Chinese banking sector assets up in 2022

Chinese banking financial institutions saw a steady expansion in assets in 2022, data from the country's top banking and insurance regulator showed.

Local and foreign currency assets of these institutions totaled 379.4 trillion yuan (about 55.03 trillion U.S. dollars) at the end of last year, up 10 percent year on year, according to the China Banking and Insurance Regulatory Commission.

A breakdown of the asset data showed that large commercial banks accounted for 41.2 percent of the total, while joint-stock commercial banks contributed 17.5 percent.

The country's commercial banks reaped combined net profits of 2.3 trillion yuan in 2022, up 5.4 percent from 2021.

By the end of last year, the non-performing loan ratio of commercial banks stood at 1.63 percent, lower than the level at the end of the third quarter of last year.