Connect with us

Hi, what are you looking for?

Imsilkroad

China’s big banks log net profit growth in 2020 despite COVID-19

Abstract : China's major state-owned banks posted higher net profits in 2020 despite the impact of the COVID-19 epidemic and volatile market situations.

BEIJING, April 1 (Xinhua) — China’s major state-owned banks posted higher net profits in 2020 despite the impact of the COVID-19 epidemic and volatile market situations.

Six state-owned banks raked in nearly 1.14 trillion yuan (about 173.82 billion U.S. dollars) in net profits attributable to shareholders in 2020, up around 1.93 percent year on year, according to last year’s financial results of these banks.

Postal Savings Bank of China registered the highest yearly profit growth of 5.36 percent, followed by Bank of China and Agricultural Bank of China, which reported increases of 2.92 percent and 1.8 percent in net profits, respectively.

China Construction Bank reported a 1.62-percent rise in net profits, while those of the Bank of Communications and the Industrial and Commercial Bank of China grew 1.28 percent and 1.18 percent, respectively, from a year earlier.

The six lenders also reported narrowing net interest margins, a gauge measuring banks’ profitability, amid the downward trend of loan prime rates and financial institutions’ efforts to concede their profits to the real economy last year.

Despite difficulties in managing interest margins, Wang Jiang, head of the China Construction Bank, forecast that the bank’s net interest margins will remain generally stable this year without large fluctuations.

Meanwhile, the asset quality of all six banks remained stable on the whole while the non-performing loan ratio picked up compared with the beginning of 2020 due to the impact of the COVID-19 epidemic.

The non-performing loan ratio of the Postal Savings Bank of China went up 2 basis points from the beginning of 2020 while that of Bank of China rose 9 basis points. Enditem

About Xinhua Silk Road

Xinhua Silk Road (en.imsilkroad.com) is the Belt and Road Initiative (BRI) portal. China’s silk road economic belt and the 21st century maritime silk road website, include BRI Policy, BRI Trade, BRI Investment, Belt and Road weekly, Know Belt and Road, and the integrated information services for the Belt and Road Initiative (BRI).

Source: China’s big banks log net profit growth in 2020 despite COVID-19

Press Release Wring Service
Press Release Wring Service Senmer Press Release Service

Trending

You May Also Like

Purifier

Hot selling well newest reserch humidifier with three grades mist output air purifiers 1 Specification& function Specification Product name 6-Stage Purification Air Purifier With Negative Anion and Humidifier Model No. OLS-K05 Negative ionic releasing(/cm3) 50 million...

Purifier

Best indoor air purifier small house purification with HEPA Porduct Name Air Purifier Model A3 Style Household / business type Lowest Noise 30 dB Particulate CADR 200m³/h Highest Noise 58 dB Voltage 110 / 220V(Optional) Rated Power...

Sticky Post

Repost Your Products Articles To Web2.0 + Social Sites + Photo Sites + Bookmark Sites 0.5$ to publish 1 article to 15 sites,average just...

Purifier

We believe that always we would hear the hydrogen water have antioxidation fuction, actually we don’t know what is antioxidation and why it’s so...