The number of private banking clients at several listed banks has increased significantly.

Jin10 data reported on April 15, as the net interest spread of banks is under pressure and the growth of retail business has “stalled”, several listed banks are experiencing rapid development in their private banking businesses. From the 2024 annual report data, it can be seen that the number of clients and the assets under management (AUM) of private banking businesses of multiple banks have seen double-digit year-on-year growth, becoming the leaders driving the development of retail banking. The characteristics of private banking business, such as weak cycle, low volatility, and high value, are becoming more prominent, and many large and medium-sized banks are positioning it as an important growth point for non-interest income, leading to intensified competition for high-net-worth clients among banks. However, during the development process of private banking, issues such as product homogeneity, uneven personnel quality, and vicious competition cannot be ignored. In addition, several industry insiders have indicated that the trend of narrowing net interest spread will continue, and the effectiveness of boosting non-interest income through private banking services remains to be observed.