China banking sector non-performing loans at US$552b

China's banking industry recorded 1.5 percent profit growth in the first quarter from a year ago, an official of the country's top banking and insurance regulator said on Friday, emphasizing a continued crackdown on shadow banking system is key, Reuters reports.

Non-performing loan of the banking industry totaled 3.6 trillion yuan (US$552 billion) at end-March and the bad loan ratio stood at 1.89 percent, said Xiao Yuanqi, chief risk officer at the CBIRC.

Chinese banks' property loans grew by 12 percent in the first quarter, the slowest pace in 8 years, said Xiao. Outstanding loans to small and medium enterprises nationwide stood at 45.66 trillion yuan by the end of March, Xiao added.