Everbright SME loans surge

Lender extends more credit at lower rates to small businesses as it aids in coronavirus slump recovery effort

by Xu Yuenai
Everbright SME loans surge
Everbright Banks focuses lending on smaller companies.

(ATF) Everbright Bank said its loan balance for small- and micro-sized enterprises in the first quarter was 523.5 billion yuan ($74.36bn), an increase of 23bn yuan.

The bank said on its website that in the face of the sudden coronavirus outbreak, it had fully guaranteed the supply of medical and health care and living materials as well as the credit demand for small-, medium- and micro-sized enterprises to resume work and production.  

Additionally, Everbright Bank’s weighted average interest rate on inclusive loans was 5.2% in the period, 68bps lower than last year.  

International settlement volumes reached 212.1bn yuan, up 25%, which was 31.6 pps higher than national foreign-trade import and export growth in the quarter.