Shenzhen Government Online
City’s banking industry assets reach 10.99 trillion yuan
From: Shenzhen Daily
Updated: 2021-10-12 09:10

Shenzhen banking industry’s total assets had witnessed a year-on-year growth of 12.84 percent and reached 10.9 trillion yuan (US$1.7 trillion) at the end of June, ranking third among large and medium-sized Chinese cities, Shenzhen Special Zone Daily reported.

Looking at the city’s banking industry’s balance sheet, its deposits amounted to 7.8 trillion yuan by the end of June, up 10.49 percent year on year. Its loans totaled 7.48 trillion yuan, up 12.74 percent year on year. According to economist Song Qinghui, Shenzhen’s banking industry has played an indispensable role in promoting economic development and is an important force behind “Shenzhen Speed.”

In 2020, Shenzhen’s financial institutions in the banking industry had a total of 2,005 service outlets, 83,623 employees and 35 corporations including large commercial banks, foreign-funded banks, trust companies and finance companies, statistics from the People’s Bank of China, Shenzhen Central Sub-branch showed.

With the development of fintech, bank outlets are also adapting to the changes of the times and exploring new business formats with personalized and customized characteristics for different customer groups.

In addition, noticeable effects can be seen after Shenzhen banks’ credit funds have returned to the main business and supported the real economy.

As per data from the Shenzhen office of China Banking and Insurance Regulatory Commission, as of the end of June, the balance of inclusive loans granted to micro and small businesses totaled 1.04 trillion yuan, up 39.39 percent year on year.

Meanwhile, new loans issued by the city’s banking industry are mainly invested in manufacturing and strategic emerging industries.

As of the end of June, the balance of loans for manufacturing and strategic emerging industries, and technology enterprises reached 851.1 billion yuan, 455.8 billion yuan and 565.7 billion yuan, respectively.

Shenzhen’s banking industry has also continued to classify asset risks and strengthened the disposal of nonperforming assets.

By the end of this June, nonperforming loans’ balance was about 100.81 billion yuan, a decline of 1.54 billion yuan over the beginning of the year. Nonperforming loan ratio stood at 1.35 percent, down 0.13 percentage points from the beginning of the year and 0.51 percentage points lower than the national level.