China Banking Regulatory Commission (CBRC) quoted as saying by chinadaily.com that Chinese banks’ net profit during the latest quarter surpassed CYN1trillion ($158.8bn) for the first time.
The news agency cited CBRC as saying that banks’ net profit in the fourth quarter rose CYN 817.3bn ($129.8bn), which remained CYN536.4bn ($85.19bn), and CYN263.5bn ($41.85bn), during the second and first quarter, respectively.
According to the CBRC, Banks’ non-performing loan ratio decline 0.1 percentage point year-on-year to 1% in the fourth quarter, while their capital adequacy ratio stood at 12.7%.
It also said that provision coverage ratio reached 278.1% in the fourth quarter, compared to 217.7% during the corresponding period previous year.
The financial robustness of banks have been largely attributed by high net profit strong growth in net interest income, investment returns and fees and commissions despite the global financial crisis.
In 2010, the Chinese banking industry, including commercial banks, policy banks, credit cooperatives and other financial institutions, registered CYN899.1bn ($142.79bn), of profit after tax, up 34.5% year-on-year period.
