The wealth management subsidiaries of China’s banks posted robust growth in the first half of 2022, despite the economic uncertainty created by a renewed round of Covid lockdowns and heightened geopolitical tensions.
22 listed wealth management subsidiaries of Chinese banks have reported their first half performance results, posting collective net profits of 17.206 billion yuan.
Out of the 18 bank wealth management subsidiaries with data for last year, net profits for the first half totalled 16.775 billion yuan, for growth of 65.78% compared to the same period in 2021.
16 of these wealth management subsidiaries saw positive profit growth, while only Industrial Bank Wealth Management and Ping An Wealth Management posted profit declines, of 1.26% and 52.2% respectively.
Four wealth management subsidiaries, including those for Shanghai Pudong Development Bank, Bank of Shanghai, China Minsheng Bank and Bank of Suzhou, do not have relevant data for first half of 2021 as they were established after the period.
11 bank wealth management subsidiaries saw triple-digit YoY gains in their net profits for the first half, with Bank of Qingdao Wealth Management seeing the biggest increase at 537.50%. The wealth management subsidiary for big state-owned lender China Construction Bank came in second place in terms of net profit growth rate, with a rise of 261.63%.