China’s banking boom: assets surge in 2023

January 26, 2024
1 min read


  • China’s banks saw steady asset expansion in 2023, with the assets of financial institutions in the banking sector growing 9.9 percent year on year to 417.3 trillion yuan (about 58.7 trillion U.S. dollars).
  • Outstanding non-performing loans (NPL) were at 3.95 trillion yuan by the end of 2023, with the NPL ratio at 1.62 percent.
  • China’s commercial banks recorded a net profit of 2.38 trillion yuan last year, up 3.24 percent from the previous year.
  • China’s lenders are expected to maintain steady growth momentum in 2024, with a focus on optimizing financial resource allocation.

China’s banks experienced stable asset expansion in 2023, according to an official from the country’s financial regulator. The assets of financial institutions in China’s banking sector increased by 9.9 percent year on year to reach 417.3 trillion yuan (about 58.7 trillion U.S. dollars) in 2023. The spokesperson for China’s National Administration of Financial Regulation also reported that the asset quality of these institutions remained stable, with outstanding non-performing loans (NPL) standing at 3.95 trillion yuan at the end of 2023, resulting in an NPL ratio of 1.62 percent.

China’s commercial banks also saw growth in their net profits, with a total of 2.38 trillion yuan recorded in 2023, showing a 3.24 percent increase from the previous year. Additionally, the provision coverage ratio, which acts as a backstop against financial risks, remained relatively high at 205.1 percent. The spokesperson suggested that China’s lenders will continue to experience steady growth in the following year, with a focus on further optimizing financial resource allocation.

The spokesperson added that China’s long-term fundamentals remain robust, and expects improved fundamentals and new growth opportunities to contribute to the development of the banking sector. Overall, the article highlights the positive growth and stability in China’s banking sector in 2023, with steady asset expansion, stable asset quality, and increased profitability for commercial banks.

Previous Story

Fiery Finance: Erie County Council Meeting

Next Story

Bilt Rewards scores $200m, soaring valuation hits $3.1bn

Latest from Blog

Don't Miss