Банки и потребительское кредитование ускорили очистку проблемных активов в первом квартале, одновременно появляются сделки с «коротким сроком задолженности» и «минимальной ценой»

3月24日，兴业消费金融在银行业信贷资产登记流转中心（以下简称银登中心）挂出两则个人不良贷款转让公告，未偿本息总额均超10亿元，合计规模突破20亿元，涉及超过2万笔已分类为“损失”的贷款。

In same day, the 银登中心 updated a total of 15 announcements for the transfer of non-performing loans. The transferors also include multiple nationwide banks such as 中国银行, 邮储银行, and 平安银行.

Since the beginning of the year, the listing of similar large-scale asset packages has become the norm. Data show that from early January to late March, there have been more than 370 announcements for non-performing loan transfers published by 银登中心.

延长政策窗口期

The surge in market activity stems from clear policy expectations. On 2025年12月29日, the National Financial Regulatory Administration officially issued a notice to extend the pilot期限 for non-performing loan transfers to 2026年12月31日. This is already the second extension since this pilot was launched in 2021, giving financial institutions a “peace of mind” regarding long-term asset disposal strategies in their planning.

Meanwhile, as the operating platform, 银登中心 has also introduced substantive measures to reduce fees. Starting from 1月1日, 2026年, it will continue to temporarily exempt listing service fees for non-performing loan transfer business, and will offer an 8折优惠 on transaction service fees. This combination of “extension + fee reduction” significantly lowers compliance disposal costs and operational thresholds for financial institutions.

Warm policy signals quickly turned into market actions. At the start of 2026, consumer finance companies became the most active supply side in the market. In just January, leading institutions such as 招联消费金融, 中银消费金融, and 蚂蚁消费金融 posted listings frequently on 银登中心. The non-performing loan transfer packages involved an outstanding principal and interest total exceeding 110亿元, accounting for nearly seven-tenths of the total outstanding principal and interest listed that month.

Among them, 招联消费金融 on 1月23日 listed at one go 5 tranches of non-performing consumer loan asset packages, with a combined outstanding principal and interest total of about 62.7亿元. The weighted average days past due for all asset packages were all over 1500 days. 蚂蚁消费金融, on the other hand, listed two tranches of personal non-performing loans on 1月29日, with a combined outstanding principal and interest total of 23.7亿元.

Entering March, the asset packages worth over 20亿元 listed in a single day by 兴业消费金融 are just the recent peak. Previously, 中邮消费金融 listed an asset package of non-performing personal consumption loans with an outstanding principal and interest total of 9.19亿元 on 3月4日. 长银五八消费金融 also concentrated the listing of 4 tranches of projects on 3月17日, with a combined outstanding principal and interest total of 17.19亿元.

On 3月11日, 建设银行 listed at one time 10 announcements for the transfer of non-performing loans, involving multiple branches including Zhejiang, Henan, Jiangsu, and others. On 3月20日, the Tianjin branch of 中信银行 listed a personal consumption loan non-performing asset package with an outstanding principal and interest total of 1.12亿元. Branches such as 交通银行苏州分行 and 华夏银行北京分行 have also recently launched non-performing asset transfer projects with several billions in scale.

A professional specializing in non-performing asset disposal noted that consumer finance business has characteristics such as customer base tiering (downstream), mainly credit loans, and a relatively short business cycle. During fluctuations in the economic cycle, its asset quality is more likely to face pressure first. Accelerating the transfer of non-performing assets helps consumer finance companies quickly recover funds, reduce the pressure of provisions, and optimize financial statements, thereby creating room for expansion of subsequent business.

突出处置的紧迫性

Unlike the “bad debts” that were long accumulated from earlier transfers, the asset packages emerging in the current market show a clear “short账龄” (short aging) characteristic, reflecting the urgent disposal needs of the transferors. For example, an asset package of non-performing personal operating loans listed in 2026 by the Guangdong branch of 建设银行 has a weighted average days past due of only 145.47 days.

“Quickly stripping assets with relatively short overdue periods that have not fully settled is proactive risk management behavior under a stop-loss mindset.” A professional from the asset management department of a city commercial bank in the western region interpreted it. Behind this may be two considerations: first, internal collection resources are limited; when facing overdue accounts that grow in the short term, choosing bulk transfer is more efficient; second, it is expected that the future cash recovery rate will decline as time goes by, so it is better not to wait—transferring early to lock in part of the recovery value and avoid further deterioration of asset quality.

The concentrated release of supply quickly reversed the market supply-demand relationship, resulting in widespread downward pressure on transfer prices, and “floor price” transfer phenomena have frequently appeared. Public information shows that a non-performing asset involving 8 corporate customers and a book value of 14.21亿元 from 晋商银行 was eventually sold to the related party 晋阳资产管理公司 at a price of 3.10亿元, with a discount rate as low as 2.18折. Market data show that the average discount rate for bulk transfers of personal non-performing loans has already moved from 2 to 3折 in the initial pilot period to around 4.1折 in the first quarter of 2025. Fierce price competition imposes very high requirements on the valuation and pricing ability and cost control of transferees.

At the same time, the requirements from transferors to transferees are becoming stricter and more refined. In multiple transfer announcements, 长银五八消费金融 clearly states that transferees must have a professional self-operated collection team, a comprehensive complaint handling mechanism, and a complete asset management system. The aforementioned professionals believe these clauses aim to standardize disposal behavior after asset transfers, protect the lawful rights and interests of financial consumers, and at the same time are necessary measures for the transferors to isolate risk and prevent reputation and legal risks arising from improper collection. Against the backdrop of increasingly strict regulation on consumer rights protection, compliant disposal has become the “lifeline” for market participants.

The market faces three challenges

With the pilot extended, industry consensus is that the non-performing loan transfer market will gradually shift from a “sprint-style disposal” model driven by policy uncertainty at the end of 2025 to a “normalized, market-based” operation phase. A research report from 国泰海通证券 shows that in 2025全年, the 银登中心’s non-performing loan transfer business announcement and listed projects involved a total outstanding principal and interest of 4329亿元, up 58.8% year-on-year. This indicates that non-performing asset transfers are becoming an important liquidity management and risk resolution tool for financial institutions, especially those with a high proportion of retail business.

However, behind the rapid expansion of market scale, challenges cannot be ignored. A professional in asset management summarized that the current market mainly faces three challenges.

First is the pricing challenge. Individual loan non-performing assets have inherent attributes of “small amount, dispersed, and unsecured.” The future cash recovery is highly uncertain, making accurate valuation extremely difficult.

Second is the disposal challenge. After acquiring the assets, the transferee mainly relies on its own or third-party collection efforts. The final return highly depends on the compliance, professionalism, and technical capability of the collection team. Against the backdrop of increasingly strict regulation on consumer rights protection, the costs of compliant disposal are continuously rising.

Third is the capital challenge. This mainly concerns the transferors, especially small and medium-sized banks. 经记者注意到, data from the National Financial Regulatory Administration show that as of the end of Q4 2025, the capital adequacy ratios of city commercial banks and rural commercial banks were 12.39% and 13.18% respectively, below the industry average; meanwhile, the non-performing loan ratios were as high as 1.82% and 2.72% respectively, significantly above the industry mean. For them, disposing of non-performing loans is “bleeding control,” and replenishing capital is “blood transfusion.” Both must be advanced simultaneously, otherwise it is difficult to escape the vicious cycle of “risk accumulation - capital erosion.”

“Healthy market development cannot be achieved without technological support. Using technologies such as big data and artificial intelligence to accurately classify, value, and risk-price massive debt claims is key to resolving information asymmetry and improving transaction efficiency.” The aforementioned professional believes.

He said that improving the ecosystem is also important. It is necessary to cultivate more professional, compliant asset management service providers (AMCs) and collection institutions, to form a multi-layered, specialized disposal ecosystem, so that assets of different types and different tiers can all find appropriate disposal exits. Only in this way can the market for transferring non-performing individual loans keep the bottom line of protecting the rights and interests of financial consumers while effectively clearing risk.

每日经济新闻