The Strategist

Chinese banks boost net profit by 3.2% in 2023

02/23/2024 - 02:17

In 2023, China's commercial banks' overall net profit climbed by 3.2% to 2.4 trillion yuan ($338 billion).

Dinkun Chen
Dinkun Chen
The PRC's State Administration of Financial Regulation reported the news.

By the end of December, banks' capital adequacy ratio—which does not include foreign financial institution branches—had risen from 14.77% in September to 15.06%.

The Xinhua news agency quoted the regulator as stating that the percentage of problematic loans issued by banks decreased to 1.59 percent from 1.61 percent.

The Chinese banking industry's total assets increased by 9.9% in the previous year to reach 417.3 trillion yuan.