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Chinese listed banks post better Q1 results: newspaper
May 14, 2019
Abstract : The operating income of most of the 33 Chinese banks listed on the mainland and in Hong Kong saw double digit growth during the first quarter of this year, China Daily reported Tuesday.
BEIJING, May 14 (Xinhua) -- The operating income of most of the 33 Chinese banks listed on the mainland and in Hong Kong saw double digit growth during the first quarter of this year, China Daily reported Tuesday.
According to incomplete statistics, the 33 listed lenders realized a total operating income of 1.3 trillion yuan (189.38 billion U.S. dollars) in the first quarter, up 15.4 percent year on year, the paper reported.
The growth was aided by higher credit issuance, which in turn help boost the size of interest-earning assets. Lowering bank borrowing costs, higher credit card business income and steady income from the wealth management businesses also buoyed growth, experts said.
During the same period, the 33 banks together posted a 6.5 percent year-on-year growth in net profit attributable to equity holders of the parent company -- the highest in recent years, although the rate was lower compared with that of their operating income growth, the paper reported.
China stepped up its financial support to key areas and weak links in the economy, according to data released by the China Banking and Insurance Regulatory Commission on Friday.
As of the end of the first quarter, the balance of loans offered by banking institutions to small and micro enterprises and small business owners amounted to 34.8 trillion yuan. Among the total, the balance of bank loans for small and micro enterprises with a credit line of less than 10 million yuan reached 10 trillion yuan, rising by 24.7 percent year on year, much higher than the growth rate of various types of loans over the same period, the paper reported.
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