Home » As of the end of the fourth quarter of 2023, the balance of inclusive small and micro enterprise loans increased by 23.3% year-on-year_China Economic Net – National Economic Portal

As of the end of the fourth quarter of 2023, the balance of inclusive small and micro enterprise loans increased by 23.3% year-on-year_China Economic Net – National Economic Portal

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Financial Services in Banking and Insurance Industries to Strengthen in 2023

The State Administration of Financial Supervision and Administration released the latest statistics on February 21, revealing that financial services in the banking and insurance industries will continue to strengthen in 2023.

According to the report, the balance of loans used by banking financial institutions for small and micro enterprises reached 70.9 trillion yuan by the end of the fourth quarter of 2023. This includes small and micro enterprise loans, individual industrial and commercial household loans, and small and micro enterprise owner loans. Additionally, the balance of inclusive small and micro enterprise loans of 10,000 yuan and below was 29.1 trillion yuan, marking a year-on-year increase of 23.3%. The balance of loans for affordable housing projects also reached 6.3 trillion yuan.

In the insurance sector, the original insurance premium income of insurance companies in 2023 was 5.1 trillion yuan, reflecting a year-on-year increase of 9.1%. Expenditures on compensation and benefits grew to 1.9 trillion yuan, a 21.9% increase from the previous year. The number of new insurance policies issued also saw a substantial increase of 36.1%, reaching 75.4 billion.

Despite a narrowing net profit growth, commercial banks have maintained stable asset quality. The cumulative net profit of commercial banks in 2023 was 2.4 trillion yuan, a 3.2% increase from the previous year, with the growth rate decreasing by 2.2 percentage points. The balance of non-performing loans of commercial banks remained at 3.2 trillion yuan, and the non-performing loan rate decreased to 1.59% from the previous quarter.

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Furthermore, the risk-covering capabilities of commercial banks are sufficient. As of the end of the fourth quarter of 2023, the capital adequacy ratio of commercial banks was 15.06%, marking an increase of 0.29 percentage points from the previous quarter.

Overall, the latest statistics indicate a positive trend for the financial services sector in 2023, with continued strengthening in the banking and insurance industries.

(Economic Daily reporter Guo Ziyuan)

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