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Banking sector's net profits grow 30% in 2008

By Yang Zhen and Bi Xiaoning (chinadaily.com.cn)
Updated: 2009-02-26 15:28

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China's banking sector realized 583.4 billion yuan in after-tax net profits in 2008, up 30.6 percent year-on-year, Liu Mingkang, chairman of the China Banking Regulatory Commission, told a press conference on Thursday.

The banking sector's return on equity was 17.1 percent, up 0.4 percent year-on-year, Liu said.

The provision coverage ratio for State-owned banks jumped to 109.8 percent in 2008, from 76.4 percent a year earlier, while the ratio for shareholding commercial banks increased 55.1 percent year-on-year to 169.6 percent, according to Liu.