Record high lending not to increase more bad debts: ICBC chairman
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Chairman of the Industrial and Commercial Bank of China (ICBC), the country's largest lender, said this year's record high lending would not lead to the increase of non-performing loans (NPLs), reported Saturday's China Daily.
New loans of the bank would double this year and about 60 percent of the loans were targeted at infrastructure projects, Jiang Jianqing told reporters in Singapore on Friday, adding that he expected China to adhere to its current monetary policy.
The combined new loans of the ICBC stood at around 530 billion yuan (77.6 billion U.S. dollars) last year, while the figure surpassed 900 billion yuan over the first ten months this year.
The NPLs of China's commercial banks dropped to 504.5 billion yuan, which was 55.8 billion yuan less than the figure reported at the beginning of this year, according to the China Banking Regulatory Commission.
The NPL ratio fell by 0.76 percent, compared with data reported at the beginning of this year, to 1.66 percent.
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