SIXTEEN listed Chinese banks reported nonperforming loans totalling 604.65 billion yuan (US$98.38 billion) as of the end of September this year, up 31.7 percent from a year ago, data from the banks’ quarterly-business reports showed.

    The nonperforming loan ratios for the nation’s five biggest banks, including Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China, Bank of China, China Construction Bank and Bank of Communications (BoCom) stood at 1.06 percent, 1.29 percent, 1.07 percent, 1.13 percent and 1.17 percent, respectively.

    BoCom said in a report that its bad loans mainly stemmed from the eastern regions and were a result of the slowing economy, as deepening economic restructuring had pushed up bad-loan risks.

    The bank forecast that its bad loans may still grow, albeit moderately. It dismissed worries that its bad loans may spiral out of control.

    Meanwhile, the combined net profits of the 16 banks reached over 1 trillion yuan in the first three quarters of the year, up 9.7 percent year on year. The figure has slowed sharply compared with the double-digit growth rates of recent years. (Xinhua)