BEIJING, Dec. 2 (Xinhua) — Chinese commercial banks are likely to see their profits grow by around 10 percent in 2021, the Bank of China Research Institute has forecast in a report.

Through 2021, China’s banking sector has accelerated its recovery growth, providing more solid support for the real economy, said the report. The net profits of Chinese commercial banks in the first three quarters rose 11.5 percent year on year to 1.7 trillion yuan (about 266.8 billion U.S. dollars), earlier data from the China Banking and Insurance Regulatory Commission showed.

The research institute also predicted that the sector will register profit growth of around 6 percent in 2022, presenting stable asset quality and strong risk-offset ability. Inclusive finance and finance related to elderly care are expected to see major innovations in 2022, the report noted.