Banking News
- Guangdong News
Date: 7-Mar-2007 Sources: (Xinhua Online)
Forty-nine banking firms in Shenzhen, in south China's Guangdong Province, saw their total pretax profits surged 76 percent to 15 billion yuan (1.92 billion U.S. dollars) last year, the China Securities Journal reported on Tuesday.
Loans to hi-tech, logistics and cultural sectors soared in 2006,greatly boosting economic development in Shenzhen, said the report.
However, an expert with the central bank's Shenzhen sub-branch who declined to give his name, said the medium and long-term loans expand at a fast pace with much on the real estate sector, posing a potential threat.
By the end of 2006, the 49 banking firms in Shenzhen had 1.45 trillion yuan in total assets, up 20 percent year on year. Their outstanding saving deposits reached 1.06 trillion yuan and the outstanding loans came to 839.4 billion yuan.
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