China's banking industry posts 1.5% profit growth year-on-year in Q1

[BEIJING] China's banking industry recorded 1.5 per cent profit growth in the first quarter from a year ago, an official of the country's top banking and insurance regulator said on Friday, emphasising a continued crackdown on shadow banking system is key.

Non-performing loan of the banking industry totaled 3.6 trillion yuan (S$736.7 billion) at end-March and the bad loan ratio stood at 1.89 per cent, said Xiao Yuanqi, chief risk officer at the CBIRC.

Chinese banks' property loans grew 12 per cent in the first quarter, the slowest pace in 8 years, said Mr Xiao. Outstanding loans to small and medium enterprises nationwide stood at 45.66 trillion yuan by the end of March, Mr Xiao added.

REUTERS