Bank of Beijing Becomes First Municipal Lender in China with over 3 Trillion Yuan in Assets

236

Bank of Beijing has emerged as the largest municipal lender in China in terms of assets according to its latest financial report.

As of the end of the first quarter of 2021 Bank of Beijing’s on-balance sheet assets were 3.03 trillion yuan, as compared to 2.9 trillion yuan at the end of 2020, when assets posted a YoY rise of 6%.

Bank of Beijing’s total loans at the end of the first quarter were 1.63 trillion yuan, while total deposits were 1.69 trillion yuan.

In 2020 Bank of Beijing saw operating revenues of 64.299 billion yuan, for a YoY rise of 1.85%, while net profits attributable to the parent company were 21.484 billion yuan, for a YoY rise of 0.2%.

Bank of Beijing’s total tech R&D investments were 2.2 billion yuan in 2020, accounting for 3.4% of operating revenues. Mobile users exceeded 10 million, of whom 8.45 million were users of the lender’s mobile banking app.

Bank of Beijing said that it had elevated information technology to the level of “party establishment and guidance” and “political position” following a push from the Chinese central government for greater adoption of fintech.

LEAVE A REPLY

Please enter your comment!
Please enter your name here