Banking Profits Rise 24% in Q1
China's commercial lenders reported a combined ¥326 billion in gross profits in Q1 2012, up 23.7% from the same period a year ago, the banking regulator said. Nonperforming loans increased from ¥427.9 billion at the end of last year to ¥438.3 billion as of the end of March, marking the second straight quarter of increase. However, nonperforming loan ratios averaged a tenth percentage point lower at 0.9% in Q1 compared to the previous quarter. Capital adequacy ratios remained unchanged at 12.7% recorded at the end of last year.
¥36b Subsidies to Drive ¥450b of Retail Sales
The Chinese government's decision to earmark ¥36.3 billion subsidizing purchases of energy-saving products is expected to generate ¥450 billion worth of retail sales and save an equivalent of 12 million tons of coal, the National Development and Reform Commission predicted.
SOEs Report Third Month of Declining Earnings
China's state-owned enterprises posted ¥12.72 trillion in revenues and ¥669 billion in gross profits in the first four months of 2012, up 12.4% and down 8.6% respectively from the same period a year ago, according to the State-Owned Assets Supervision and Administration Commission. It was the third consecutive month gross profits saw a year on year drop.
EMS Revenue Up 37% Jan-Apr
Revenue from China's express mail services rose 37% year on year to ¥29.35 billion, China Post said. The industry delivered 1.45 billion parcels during the period, up 46% from a year earlier.
Food Industry Output to Top ¥9t
Output from China's food processing industry expanded 26.1% year on year to ¥2.02 trillion in Q1 2012 and is expected to reach ¥9 trillion for the whole of this year, according to the National Bureau of Statistics. Industry profits climbed 24.9% year on year to ¥145.56 billion in January-March.
$1 = ¥6.32