China's commercial banks' profits to rise 8% in Q3

0 Comment(s)Print E-mail Xinhua, July 6, 2022
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Photo shows the exhibition area of Bank of Beijing during the 2021 China International Fair for Trade in Services (CIFTIS) in Beijing, capital of China, Sept. 4, 2021. [Photo/Xinhua]

China's commercial banks are expected to see profits rise 8 percent year on year in the third quarter of 2022, according to a report issued Tuesday by the Bank of China Research Institute.

From April to June, banks increased support to the real economy and ushered in more business opportunities, the report said.

Non-interest incomes will become a driver of commercial banks' profits in the third quarter, and lenders will develop intermediary businesses including investment banking and wealth management, said the report.

Banks will also leverage financial technology to keep costs down and improve profitability.

From July to September, commercial banks' non-performing loan ratio is likely to keep falling, while their outstanding non-performing loans may rise moderately, the report said, while calling for continuous attention on risks in key industries and small and medium-sized banks.

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