Foreign banks in Shanghai post record profits

Total profits climb to US$2 billion in 2012.

This total was the highest ever for foreign banks operating in the city, said the Shanghai Regulatory Bureau under China Banking Regulatory Commission.

Shanghai has 22 foreign banks; 78 branches of foreign banks; 100 sub-branches of foreign banks and 83 representative offices of foreign banks.

In 2012, foreign banks in Shanghai had total assets of US$173 billion, total deposits of US$91.9 billion and a loan book worth US$68 billion.

Non-performing loans stood at 0.37%, much lower than the national banking industry average.

Foreign banks also maintained their edge in derivative trading and foreign currency loans. Their derivatives business amounted to US$672 billion or a third of China's total. Foreign currency loans granted by foreign banks in Shanghai constituted 40% of Shanghai's banking industry as a whole.