CDB says total assets hit $1.2t

China Development Bank, announced on Monday that its total assets reached 7.55 trillion yuan ($1.2 trillion) by the end of March.

The non-commercial bank reported a non-performing loan ratio of 0.31 percent against total loans, marking the eighth straight year of an NPL ratio below 1 percent.

The announcement came after the closure of its first-quarter work conference.

Since the beginning of the year, the bank has lent out 33.3 billion yuan to support construction of affordable homes, up 23 percent year-on-year, with foreign currency denominated outstanding loans standing at $248.7 billion by the end of March.

It extended loans of 132.1 billion yuan in the first quarter to projects involving transportation, agriculture, water, communications, and public infrastructure.

"We would continue to serve the national strategy and play the role of a major bank that conducts long-term investment and financing business," said Hu Huaibang, Party secretary of the bank, who is expected to replace Chen Yuan as the bank's chairman.

The lender said earlier in January that it will put more than half of its new loans this year into supporting urbanization construction projects.

Last year CDB lent 116.6 billion yuan to support construction of affordable housing projects, accounting for more than 60 percent of total loans extended to such projects by banks, as its total assets increased by more than 1 trillion yuan to 7.27 trillion yuan.