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Foreign banks see profit surge in Shanghai

By Yuan Yuan (chinadaily.com.cn)
Updated: 2009-02-20 19:06

Shanghai-based foreign banks reported a 230.9 percent increase in profit after tax last year, reaching 9 billion yuan at the end of 2008, Shanghai's banking regulator said on Thursday.

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The growth rate was higher than the national average for foreign banks at China, said Yan Qinming, head of the China Banking Regulatory Commission's Shanghai branch.

Outstanding loans among locally incorporated foreign banks in Shanghai totaled 445.25 billion yuan at the end of 2008, up 9.34 percent from a year earlier, the statement said. The growth rate was well below the 35 percent rise in total bank loans in China.

According to the statement, 17 foreign banks had incorporated their China offices in Shanghai, and more than 100 foreign financial institutions had representative offices in the city at the end of last year