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 Chinese yuan renminbi)
(Reporting by Tina Qiao, Cheng Leng and Ryan Woo; editing by Richard Pullin)
