This Chinese first private bank’s total assets amounted to CNY 438.7 billion by the end of 2021
Chinese neobank WeBank reported a revenue of CNY 26.98 billion (USD 4.08 billion) for the year ended December 31, 2021, up 36% year-on-year.
According to the financial report filed on April 30, WeBank posted a net profit of CNY 6.88 billion in 2021, surging by 39% compared with the previous year. The return on net assets was 28.24%.
As of the end of 2021, due to the rapid growth of the distribution business, the assets under management (AUM) exceeded CNY 1 trillion for the first time to CNY 1.5 trillion, up 52% year-on-year. The loans under management were CNY 782.9 billion, up 34% year-on-year.
In terms of asset quality, the bank's non-performing loan ratio stayed the same from the 2021 figure at 1.2%.
In terms of capital adequacy indicators, WeBank's core tier-1 capital adequacy ratio and capital adequacy ratio were 11.06% and 12.11% at the end of 2021, down 0.30% respectively from the end of 2020.
This largest banking unicorn globally was founded with the mission of providing ‘inclusive finance,’ targeting unbanked and underbanked individuals and SMEs, while capitalizing on its technological advantages. The cumulative number of active individual customers reached nearly 321 million at the end of 2021.
WeiLiDai (Chinese:微粒贷 - ‘micro loan’), a purely online lending platform, and WeiYeDai (Chinese:微业贷 – ‘small-business loan’) which debuted in 2017 and intended to boost entrepreneurship in China, are two main credit services it profited from.
Other domestic E-bank representatives include Alibaba-backed MyBank, Baidu’s aiBank and Xiaomi-supported XWBank.