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Foreign banks in the Shanghai have enjoyed an average annual growth of more than 30 percent over the past five years with a shrinking non-performing loan rate, local banking regulators said yesterday.

 

Overseas lenders had robust growth, making considerable contributions to Shanghai in terms of introducing a wider range of sophisticated services and products, as well as upgrading various financial sectors by investing in domestic banks, insurance companies and others.

 

According to the China Banking Regulatory Commission's local branch, the combined assets of foreign financial institutions surpassed US$60 billion at the end of October, a jump of 31.3 percent each year since China's entry into the World Trade Organization five years ago.

 

The total loan balance topped US$30 billion, an annual surge of 41 percent, while the deposit balance stood at US$17 billion, up 81 percent every year.

 

Thanks to their sophisticated management policies and effective adjustment to the Chinese market, the non-performing loan rate has dipped from 3.9 percent to less than 0.6 percent over the period.

 

The outstanding performance has brought them combined pre-tax earnings of US$281 million, jumping 42.4 percent annually.

 

"The fast growth of overseas lenders also led to a climbing market share each year," the regulator said.

 

By the end of October, 27 foreign players had set up principal reporting banks in Shanghai, accounting for two-thirds of the total across the country.

 

(China Daily December 22, 2006)