China

Sumitomo Mitsui Banking Corp. will become the first Japanese bank open a branch in Chongqing, China, by June.

ABC Financial Leasing Co., Ltd. reached strategic partnership agreements in Beijing with four leading farming enterprises.

ABC will implement nine financial and fiscal policies supporting the small and micro enterprises enacted by the State Council.

ICBC recorded a profit after tax of RMB 164 billion in the first three quarters of 2011, up 28.31% over the same period last year. The Bank has consistently improved its asset quality while maintaining steady growth in operating performance in all business lines. Balance and percentage of ICBC non-performing loans both went down. At the end of September, balance of non-performing loans was RMB 4.051 billion less over end of previous year. Non-performing loan rate slid 0.17 percentage point to 0.91% from the prior year-end, a percentage on par with global peers. Provision coverage rate soared 44.46 percentage points over the end of 2010 to reach an impressive 272.66%, demonstrating the significant boost to the Bank's risk capabilities. In the third quarter of 2011, ICBC maintained its momentum in the first half of the year. In deposit business, the Bank's customer deposits rose nearly RMB 1 trillion from end of 2010 to RMB 12.14 trillion at the end of September this year, up 7.64% when compared to the same period last year.  

A fiscal funding will soon provide additional capital for China's cash-strapped banks.

Bank of China will face the challenegs after being named one of the systemically important financial institutions or SIFIs by the Financial Stability Board.

The People's Bank of China stopped draining liquidity from banks through its open market operations this week.

Mainland branches of six Taiwanese banks gained profits of 30.47 million yuan or US$4.84 million, said Liu Mingkang, chairman of the China Banking Regulatory Commission.

China Everbright Bank's profit jumped 40.65 percent year on year to  14.15 billion yuan or 2.23 billion U.S. dollars for the first three quarters of the year. The bank attributed the profit growth to an increase in net interest income, which rose 30.68 percent year on year to 28.98 billion yuan in the nine-month period, according to its regulatory filing at the Shanghai Exchange, reports Xinhua.

The Export-Import Bank of China opened its 19th branch in China at Urumqi, capital city of northwestern Xinjiang Uygur Autonomous Region, according to Xinhua News.

The figure fell short of analysts’ $ 7.72bn forecast.

Earnings per share stood at 1.32 yuan In the same period.

Profit met the 11.9 billion-yuan median analysts’ estimate.

Yet profit is below expected $4.91bn while AgBank’s $5.36bn profit is above the expected $5.33bn.

Industrial & Commercial Bank of China’s net income surged 28% to 54.4 billion yuan.

All services in all outlets under ICBC Beijing are now monitored in real-time.