Foreign bank profits up

Shanghai branches of foreign banks collectively posted RMB1.07bn (US$129.2m) in first-quarter profits, a 46.8% year-on-year rise — accounting for more than 10% of their China profits, state media reported, citing the Shanghai Bureau of the China Banking Regulatory Commission. The total assets of foreign banks operating in Shanghai reached RMB342.3bn (US$41.34bn), up 38.4% year-on-year, compared to assets totaling RMB1,187.8bn (US$143.45bn) at state-owned banks, which grew by 10.1% from a year ago.