (CBRC).

A total of 62 rural commercial banks and rural cooperative banks were founded last year, the report said. Non-performing loans decreased by 86.2 billion yuan, or 5.1 percent from the beginning of 2009, while capital adequacy ratio and loan loss reserve adequacy ratio increased 2.6 percent and 17.8 percent, respectively. A total of 91.58 billion yuan non-performing assets were unloaded.

Jiang Dingzhi, deputy chairman of the CBRC, stressed that small- and medium-sized rural financial institutions should increase risk management and control, and hold steadily to the financial business risk bottom line.

( March 20, 2010)