转让费率优惠延续 银行不良贷款求解精准“拆弹”

Core Viewpoint - The bank non-performing loan (NPL) transfer market is experiencing favorable policies as the China Banking Asset Management Association continues to waive listing service fees and offers an 20% discount on transaction service fees, which is expected to enhance market activity and assist banks in effectively managing NPLs [1][3] Policy Benefits - The announcement on January 7 states that the exemption of listing service fees and the 20% discount on transaction service fees will continue until January 1, 2026, with the pilot program for NPL transfers extended to December 31, 2026 [3] - This fee reduction is aimed at maintaining market vitality and reducing the cost of asset disposal for banks, encouraging them to actively participate in NPL transfers [3][4] Market Activity and Trends - Recent observations indicate a slowdown in the NPL transfer market, with only a few banks disclosing transfer information compared to the previous year, attributed to a lack of available assets for transfer and internal adjustments within banks [4][5][6] - The market experienced a significant surge in late 2025, characterized by a concentrated clearing of NPLs, which has led to a temporary decrease in transfer activity at the beginning of 2026 [4][5] Historical Context and Growth - The NPL transfer pilot program began in January 2021, allowing for the transfer of both corporate and personal NPLs, and has evolved into a crucial channel for banks to manage NPLs [7] - By the end of 2023, the program saw substantial growth, with 710 listings and a total of 1529.84 billion yuan in unpaid principal and interest, marking a 234.97% year-on-year increase [8] Future Outlook - The NPL asset disposal market is expected to enter a new phase of deepening regulation and efficiency improvement, with banks encouraged to enhance asset screening and valuation capabilities [9] - Banks are advised to integrate NPL transfers into their regular risk management practices rather than relying on year-end sales, focusing on packaging low-recovery and high-collection-cost loans for transfer [9]