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Ping An Bank
Ping An Bank
NEWS
- In 2023, the growth rate of retail loans in the banking sector slowed due to a decline in personal housing mortgage loans, traditionally a major component of retail lending. By the end of Q3 2023, the year-over-year growth rate of domestic retail loans was 6.85%, a decrease of 32 basis points from the same period in 2022.
- The balance of personal housing loans nationwide by the end of 2023 was ¥38.17 trillion, marking a year-over-year decrease of 1.6% and the first negative growth since 1997. Major banks reported similar trends with a collective reduction in mortgage loan balances amounting to ¥5166.26 billion, or a decline of 1.95%.
- Amidst these challenges, banks have shifted focus towards consumer loans targeting high-quality customer groups and personal business loans aimed at individual entrepreneurs and rural households, seeing these as areas with potential for growth despite existing financing difficulties for these groups.
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