Banks’ wealth management subsidiaries earned more than 1 billion yuan in net profit last year

2022-05-09 0 By

As listed banks continue to disclose annual reports, the performance of banks’ financial subsidiaries is also gradually emerging.The reporter noticed that although the opening time is not long, but the bank financial management subsidiaries generally handed over a very beautiful “report card” : up to now, in the 9 bank financial management subsidiaries, 8 net profits last year were more than 1 billion yuan.China Merchants Bank’s Wealth management unit was the most profitable, with a net profit of 3.203 billion yuan.Boc Finance and CCB Finance followed with net profits of 2.609 billion yuan and 2.062 billion yuan respectively, ranking second and third.Even xin Bank and An Bank, which opened after July 2020, posted a net profit of 1.806 billion yuan and 1.616 billion yuan respectively last year. Qingyin Bank, which opened in November 2020, posted a net profit of 408 million yuan.In terms of assets, CCB’s total assets were the largest among the nine banks’ wealth management subsidiaries, at 18.53 billion yuan at the end of last year.Bank of China and China Merchants followed with total assets of 14.429 billion yuan and 12.097 billion yuan respectively, while BoCOM’s total assets stood at 10.206 billion yuan.Other wealth management subsidiaries have relatively small assets of less than 10 billion yuan.2021 is the “end” of the transition period of the new rules on asset management, and the market share of financial subsidiaries has steadily increased, becoming the absolute “main force” in the financial market.According to the relevant person in charge of Ping An Bank, in the current financial products sold by Ping An Bank, Ping An financial supply more than 90%.The product layout and promotion of financial subsidiaries last year can also be seen in the 2021 annual reports of listed banks.In terms of assets under management, the balance of wealth management products of seven of the nine financial subsidiaries that have announced their results has exceeded the trillion yuan mark.While the scale of the growth, the bank financial management reform and transformation of the basic completion of the process of product net value accelerated significantly.The financial results show that China Merchants Financial Management’s wealth management products balance of 2.78 trillion yuan, ranked first, an increase of 13.47% from the end of last year.In terms of promoting business transformation, by the end of last year’s report, the balance of new products was 2.6 trillion yuan, up 56.63% from the end of the previous year, accounting for 93.53% of the balance of financial products, up 25.77 percentage points from the end of the previous year. The remaining old products are used to undertake case assets approved by supervision.CCB and Boc followed with a balance of 2.19 trillion yuan and 1.71 trillion yuan respectively.According to the financial report, the entrusted management scale of Bank of China Wealth Management exceeded 1.71 trillion yuan at the end of last year, up 23.17% from the end of the previous year.In addition, the reporter noted that part of the bank financial subsidiary product earnings, in this year’s bank financial market generally net retreat is still good performance.According to the reporter statistics found that up to now, in the bank financial management subsidiaries, this year has recorded a number of negative income financial products, there are individual bank financial management subsidiaries this year negative income products accounted for more than 60%.However, Ping An Wealth Management, a subsidiary of Ping An Bank, has only 30 negative yield products this year, accounting for 12.9% of the total 233 issued wealth management products, accounting for the lowest proportion. Its average yield is also the highest at 0.60%, leading the way.Read: Sun Shijian