Translation. Region: Russian Federal
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
BEIJING, May 17 (Xinhua) — Chinese banks and insurers saw solid asset growth in the first quarter of this year, official data showed Friday.
The assets of financial institutions in the country’s banking sector in national and foreign currencies at the end of March amounted to 458.3 trillion yuan (about 63.71 trillion US dollars), which is 6.7 percent more than a year earlier, according to data from the State Administration of Financial Supervision and Supervision (SAFSSC) of China.
From the beginning of the year to the end of March, the total assets of financial institutions in the insurance sector increased by 5.4 percent to 37.8 trillion yuan.
The country’s commercial banks posted a combined net profit of 656.8 billion yuan from January to March. The bad-loan ratio of these banks stood at 1.51 percent at the end of March, up from 1.5 percent at the beginning of the year.
According to the State Administration of the Federal Tax Service, the income of insurance companies from insurance premiums in the first quarter amounted to 2.2 trillion yuan, and their expenses on compensation and payments reached 827.4 billion yuan. -0-