China’s banking sector disposed of $467 billion soured assets in 2020: statement By Reuters

© Reuters. FILE PHOTO: A man rides an electric bike past the CBIRC building in Beijing

BEIJING (Reuters) – China’s banking sector disposed of 3.02 trillion yuan ($466.6 billion) in non-performing assets in 2020, the country’s top banking and insurance watchdog said on Friday, up more than 50% from a year ago.

The non-performing loan ratio of the banking sector was 1.92% at the end of 2020, according to a statement by China’s Banking and Insurance Regulatory Commission (CBIRC). The whole sector set aside a 1.9 trillion yuan loan loss provision last year, it added.

China’s commercial banks posted 2 trillion yuan in net profits in 2020, down 1.8% from a year earlier.

($1 = 6.4722 renminbi)

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