Shanghai banking sector assets hit 14.8 trln yuan

SHANGHAI - Total assets in Shanghai's banking sector saw steady growth in the first quarter of 2018, according to the local banking regulatory body.

By the end of March, assets of Shanghai's banking industry reached 14.8 trillion yuan (about $2.32 trillion), up 3.8 percent year on year, according to the Shanghai office of China Banking Regulatory Commission.

The loan balances hit 7 trillion yuan by March, up 11.2 percent year on year, while the balance of deposits grew by 4.3 percent year on year to 9.4 trillion yuan.

The non-performing loan ratio was 0.53 percent by March, down 0.03 percentage point from the beginning of this year, a record low within four years.

Assets of foreign banks in Shanghai grew 14.4 percent year on year to 1.5 trillion yuan, accounting for 10.4 percent of the total.