Retail Competition: China Merchants Bank Leads, SPD Bank's AUM Surpasses Ping An, Multiple Personal Loan Defaults Rise

Asking AI · Retail loan non-performing rate at joint-stock banks is rising, how can risk control be optimized?

Retail business has always been the “main battlefield” for joint-stock banks, and the tension here has never dissipated.

With the completion of annual report disclosures, the performance of retail segments in joint-stock banks has also come to light. According to statistics from Southern Metropolis Bay Finance Society, among 10 joint-stock banks listed on A-shares and H-shares, China Merchants Bank’s crown as the “Retail King” remains unchallenged. Whether it’s AUM, number of retail customers, average AUM per account, or the proportion of non-deposit assets in AUM, it leads by a wide margin; its personal loan non-performing rate is also the lowest among joint-stock banks. The second tier is more competitive, with China CITIC Bank, Shanghai Pudong Development Bank, Industrial Bank, and Ping An Bank each excelling in different areas, and the rankings have already shifted: Pudong Development Bank surpassed Ping An Bank with an AUM of 4.66 trillion yuan.

However, the performance of retail segments in joint-stock banks generally faces growth pressure. Among them, CITIC Bank’s retail profit nearly halved year-on-year, Bohai Bank and Zheshang Bank even reported losses in their retail segments. Ping An Bank stated that the retail business turning point has already appeared.

Retail AUM:

Pudong Development Bank surpasses Ping An Bank

Zheshang Bank’s growth exceeds 20%

Retail AUM refers to the total assets managed by banks for individual clients, including deposits, wealth management, funds, etc., and is an important indicator of retail business competitiveness.

Among the 10 joint-stock banks listed on A-shares and H-shares, Bohai Bank did not disclose relevant data, and the AUM calculation method for Industrial Bank has changed. Of the remaining 8 banks, China Merchants Bank’s AUM remains distinctly ahead, surpassing 17 trillion yuan, more than three times that of the second-place CITIC Bank (5.36 trillion yuan). The third is Shanghai Pudong Development Bank, with an AUM of 4.66 trillion yuan at the end of last year. Ping An Bank’s AUM is also above 4 trillion yuan, at 4.24 trillion yuan.

Notably, by the end of 2024, Ping An Bank’s AUM was still higher than Pudong Development Bank’s, but now the rankings have shifted, and Pudong Development Bank has completed the overtaking.

Banks with AUM over 3 trillion yuan include Minsheng Bank (3.28 trillion yuan) and China Everbright Bank (3.15 trillion yuan). Huaxia Bank and Zheshang Bank have AUMs of 1.11 trillion yuan and 770 billion yuan, respectively.

In terms of AUM growth from the end of 2024, 7 out of 8 joint-stock banks achieved double-digit increases. Among them, Zheshang Bank and Pudong Development Bank had the highest growth, both exceeding 20%. The smallest increase was in Ping An Bank, at only 1.1%.

It’s worth noting that compared to the growth in 2024, the AUM growth rates of joint-stock banks generally increased last year. For example, China Merchants Bank’s AUM grew by 12.05% in 2024 and 14.44% in 2025; CITIC Bank’s AUM increased by 10.62% in 2024 and 14.29% in 2025.

Joint-stock banks’ retail AUM at the end of 2025. Data source: financial reports

In terms of individual customer numbers, only China Merchants Bank has over 200 million retail customers. Pudong Development Bank, Everbright Bank, CITIC Bank, Minsheng Bank, Ping An Bank, and Industrial Bank each have between 100 million and 200 million retail customers. Huaxia Bank, Zheshang Bank, and Bohai Bank each have tens of millions of retail customers.

Joint-stock banks’ retail customer numbers at the end of 2025. Data source: financial reports

Proportion of non-deposit assets:

Generally higher than state-owned large banks

CMB, Ping An, and CITIC rank top three

Average AUM per account is akin to the “per capita wealth” of the bank’s retail customer base, and can somewhat reflect the overall wealth level of the retail clients.

According to statistics from Southern Metropolis Bay Finance Society, China Merchants Bank’s average AUM per account is 76.3k yuan, leading by a large margin. The second and third are CITIC Bank and Ping An Bank, with 35.3k yuan and 33.1k yuan, respectively.

The proportion of non-deposit assets in AUM indicates the share of assets outside of deposits in customers’ “wallets.” The higher the ratio, the more customers allocate their funds into funds, wealth management, insurance, and other products. Therefore, this data largely reflects the depth of a bank’s wealth management services.

Data shows that China Merchants Bank’s non-deposit assets account for over 70% of its AUM, meaning deposits make up less than 30% of retail customers’ assets, with funds, wealth management, and insurance products dominating.

According to the bank’s financial report, by the end of last year, the bank’s retail wealth product holdings reached 64.12 million accounts, a 10.15% increase from the previous year; retail wealth management balance was 4.41 trillion yuan, up 12.20%; last year, agency sales of non-monetary public funds reached 46.6k yuan, an 18.13% increase; agency sales of trust products reached 170k yuan, a 155.65% increase; agency insurance premiums totaled 53.6k yuan, up 25.96%.

Ping An Bank, CITIC Bank, and Pudong Development Bank all have non-deposit asset proportions exceeding 60%, forming the second tier. The third tier includes Minsheng Bank and Everbright Bank, whose non-deposit assets also account for over half of their AUM. The fourth tier comprises Huaxia Bank and Zheshang Bank, with non-deposit assets close to 50%.

It’s notable that compared to state-owned banks, joint-stock banks generally have higher proportions of non-deposit assets. According to statistics from Southern Metropolis Bay Finance Society, among state-owned banks, the highest non-deposit AUM ratio belongs to Bank of Communications at 32.12%.

Joint-stock banks’ non-deposit AUM ratios and average AUM per account. Data source: calculated from financial reports; figures may vary by institution.

Personal loan non-performing rate:

6 banks see year-on-year increases

Bohai Bank and Zheshang Bank highest

Regarding personal loan non-performing rates, excluding Everbright Bank which did not disclose relevant data, among the 9 listed joint-stock banks, Bohai Bank’s non-performing rate is the highest at 3.80%, followed by Zheshang Bank and Huaxia Bank at 2.45% and 2.11%. The lowest is China Merchants Bank at 1.06%.

Looking at changes in personal loan non-performing rates, 6 of the 9 banks saw increases:招商银行, CITIC Bank, Industrial Bank, Minsheng Bank, Huaxia Bank, and Zheshang Bank. Zheshang Bank’s increase was the largest, at 0.67 percentage points.

Banks with decreasing personal loan non-performing rates include Pudong Development Bank, Ping An Bank, and Bohai Bank. Bohai Bank’s rate fell from 4.15% at the end of 2024 by 0.35 percentage points to 3.80%.

Banks’ personal loan non-performing rates at the end of 2025. Data source: financial reports

Within personal loans, which categories saw rising non-performing rates? The situation varies across banks.

Financial reports show that the non-performing rate for micro and small business loans at China Merchants Bank increased from 0.79% to 1.22%, a rise of 0.43 percentage points. Minsheng Bank’s micro and small business loan non-performing rate increased from 1.54% to 1.63%, up 0.09 percentage points. Ping An Bank’s personal business loans non-performing rate rose from 1.02% to 1.17%, an increase of 0.15 percentage points. Industrial Bank’s personal business loan non-performing rate increased from 0.80% to 1.29%, up 0.49 percentage points.

Regarding retail risk, many bank executives mentioned this during earnings calls this year.

CMB President Wang Liang admitted, “The risk pressure on retail loans has not eased, especially for micro and consumer loans.”

CITIC Bank Vice President Jin Xinian also said that current risk control pressure mainly comes from retail loans, “Retail risk pressure is a industry-wide issue, and CITIC Bank is no exception.”

Ping An Bank’s Chief Risk Officer and Assistant President Wu Leiming stated that the non-performing amount generated by the bank’s retail personal loans may have peaked, and the downward trend will continue this year. Meanwhile, the quality of newly issued retail assets is good, so overall risk is expected to stabilize.

Retail performance:

Two banks report retail losses

Ping An Bank states retail turning point has appeared

Although several retail indicators performed well, the performance in terms of earnings last year was generally disappointing for joint-stock banks.

Among the five banks that disclosed revenue data, only Minsheng Bank achieved year-on-year growth; the other four (CMB, CITIC, Everbright, Zheshang) all saw declines. Zheshang Bank’s retail segment revenue fell by 17.56% year-on-year.

In terms of profit, the five banks that disclosed data showed clear divergence. China Merchants Bank led with around 90 billion yuan in total profit, while Zheshang Bank and Bohai Bank reported losses, at 46.6k yuan and 40k yuan respectively.

Looking at growth rates, CITIC Bank’s retail segment profit declined by 42.55% year-on-year. Regarding retail performance, Chairman Fang He Ying stated at the earnings presentation, “We need to calmly observe the cyclical nature of credit risk, the damage to value, the rapid expansion of wealth management markets, the rise of retail development systems and capabilities, and the overall trend of retail business development.” He emphasized that the bank’s focus on retail development remains unchanged, and this year’s priorities will continue to support retail stability.

“We are not lowering its (retail business) status, but rather assigning it the responsibility to face difficulties,” Fang He Ying stressed.

Ping An Bank’s financial report did not disclose relevant data, but during the earnings call, President Ji Guangheng said, “The retail business has basically bottomed out, and the dawn is beginning to appear.” According to Vice President Wang Jun, “Over the past two years, Ping An Bank has actively adjusted its retail business structure, optimized risk policies, reshaped growth momentum. After this phase of adjustment, the most difficult period for retail business has passed, with many core indicators improving and trending positively. The retail business turning point has gradually emerged.” He also predicted that the bank’s retail revenue and profit will further improve.

Written by: Liu Lanlan, Southern Metropolis Bay Finance Society Reporter