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Big 4 banks new loans down 47b yuan

(XFN-ASIA)
Updated: 2006-07-11 15:39

New loans extended by China's big four state-owned banks fell to 60 billion yuan in June, down 47 billion from the 107.2 billion yuan recorded in May, the China Business News reported citing industry sources.

The new loans extended by the big four -- Industrial and Commercial Bank of China, Bank of China, China Construction Bank and Agricultural Bank of China -- accounted for 16.7 percent of the 360 billion yuan in total new loans extended by China's financial institutions during the month.

In May, new lending from the four banks accounted for 51.2 percent of the industry total of 209.4 billion yuan, the newspaper said.

Citing market analysts, the newspaper said the slowing pace of credit approvals by state banks is a result of the central bank's tightening credit measures by central bank.

However, new loans extended by small and medium sized banks still posted robust growth, reflecting still high market demand, it added.