互联网型民营银行同业存单发行忙 资本补充仍迎大考

Core Viewpoint - Internet-based private banks are actively issuing interbank certificates of deposit (CDs) to manage liabilities and support capital replenishment, reflecting their asset expansion while maintaining balance sheet stability [1][5][8]. Group 1: Issuance and Trends - Internet-based private banks, including WeBank, SuShang Bank, XinNet Bank, and JinCheng Bank, have significantly increased their issuance of interbank CDs in 2023 compared to the previous year, with most banks experiencing growth in issuance scale and a decline in interest rates [1][2]. - As of August 7, 2023, WeBank issued 53 batches of CDs totaling 154.52 billion yuan, a 340% increase from the previous year, while SuShang Bank issued 87 batches totaling 11.02 billion yuan, a slight increase of 15.3 million yuan [2][6]. - The overall trend shows that the issuance of interbank CDs is a crucial tool for banks' active liability management and liquidity control [2][3]. Group 2: Capital Management and Challenges - The issuance of interbank CDs not only aids in liability management but also indirectly supports capital replenishment, highlighting the flexibility and targeted strategies of different banks in their capital management [3][5]. - Despite the growth in asset size, internet-based private banks face challenges in maintaining capital adequacy ratios, with WeBank's capital adequacy ratio reported at 12.7% as of Q1 2025, down from 13.81% in the previous year [8][9]. - The tightening of regulations and the upcoming "assisted lending regulations" pose additional challenges for these banks, potentially impacting their asset structure and growth strategies [9][10]. Group 3: Market Conditions and Future Outlook - The market liquidity is currently abundant, leading to a downward trend in the interest rates of interbank CDs, which is expected to continue [4][7]. - Analysts predict that the issuance of interbank CDs will remain stable in the second half of the year, with fluctuations likely due to seasonal factors [7][8]. - Internet-based private banks are exploring alternative growth avenues, such as enhancing their wealth management services, to adapt to the changing market conditions and regulatory environment [9][10].