The Russian-Ukrainian war and inflationary pressures caused the first-quarter pre-tax surplus of the three financial industries, including banking, insurance and securities, to total 261.4 billion yuan, a decrease of nearly 20% from the same period last year. The decline is nearly 50%, and the recession is greater than that of banking and insurance.
The Financial Supervisory Commission announced today (5) the profits of the three financial industries. Among them, the banking industry had a pre-tax profit of 107.2 billion yuan in the first quarter, a slight increase of 2.3% over the same period last year, but the insurance industry and the securities industry declined at the same time. 100 million yuan, an annual decrease of 23.5%; the pre-tax surplus of the securities industry was 18.606 billion yuan, an annual decrease of 47.7%.
Hou Liyang, chief secretary of the Banking Bureau of the Financial Supervisory Commission, said that the stable profit of the banking industry in the first quarter was mainly related to the increase in interest income and US dollar asset evaluation. Among them, domestic banks benefited from the growth of interest income, with a profit of 89.95 billion yuan in the first quarter, an annual increase of 0.2% ; Foreign banks also made a cumulative profit of 5.1 billion yuan due to the increase in US dollar asset evaluation, an annual increase of 1.7 times.
The insurance industry posted a pre-tax profit of 135.6 billion yuan in the first quarter, an annual decrease of 23.5%. Lin Zhixian, deputy director of the Insurance Bureau, pointed out that it was mainly related to the decrease in investment income of 33.5 billion yuan, but the property insurance industry saw an increase in net underwriting profit, which led to a profit of 6.8 billion yuan in the first quarter. Yuan, an increase of 23.6% over the same period last year.
As for the securities industry, it was affected by the decline in Taiwan’s stock price, with a profit of 18.606 billion yuan in the first quarter, down 47.7% from the same period last year.
Gao Jingping, deputy director of the Securities and Futures Bureau, said that brokerages’ profits in the first quarter were almost cut in half, mainly due to the sharp drop in the trading volume of Taiwan stocks, which dragged down the brokerage business of brokerages by 10% year-on-year. Brokerage profits have been greatly reduced.
/s3/static.nrc.nl/wp-content/uploads/2024/09/07005437/ANP-300909870.jpg?fit=300%2C300&ssl=1)
:quality(85)/cloudfront-us-east-1.images.arcpublishing.com/infobae/TORLX2LH3ZHJTKPSVJAGJAWPMI.jpg?fit=%2C&ssl=1)