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BEIJING (MNI)

Chinese banks have written-off CNY3.05 in non-performing loans in 2020, up from CNY2.3 trillion in 2019, according to a Vice Chairman of China Banking and Insurance Regulatory Commission, Liang Tao. The overall non-performing loan ratio was 1.92%, down 6 bps from the beginning of 2020, Liang added.

Overall, the industry reported CNY2 trillion in net profits last year, Liang told a press conference organized by State Council Friday. Although the net profits of all banks were down 1.8% year-on-year, it recovered from the 8.3% y/y decline seen in Q3.

Speaking in August, Guo Shuqing, chairman of CBIRC, said China's banks would write off CNY3.4 trillion in bad loans in 2020.

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