 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
| . |  |
. |
 by Staff Writers Beijing (AFP) Aug 30, 2016
All of China's "Big Four" state-owned banks reported mounting bad loans in the first half of the year, statements showed, as the world's second-largest economy faces souring debt amid slowing growth. The Industrial and Commercial Bank of China, the world's biggest lender by assets, said its non-performing loan (NPL) ratio rose to 1.55 percent at the end of June, up from 1.50 percent at the end of last year, according to a statement to the Hong Kong stock exchange filed Tuesday. Even so its net profit for the first six months edged up 0.8 percent year-on-year to 150.66 billion yuan ($22.6 billion), it said. China's three other giant state-owned banks have reported similar results in recent days, with all of their bad loan ratios creeping upwards as Beijing seeks to boost the world's second-largest economy with an infusion of cheap credit. Analysts have warned that a debt-fuelled rebound might be short-lived and ballooning borrowings risk sparking a financial crisis as bad loans and bond defaults increase. Bank of China's earnings statement Tuesday showed its NPL ratio rising to 1.47 at the end of June, up from 1.43 in December. Last week the country's number two lender, the China Construction Bank,reported its NPL ratio had risen 0.05 percentage points to 1.63 percent, while the Agricultural Bank of China reported a figure of 2.40 percent, slightly higher than last year. China's total debt hit 168.48 trillion yuan at the end of last year, equivalent to 249 percent of national GDP, top government think tank the China Academy of Social Sciences has estimated. Authorities have unveiled a set of policies intended to tackle the problem of souring loans, including debt-for-equity swaps. But some analysts fear this would simply extend life support to debt-saddled "zombie" companies that are weighing down the economy. Earlier this summer an official with China's banking regulator said that Chinese banks had written off more than $300 billion of bad loans in the past three years. bfc/slb/sm
Related Links The Economy
|
|||||||||||||
|
|
| The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us. |
del.icio.us
Digg
Reddit
Google
