“福利”收缩！民营银行存款利率持续下行

Core Viewpoint - The trend of lowering deposit rates and the cancellation of additional benefits by private banks indicates a shrinking space for "profit-sharing" in the deposit sector, leading to challenges in maintaining stable liability structures and profitability [1][4]. Group 1: Deposit Rate Adjustments - Private banks have been continuously lowering deposit rates, with recent announcements such as Anhui Xin'an Bank reducing its 3-month deposit rate from 1.45% to 1.25% [2]. - The cancellation or reduction of additional benefits like deposit points and interest coupons has become common, reflecting a broader trend of diminishing deposit "welfare" [2][3]. - Analysts note that the withdrawal of subsidy-type arrangements has led to a significant decline in the overall returns of deposit products [2]. Group 2: Competitive Landscape - Despite the recent reductions in deposit rates, private banks still maintain a slight advantage over state-owned banks, with some private banks offering rates between 1.6% and 1.8% compared to state-owned banks' rates below 1.5% [3]. - However, this interest rate advantage is diminishing due to stricter regulations and rising liability costs, leading to a narrowing of the interest rate gap between private and state-owned banks [3][4]. Group 3: Liability Challenges - Private banks face complex pressures on their liabilities, with a net interest margin of 3.83% reported for the first three quarters of 2025, which is higher than that of state-owned banks [4]. - The overall decline in market interest rates limits the ability of private banks to attract deposits through high-interest offerings, while regulatory constraints on innovative deposit products further weaken their competitive edge [5]. - Increased sensitivity among customers regarding the stability of small and medium-sized banks poses additional challenges for private banks in retaining and attracting deposits [5].