HAIKOU, July 11./TASS/. The assets of the Bank of Hainan, the first provincial-level commercial financial institution on the island, increased by 13% from January to June, to 42 billion yuan ($ 6.1 billion). According to official reports, its profit for the same period accounted for 505 million yuan ($ 73 million), increaing by 7.9%. Within six months, the bank issued loans amounting to about 16 billion yuan (about $ 2.3 billion), which is by almost 14% more than in the same period last year. The report notes that these funds were mainly received by private companies, usually small and medium-sized businesses.
The financial organization's activity is primarily aimed at creating a special zone of economic development and free trade on the island, which, according to the authorities, will contribute to the formation of an "international center for tourism and consumption" on Hainan. According to the authorities, the bank copes well with its main tasks and has a great potential for lending various programs - its provision with reserves is several times higher than the mandatory rate.
The Bank of Hainan opened in September 2015, now it is the only commercial financial institution of the provincial level on the island. Its logo shows a coconut palm tree resembling the symbol of the Yuan against the background of two semi-circles of green and blue in the style of "yin and yang." The bank is engaged in financing projects in the field of medicine, high technology, tourism, public education and tropical agriculture.