Produced by | WEMONEY Research Office
Text | Liu Shuangxia
Since the first independent legal entity in China, direct sales bank , Baixin Bank , in the past five years, only one bank of Postal Savings Bank , has been successfully opened, only one of the wholly-owned subsidiarys of Postal Savings Bank has been successfully opened.
At the end of June this year, Youhui Wanjia Bank officially opened its doors to welcome customers. Baixin Bank's performance exploded in the first half of the year, with net profit increasing by more than twice year-on-year. At the same time, China Merchants Topology Bank, which had been preparing for a long time, suddenly announced its termination.
In the context of the impact of the epidemic and the stricter Internet deposit and loan policies, how can the two independent legal person direct sales banks deal with challenges and embark on the path of differentiated development?
01. The start of the Youhui Wanjia Bank, Postal Savings Bank digital transformation of ,
, is different from the equity structure of Baixin Bank's "bank + Internet", and the Youhui Wanjia Bank is wholly established by Postal Savings Bank.
On June 30, 2022, Youhui Wanjia Bank held an opening ceremony, announcing the official opening and launching its first batch of products.
According to the semi-annual report of Postal Savings Bank, as of the end of June 2022, Youhui Wanjia Bank achieved operating income of 68 million yuan and a net loss of 32 million yuan.
received the preparation approval document in December 2020. In just one and a half years, the Youhui Wanjia Bank successfully opened. This shows how much Postal Savings Bank attaches importance to it. In the layout of Postal Savings Bank, Postal Savings Bank is the "test field" for Postal Savings Bank's digital transformation.
For a long time, Postal Savings Bank has relied on its unique "self-operated + agent" model, with outlets covering urban and rural areas, and has more than 600 million personal customers " rich mine ", but its online transformation process is relatively slow.
Zhang Jinliang, chairman of Postal Savings Bank, once said that as an independent legal person bank with full license, the purpose of applying for direct sales banks is to use them as a tool or "test field" for Postal Savings Bank's digital transformation.
"The biggest difference between Youhui Wanjia Bank and other direct sales banks is that it has a huge offline physical network. Online intelligent services and offline warm face-to-face services are the biggest characteristics and core competitiveness of this direct sales bank." Zhang Jinliang said.
Postal Savings Bank wants to nest financial services into production and life scenarios such as merchants and consumers through the establishment of direct sales banks. Using Internet thinking, we mainly focus on serving rural and rural areas and small and micro enterprises, and use technological means to integrate various scenario ecology such as industries, government affairs and people's livelihood.
From the perspective of the products of the Youhui Wanjia Bank, it also mainly supports the parent bank's advantages. Up to now, the first batch of products such as Sinochem Agricultural Materials Loan, Distribution Loan, and Financial Supermarket of Youhui Wanjia Bank have been officially launched, and the digital rural platform focusing on rural government affairs scenarios is being piloted and promoted in some counties.
As a wholly-owned subsidiary of Postal Savings Bank of China, Postal Savings Bank will mainly rely on its parent bank to develop its business in the early stage.
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02. After 5 years of exploration, Baixin Bank ushered in a period of explosive performance?
As the first direct sales bank in China to conduct business in the form of an independent legal person, Baixin Bank has attracted much attention from the market since its opening.
Baixin Bank officially opened on November 18, 2017 and was jointly initiated by CITIC Bank and Baidu company . Its initial registered capital was 2 billion yuan, and it later introduced its strategic shareholder Canadian Pension Fund Investment Company. As of the end of 2021, the total capital of Baixin Bank was 5.634 billion yuan.The shareholding ratios of CITIC Bank, Baidu and Canadian pension funds are 65.7%, 26.03% and 8.27% respectively.
Before 2021, Baixin Bank had been in the stage of exploration and development, and its performance was not stable. From 2017 to 2020, Baixin Bank's operating income was RMB 41.9037 million, RMB 1.295 billion, RMB 2.373 billion and RMB 1.723 billion, respectively, and the net profit attributable to shareholders during the same period was RMB -293 million, RMB -484 million, RMB 19.7605 million and RMB -388 million, respectively.
(Baixin Bank's net profit data, from the Enterprise Warning App)
official website information shows that Baixin Bank's business mainly has three major sectors: wealth management, consumer finance, small and micro finance . Establishing a dependency, Baixin Bank has successively released digital financial products such as Haohuihua, Wallet Plus, Baidu Flash Payment Card, Baiche Loan, Baishang Loan, Baixing Loan, Baixing Loan, Baitiao Post and other digital financial products. In the early stage of the business development, Baixin Bank cooperated with Internet platforms such as iQiyi and Du Xiaoman to expand deposit business. However, as the supervision of Internet deposits becomes stricter, supervision requires that fixed deposits and other businesses be carried out through non-self-operated online platforms. For Baixin Bank, which relies on online business development, the efficiency of deposit acquisition has been greatly affected.
data shows that in 2020 and 2021, the scale of savings deposits of Baixin Bank continued to decline. From 2019 to the end of 2021, Baixin Bank's savings deposit amounts were RMB 22.714 billion, RMB 17.156 billion and RMB 12.196 billion, respectively.
It is understood that among the four Internet deposit products launched by Baixin Bank, "Change Plus", "Zhihuicun", "Xinbao" and "Zhicunbao", "Change Plus" has been removed from the shelves due to the adjustment of channel partners' activities; "Zhihuicun", "Xinbao" and "Zhicunbao" products have also been adjusted or removed from the shelves, and the balance of existing business continues to shrink.
In 2021, Baixin Bank's performance turned over and achieved a net profit of 263 million yuan. Market insiders pointed out that as the first independent direct sales bank, Baixin Bank's business itself is to cross the river by feeling the stones. In the early stage, financial technology invested heavily, mainly for the business exploration period. As the business lines gradually became clear, profits began to improve.
In the first half of this year, Baixin Bank achieved net operating income of 1.937 billion yuan, a year-on-year increase of 46.95%; net profit of 338 million yuan, a year-on-year increase of 225.47%.
At present, Baixin Bank has entered a new stage of strategic development, focusing on the main channel of industrial digital finance .
However, compared with online merchant bank and WeBank , which are also Internet banks, Baixin Bank's performance is still far behind. In addition, the United Credit Rating Report also pointed out that Baixin Bank's profit stability needs to be paid attention to. Larger business and management fees and credit impairment losses have led to weak profitability in Baixin Bank, and future profitability levels need to be paid attention to.
Baixin Bank’s credit business customer base is mainly young white-collar workers and newcomers in the workplace. The United Credit Rating Report believes that the income source and income level of this type of customer is unstable. In the extreme situation of economic downturn and rising unemployment rate, such customers may have large-scale defaults. The future migration of credit asset quality still needs to be continued to be paid attention to, and risk management capabilities need to be tested.
In addition, in the first half of this year, the board of directors of Baixin Bank ushered in a major change, which will inevitably have a certain impact on business development.
In March this year, Li Qingping, Chairman of Baixin Bank and Chairman of the Strategic Development Committee of the Board of Directors, Wang Haifeng, Non-executive Director and Member of the Board of Directors Audit and Related Transaction Control Committee, Jin Li, Independent Non-executive Director, Member of the Board of Directors Audit and Related Transaction Control Committee, Board of Directors Risk Management and Consumer Rights Protection, and Board of Directors Nomination and Remuneration Committee, submitted his resignation. At the same time, the Board of Directors elected Lu Tiangui as Chairman, added Liu Yuezhen and Li Xiaoyang as candidates for non-executive directors, and added Ren Fei as candidates for independent non-executive directors.
At present, the job process of Lu Tiangui, the intended chairman of Baixin Bank, is in the regulatory approval stage. Lu Tiangui is the deputy president of CITIC Bank. He has worked in CITIC Bank Credit Card Center , private banking department, head office retail banking, and Bank of China Co., Ltd. and other units (departments). He has rich experience in the financial industry in practice and management.
