ABC NOL rate dips 4.99 percentage points
15/7/2003 16:34
The Agricultural Bank of China, one of China's Big Four state
owned banks, managed to lower the non-performing loan rate by 4.99 percentage
points to 30.07 percent last year, while its profit surged by nearly six folds
to 10.94 billion yuan (US$1.3 billion), according to the first annual report
published by the bank.
By the end of 2002, ABC reported an 18.56-percent jump
in banking deposits to 2.48 trillion yuan and a 16.21-percent increase in loans
to 1.9 trillion yuan from the year's beginning.
Of the loans, those for
individual consumption soared by 70 percent to 1.7 trillion yuan.
While
adopting a credit management system, the bank better controlled the loan risk
and saw the quality of its loans improving.
According to the report, the
ratio of loans to corporations with a tainted credit history dropped 5.3
percentage points, while that of loans to quality borrowers increased 6.5
percentage points.
Jane Chen / Shanghai Daily news
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