1.43 trillion! This is the latest net value production balance announced by Yu'ebao , which exceeds the personal deposit balance (including current and fixed terms) of China Merchants Bank (market value) at the end of 2016 by China Merchants Bank (market value). Before the Internet financial management methods such as Yu'ebao and WeChat Wealth Management were released, our idle current funds were usually placed in the form of current deposits in the bank, and the interest rate for one year was only a pitiful percentage of the 0.00%; and after the bank received these current deposits, whether it was taking loans or issuing interbank certificates of deposit, the returns could instantly become several times. It can be said that the current deposit business is one of the most profitable business segments of the bank.
Based on Yu'ebao's latest annualized rate of return of 4.15% and the central bank's benchmark interest rate for current deposits of 0.35%, investors can earn an additional 54.3 billion yuan in a year. It is worth noting that if other types of baby financial products are included, investors will earn more. In the past, these money were all in the bank's pocket.
Yu'ebao scale exceeds that of China Merchants Bank's personal deposits
As of June 30, Yu'ebao's net assets at the end of the period reached 1.43 trillion yuan, an increase of nearly 80% from 0.8 trillion yuan at the end of last year, and an increase of nearly 300 billion yuan from 1.14 trillion yuan at the end of the first quarter of 2017.
According to the 2016 bank annual report, the first national joint-stock bank, China Merchants Bank, has a personal current deposit balance of 951.6 billion yuan, and the personal time deposit balance is 332.9 billion yuan, with the total of nearly 1.3 trillion yuan.
Yu'ebao, which has a scale of 1.43 trillion yuan, has left China Merchants Bank's personal current deposits several streets away, and has exceeded the entire personal deposit balance of China Merchants Bank at the end of 2016, not to mention that personal deposits such as Industrial Bank, Minsheng Bank, Pudong Development Bank, and CITIC Bank are significantly smaller than those of China Merchants Bank's national joint-stock banks.
If the current growth rate is at the current rate, Yu'ebao's scale at the end of September 2017 is expected to exceed the average personal deposit balance of Bank of China in 2016 (1.63 trillion yuan).
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