Chinese private banks' assets reach 132.9b yuan by Q3

BEIJING - China's private banks recorded 132.9 billion yuan ($19.32 billion) in total assets by the end of September, data from the country's banking regulator showed Thursday.

The average non-performing loan ratio for private banks stood at 0.54 percent as of September, said the China Banking Regulatory Commission (CBRC) in a statement on its website.

By the end of the third quarter this year, the CBRC had given regulatory approval for the establishment of 11 private banks, and 6 of them have opened for business so far, according to the regulator.

The private banks' outstanding loans totaled 61.16 billion yuan by the end of September, while deposits amounted to 42.82 billion yuan, said the statement.

The CBRC said these private banks have provided quality financial service to boost the real economy by focusing on medium-sized and small firms, the agricultural sector, community businesses and start-ups.

The banking regulator also called on them to operate prudently and strengthen risk management to boost stability in both operation and ownership structure.

In 2014, the CBRC approved five private banks, including Tencent-backed Webank and Alibaba-backed MYbank. Previously, China had only one private bank, China Minsheng Bank, founded in 1996 in Beijing.