Chongqing Bank Shares Tumble as China Bad Loans RiseAlfred Liu
Shares of Chongqing Rural Commercial Bank Co. fell by the most in more than two months in Hong Kong after the Chinese lender reported a jump in bad loans.
The stock fell 6 percent to HK$3.76, the biggest decline since June 5, as of 1:42 p.m. local time today.
The lender’s non-performing loans jumped 17 percent in the six months through June 30 to 1.92 billion yuan ($312 million), the company said in an exchange filing on Aug. 15. The ratio of soured loans to total credit rose to 0.85 percent from 0.8 percent.
(An earlier version of this story was corrected because of a mistaken currency conversion.)