平安银行：增长的“奇招”

Core Viewpoint - The transformation of Ping An Bank's retail business is a necessary phase for the Chinese banking industry in the "post-retail era," marked by significant leadership changes and declining profitability in retail operations [2][4]. Group 1: Retail Business Performance - In 2024, Ping An Bank's retail business net profit was only 289 million yuan, a nearly 95% year-on-year decline, contributing just 0.6% to the bank's overall performance [4][5]. - The retail loan scale had previously expanded at an annual rate of 30% from 2016 to 2020, with peak profit contribution rates reaching 70%, but has since faced challenges with rising non-performing loans, particularly in credit cards and consumer loans [11][12]. - The bank's net interest margin dropped from 2.38% in 2023 to 1.87% in 2024, with retail interest net income decreasing by 20.8% year-on-year, reflecting the pain of the ongoing transformation [14]. Group 2: Leadership Changes and Employee Dynamics - The bank has seen three changes in retail leadership over three years, with the recent appointment of Wang Jun, who previously led the Shenzhen branch, indicating a strategic shift to enhance retail operations [4][6]. - In July 2024, the bank announced a relocation of some headquarters employees back to Shenzhen, raising concerns about potential layoffs, particularly among retail and technology departments [7][9]. - The bank is actively seeking talent to address high employee turnover in the retail sector, offering positions with training for inexperienced candidates [10]. Group 3: Strategic Initiatives for Growth - To improve retail performance, Ping An Bank is focusing on reducing high-risk assets and enhancing customer acquisition through digital marketing and AI technology [20][22]. - The bank's strategy includes leveraging the resources of the broader Ping An Group, such as integrating high-net-worth clients from insurance and trust services into its banking operations, referred to as the "group financial model" [23]. - The new leadership aims to narrow the revenue decline to around 10% by 2025, with a focus on increasing retail customer acquisition [24].