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China Lenders Record Lower Profits in Q1

CHINA PRESS
MNI (Singapore)

China commercial banks' profits suffered in Q1 due to higher interest rates on loans, a surge in deposits and the slow recovery of financial markets, 21st Century Business Herald reported on Wednesday. According to the China Banking and Insurance Regulatory Commission, lenders made net CNY667.9 billion profit in Q1, rising 1.3% y/y, compared to 5.4% at the end of 2022. Meanwhile, the non-preforming loan ratio printed 1.68% and added CNY125.9 billion , down 0.09pp from the same period last year. Lenders enhanced credit support to house buyers with 92% of new mortgage loans directed to the first-house buyers.

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