China city commercial banks' assets total $3.76 trillion

NANCHANG - China's 133 city commercial banks recorded 25.2 trillion yuan ($3.76 trillion) in total assets by the end of June, according to the China Banking Regulatory Commission (CBRC).

The figure represents annual growth of nearly 40 percent from a year earlier. The banks' outstanding loans totaled 9.5 trillion yuan, while deposits amounted to 15.6 trillion yuan, the CBRC said at an annual conference in the eastern city of Nanchang.

China's city commercial banks have developed quickly in recent decades. Their combined assets now account for 11.9 percent of the banking system's total.

In addition, China's first five private banks, including the Tencent-backed WeBank, saw their assets rise to 114.9 billion yuan as of the end of June, with the bad loan ratio at 0.34 percent.