Where did the 'deposit migration' go in the first quarter? The outflows were diversified, with 1.5 trillion yuan flowing into life insurance.

①In the first quarter of 2026, household deposits decreased by 1.5 trillion yuan year-on-year, while non-bank deposits increased by 2 trillion yuan year-on-year, indicating the presence of the “deposit migration” phenomenon. ②The short-term scale of migration remains relatively small, with a high retention rate of bank deposits, primarily due to low risk appetite among customer groups, innovative banking products, and the impact of peak loan disbursement periods. ③The flow of funds shows a diversified pattern rather than concentrating in a single area, and some directions do not fall within the standardized asset management sector.

cls.cnMay 11 15:59

Ping An Bank (000001) Q1 2026 Earnings Commentary: Revenue and Performance Growth Both Turn Positive, Establishing a Bottom Position

Event: Ping An Bank disclosed its Q1 2026 report. The company achieved operating revenue of 35.277 billion yuan in the first quarter of 2026, representing a year-on-year increase of 4.7%, and net profit attributable to shareholders of 14.523 billion yuan, up 3% year-on-year. First, revenue...

Guosheng SecuritiesMay 9 20:46

Listed banks' Q1 retail AUM surpassed 25 trillion yuan at its peak, with wealth management fee income increasing by over 50% at the highest. Third-party distribution played a key role.

①The retail AUM of eight banks that have disclosed their AUM all achieved positive quarter-on-quarter growth in the first quarter, with Agricultural Bank's AUM surpassing 25 trillion yuan. The number of private banking clients expanded rapidly, and for the first time, a joint-stock bank had over 200,000 private banking clients. ②Wealth management fee income showed overall recovery; state-owned large banks maintained leading fee income volumes, while joint-stock banks experienced differentiated growth rates ranging from -9% to +55%.

cls.cnMay 7 12:22

A strong stock market has driven up clients' net worth, leading to an expansion in the number of high-net-worth private banking clients at listed banks, with both the '200,000-account' and '100,000-account' tiers growing by the end of the first quarter.

① By the end of the first quarter, the number of private banking clients at China Merchants Bank exceeded 200,000 for the first time. Prior to this, only major state-owned banks had reached this milestone. ② The "100,000 client club" has now expanded to include eight banks: ICBC, ABC, BOC, CCB, BOCOM, China Merchants Bank, Ping An Bank, and CITIC Bank. ③ Since last year, the continuous boom in the equity market has led to significant investment returns for many high-net-worth individuals in the stock market, driving up their asset values.

cls.cnMay 5 16:28

Citi: Large and regional Chinese banks' Q1 results outperformed expectations with a recovery in net interest margin.

According to a Citi research report, the pre-provision operating profit (PPOP) of the 21 Chinese banks it covers grew by an average of 9.5% year-on-year in the first quarter of this year, accelerating from a 2.6% increase in the fourth quarter of last year. This growth was primarily driven by resilient loan expansion, a recovery in net interest margins, and robust performance in trading income and fee-based revenues. However, there is divergence in performance among banks, with large commercial banks and regional banks outperforming joint-stock banks. The banking sector's overall profitability increased moderately by 3% year-on-year in the first quarter, while credit costs rose as banks took advantage of strong PPOP growth to increase provisions against future risks. Most banks indicated that net interest margins are stabilizing, and they expect steady revenue for the full year.

AASTOCKSMay 5 12:14

The recovery in the property market has yet to benefit banks, as mortgage balances at several listed banks continued to decline at the end of the first quarter.

①Among the listed banks that have disclosed the latest personal housing mortgage loan data, the majority of institutions reported a continued decline in their mortgage balances compared to the end of 2025. ②This is primarily due to the seasonal 'early repayment' phenomenon following the distribution of year-end bonuses in February. Currently, there are no clear signs of a strong start for real estate from the banking sector. ③In their first-quarter reports, several banks still highlighted risk management in the real estate sector as a key focus.

cls.cnMay 4 14:48