China's authorities aim to dispose 3.4 trillion yuan ($497 billion) worth of bad loans from the banking sector this year — only one-third of that have been written off, said Fitch.
Banks in China are likely to record greater declines in profits in the second half of this year as bad loans are set to rise further as a result of the coronavirus pandemic, according to Fitch Ratings.
Chinese authorities aim to dispose 3.4 trillion yuan worth of bad loans from the banking sector this year — only one-third of that have been written off, said the agency.GREG BAKER | AFP | Getty Images Banks in China are likely to record greater declines in profits in the second half of this year as bad loans are set to rise further as a result of theIn January to June this year, Chinese banks collectively lost around 1 trillion yuan in net profit — or a 9.4% decline — compared to first half of 2019 on lower margins and higher expected loan losses, the ratings agency said in a Wednesday report.at least 10% year-on-year fall in profit — their biggest earnings declines in at least a decade.
Fitch said Chinese authorities have aimed to dispose 3.4 trillion yuan worth of bad loans from the banking sector this year. Only around one-third of that — or 1.1 trillion yuan — were written off in the first half of 2020, the agency added. China, the first country hit by the coronavirus, is among the earliest to mark a recovery in its economy. But many challenges remain and the pressure on Chinese banks' profitability could persist into the next year, said Fitch.
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