China's five largest banks reported that bad loans tripled in the first half of the year.
Specifically, these five Chinese financial institutions wrote off 22.1bn yuan (£2.25bn) in the first six months of 2013, compared to just 7.65bn a year earlier, according to a Bloomberg report.
The agency noted that these write offs didn't affect bank profits thanks to earlier provisions made to counteract the bad debts.
The Chinese financial sector regulator warned the country's banks last April to increase their financial cushion in order to prepare for potential defaults.
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Specifically, these five Chinese financial institutions wrote off 22.1bn yuan (£2.25bn) in the first six months of 2013, compared to just 7.65bn a year earlier, according to a Bloomberg report.
The agency noted that these write offs didn't affect bank profits thanks to earlier provisions made to counteract the bad debts.
The Chinese financial sector regulator warned the country's banks last April to increase their financial cushion in order to prepare for potential defaults.
LiveCharts
