China's banking institutions report growth in total assets

BEIJING -- China's banking financial institutions saw an increase in total assets, data from the National Financial Regulatory Administration showed on Friday.

The local and foreign currency assets of these institutions totaled 406.2 trillion yuan ($56.4 trillion) at the end of June, up 10.4 percent year-on-year.

A breakdown of the asset data showed that large commercial banks accounted for 42.2 percent of the total, while joint-stock commercial banks contributed 17.1 percent.

The country's commercial banks reaped combined net profits of 1.3 trillion yuan in the first half of 2023, up 2.6 percent year-on-year.

By the end of June, the non-performing loan ratio of commercial banks stood at 1.62 percent, flat with that at the end of March.