Banks see steady development
SHANGHAI’S banking industry continued to develop and recorded improved asset quality on the whole, during the past year, according to a latest statement from the local banking regulator.
As of the end of 2017, the local banking industry saw its assets total 14.75 trillion yuan (US$2.34 trillion), an increase of 2.3 percent year on year, the Shanghai branch of the China Banking Regulatory Commission said in its recent report.
From January to December, banks in Shanghai extended 6.72 trillion yuan in loans and attracted 9.37 trillion yuan in deposits, up by 12.9 percent and 5 percent respectively, the report said.
Meanwhile, the asset quality of the sector kept improving, with outstanding non-performing loans dropping to 38.03 billion yuan as of the end of 2017, down 2.37 billion yuan compared with 12 months ago.