Tencent-backed digital lender WeBank accounted for over half of all the profits posted by privately operated banks in China in 2021.
WeBank saw operating revenues and net profits of 26.989 billion yuan and 6.884 billion yuan respectively in 2021, for year-on-year (YoY) growth of 35.75% and 38.87%, according to figures contained in its “2021 Interbank Certificate of Deposit Issuance Plan” released on 11 April.
WeBank’s profits accounted for 50.62% of all the profits logged by Chinese private banks that year, according to a report from 21st Century Business Herald.
The digital lender’s total assets as of the end of 2021 were 438.748 billion yuan, for YoY growth of 22.65%, while its owners’ equity was 27.724 billion yuan, for a rise of 31.84%.
As of the end of 2021 WeBank’s non-performing loan ratio was 1.20%, holding steady compared to the figure at the end of the year previously, as well as slightly lower than the NPL ratio of 1.26% for China’s privately operated banks as a whole.
The provisions coverage ratio was 467.46%, for a rise of 36.20 percentage points compared to the start of the year, and over 100 percentage points higher than the private bank average of 335.90%.