The assets of foreign banks in the city saw year-on-year growth of 13 percent in 2017, while their bad loan ratio stood lower than the average level of Shanghai's banking sector, the local regulator said today.

Foreign-funded banks in Shanghai recorded a total of 1.56 trillion yuan (US$240 billion) in assets by the end of December 2017, accounting for 10.6 percent of the entire local banking sector.

This represents 13 percent growth of their assets compared with a year ago, according to the latest data released by the Shanghai branch of China Banking Regulatory Commission.