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Quake adds $860m to Agricultural Bank's NPLs

(Xinhua)
Updated: 2008-05-20 09:52

Zhang Yun, vice governor of the Agricultural Bank of China (ABC), said Monday the major quake in Sichuan Province would probably leave the bank with more than 6 billion yuan ($860.68 million) in non-performing loans (NPL) because of casualties and building damage.

Zhang told an industry conference that 163 branches of the ABC, one of the big four state-owned banks, had halted operations as of May 13 due to network and terminal damage and building collapses in the quake-hit provinces of Sichuan, Shaanxi and Gansu.

Zhu Min, vice governor of the Bank of China, the country's second largest lender, told the conference that the quake exerted pressure on the industry's housing loans, as "some houses remained standing but the owners were dead or missing, while some owners survived but their houses were destroyed."

The death toll in the 8.0-magnitude earthquake stood at 34,073 as of Monday noon, with another 245,108 people injured, according to the earthquake relief headquarters of the State Council, the Cabinet.

Yang Zaiping, vice president of the China Banking Association (CBA), said on Monday the industry was assessing the impact of the quake and the CBA would classify losses into different categories.

Yang said the industry would provide "tangible" solutions on the basis of the appraisal.

Banks have offered 2.99 billion yuan in loans for the quake-stricken areas as of Monday noon to support reconstruction.

Yang said that banks are reviewing loan applications from quake-hit enterprises to better arrange future loans, adding that the country would have a comprehensive scheme of financial support to help victims rebuild their homes and companies restore production.

The ABC said it would send 50 bankmobiles into the disaster area on Monday and Tuesday to provide financial services to local residents. It also allowed credit card users in Sichuan province to suspend payments.

The ABC would establish a disaster relief counter at each of its more than 1,000 outlets in Sichuan province.

Zhang Furong, vice governor of the Industrial and Commercial Bank of China, said that the bank provided "tent bank" services and shipped 100 automated teller machines to Sichuan to help survivors do their banking.

Zhu Xiaohuang, vice governor of China Construction Bank, said it has instituted an emergency "green light" service. Clients who had lost bank cards or books in the quake could withdraw up to 3,000 yuan in emergency funds using their identity documents and passwords.