Four of the private banks – WeBank, Yillion Bank, Wenzhou Minshang Bank and Newup Bank of Liaoning Co Ltd – have revealed their revenue reports in the first three quarters of 2023.
Among the highlighted numbers, Wenzhou Minshang Bank led in terms of revenue growth and reducing the ratio of bad loan.
As of September 2023, Minshang Bank reported an operating income of 823 million yuan ($116.13 million), marking a robust 20.97 percent year-on-year increase. Its net profits climbed to 425 million yuan, surpassing the full-year figure of 2022. Notably, the bank's non-performing loan ratio was the lowest among the four banks, at 0.35 percent.
Minshang Bank's distinctive operational strategy revolves around offering financial services to small and micro-enterprises.
The total assets of the four banks has exceeded 600 billion yuan, with WeBank accounting for 80 percent of the total at over 480 billion. Minshang Bank's total assets stood at 42.5 billion yuan.
Despite challenges such as risk control, private banks, including Minshang Bank, have invested significantly in technology. For instance, WeBank has adopted a technology-driven approach, enabling contactless loans.
As the private banking sector evolves, Minshang Bank has emerged as a leading player in the field, servicing small and micro-enterprises while its revenue and profits continue to increase.
