Major banks report bad-loan increases
First-quarter results show that major Chinese banks have experienced significant increases in nonperforming loans.
China Construction Bank Corp, Bank of China Ltd, Agricultural Bank of China Ltd and China Minsheng Banking Corp Ltd, the nation’s first privately owned lender, all reported the NPL increases.
China’s recent economic downturn and slower credit expansion is driving up the bad loans, said Ni Jun, an analyst at Shanghai- based Greenwoods Asset Management Ltd.
GDP grew 7.4 percent in the first quarter, compared with 7.7 percent in the first and final quarters of 2013. (Photo 4)