Bank announces net profit up 21% in 2019

Tracy Li
Shanghai Rural and Commercial Bank says it had lent support to the real economy, especially to rural areas, small businesses and people who lacked access to banking services. 
Tracy Li

Shanghai Rural and Commercial Bank earned a net profit of 8.84 billion yuan (US$1.24 billion) last year, a rise of 21 percent compared with the previous year. The bank said it had lent much support to the country's real economy, especially to rural areas, small businesses and people who lacked access to banking services. 

The Shanghai-based lender saw its operating income reach 21.2 billion yuan, a year-on-year increase by 5.59 percent. Net profit attributable to shareholders of the parent company jumped by 21 percent to hit 8.84 billion yuan, according to its latest annual report.

Its total assets came in at 930.2 billion yuan, with a deposit balance of 692.3billion yuan.

Meanwhile, the rural and commercial lender achieved a stable asset quality in the past year as the rate of non-performing loans dropped by 0.23 percentage points after beginning of the year to 0.9 percent.

The bank said it has adhered to the strategic orientation of supporting agriculture and small and medium-sized enterprises and has given full play to the advantages in serving agriculture, SMEs, scientific and technological industries, as well as honoring a commitment to inclusive finance.

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