CBIRC: Commercial banks wrote off non-performing loans for RMB 988 billion
Liu Zhiqing, Vice Director of Statistics and IT Department of China Banking and Insurance Regulatory Commission (CBIRC) reports that non-performing loans written off by commercial banks amounted to RMB 988 billion last year, RMB 259 billion more than the figure recorded in 2017. The balance of loan loss reserve was equal to RMB 3.7 trillion, 676.2 billion more than in 2017.
Provision coverage ratio and loan provision ratio were 18.5% and 3.5% respectively, 5.15% and 0.24% higher than the figures reported at the end of 2017.
In the insurance industry, total assets reached 18 trillion last year, 7.2% higher than the previous year and original insurance income increased by 3.9% from 2017 to 3.8 trillion.