日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

Economy

Markets

Industries

Insights

Reports

Events

Banks extend more loans, ease terms after quake

(Agencies)
Updated: 2008-05-20 11:19

China's biggest banks are providing emergency loans, easing lending requirements and improving repayment terms on credit cards after the nation's most powerful earthquake since 1950.

Agricultural Bank of China will offer preferential loan rates for those affected by the disaster and extend repayment terms for mortgages by three to six quarters, Vice President Zhang Yun said at a press conference organized by China's banking regulator yesterday. Industrial and Commercial Bank of China Ltd (ICBC), Bank of China Ltd and Bank of Communications Ltd said they will ease loan terms and change repayment dates without charge.

"The aftermath of the quake requires creative and flexible banking arrangements," said China Construction Bank Corp chief risk officer Zhu Xiaohuang. "People have lost their identity and bank cards, or can't remember their passwords after the trauma. We're pushing through emergency loans to help these people get money even without full identification documents."

China's strongest earthquake in more than half a century killed at least 34,000 people, left 10 million homeless and may have caused more than $20 billion of damage, the government estimates. Companies in Sichuan, the worst hit province, face economic losses of 67 billion yuan ($9.6 billion), according to the Ministry of Industry and Information.

The impact on bank profits from the earthquake is "hard to estimate," said Yang Zaiping, vice chairman of the China Banking Association. China's 12 publicly traded banks posted an average 118 percent jump in first-quarter profit, taking advantage of a booming economy to make loans.

Quake Losses

Bank of China Ltd, the nation's third-largest, announced as much as 160 million yuan of quake-related losses as of May 18 as the temblor disrupted data networks and damaged buildings.

Agricultural Bank, which operates 31,000 outlets nationwide with most in rural areas, had 8.5 billion yuan of losses related to loans made to the power grid, manufacturing and real estate industries, the company said at yesterday's briefing.

Bank of Communications, part-owned by HSBC Holdings Plc, had 50 million yuan worth of damage to its automatic teller machines and network, said Vice President Qian Wenhui.

Chinese banks may report higher bad loans this year because of tighter credit controls and a slowing economy, the industry regulator said earlier this month. Write-off requirements for nonperforming loans may be reduced because of the quake, Yang said at yesterday's press conference.

Loan Commitments

Chinese banks offered 2.99 billion yuan of loans for reconstruction work as of noon yesterday, the China Banking Regulatory Commission said in a statement. Bank of China made more than 500 million yuan of emergency loans, while Bank of Communications advanced 2.04 billion yuan of funding, the companies said.

ICBC, the nation's largest, plans to grant more than 10 billion yuan of loans for relief work.

China's banking regulator urged banks on May 15 to ensure the availability of cash and "basic" financial services in south-central Sichuan province. More than 90 percent of banking outlets in Sichuan province resumed operations by May 16.