Date
23 October 2017

CITIC Bank Shanghai branch faces rising bad loans, paper says

China CITIC Bank Corp. Ltd. (00998.HK, 601998.CN) is facing mounting bad loans in its Shanghai operations, mostly to steel traders in the Yangtze River Delta region, news website caijing.com reported Monday. Overdue loans rose 42.82 percent to 30.69 billion yuan (US$5.05 billion) at the end of June last year compared with the beginning of that year. Non-performing loans in the Yangtze River Delta region, where most steel traders operate, climbed to 10.03 billion yuan during the first half last year, accounting for 61.26 percent of bad loans. The bank wrote off 3.2 billion yuan last year, the report said.

– Contact HKEJ at [email protected]

TL/MY/RA

 

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