May 03, 2023 03:13 AM

FINANCE

Top Chinese Digital Banks Report More Bad Loans but Higher Earnings

By Liu Ran and Denise Jia

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Alibaba Group’s Ant is the largest MYbank shareholder with nearly 30%.

Alibaba Group’s Ant is the largest MYbank shareholder with nearly 30%.

Two digital banks backed by Ant Group and Tencent Holdings reported a rise in bad loans and slower growth of their balance sheets but also posted higher profits and healthy liquidity metrics.

Ant Group-backed MYbank said its nonperforming loan ratio for 2022 was 1.94%, up 0.41 of a percentage point from the previous year. That was still lower than the average ratio of 2.18% for small and midsize enterprise loans in China, according to the online lender’s annual report.

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