Watch VideoPlay Video
Sixteen listed Chinese banks have now posted their first half reports, after the Bank of Beijing and Shanghai Pudong Development Bank released theirs Sunday. As Haidi Lun finds out, the banks have posted double digital growth in net profit.
The total profits of all 16 listed banks reached 343.4 billion yuan in the first half. That's almost half the profits made by the 18-hundred listed firms.
China's big four banks took the lead in making money. The industrial and Commercial Bank of China returned the most -- 84.6 billion yuan. Huaxia Bank's profit grew the fastest, at a rate of 80 percent compared to the same period last year.
Wei Guoxiong, Chief Risk Officer of ICBC said "55 percent of ICBC's new loans in the first half were injected into small and medium enterprises. Total new loans reached 520 billion yuan, equal to the amount of 2008 whole year. Such a large amount of loans suggests China's economy is active and market demand is strong."
Lv Lixing, General Manager of Research Center, Cinda Securities said "Bank loans and China's economy are positively affecting each other. I think such good interaction will be maintained at the time the country's economy is recovering."
By the end of June, total assets of Chinese banks and financial institutions hit 90 trillion yuan. The non-performing loan outstanding amount and ratio both declined.
- China's listed banks H1 net profit up 46% 2010-08-30
- China's SPD Bank net profit climbs 33.92 pct in H1 2010-08-30