Zhejiang Online Business Bank Co., Ltd. (Online Business Bank) reported a net profit of 31.66 billion yuan (RMB) in 2024, a decrease of 24.6% compared to the same period last year, and lower than the 35.38 billion yuan in 2022.
The financial report released by Online Business Bank for 2024 shows that its revenue in 2024 was 213.14 billion yuan, a 13.7% increase from 187.43 billion yuan in the same period last year. However, the operational profit for Online Business Bank in 2024 was 34 billion yuan, down by 0.6% from 34.2 billion yuan in the same period last year; credit impairment losses amounted to 12.06 billion yuan, compared to 10 billion yuan in the same period last year.
The financial report also indicates that the net profit for Online Business Bank in 2024 was 31.66 billion yuan, a decrease of 24.6% from 42 billion yuan in the same period last year, and lower than the 35.38 billion yuan in 2022.
Zhejiang Online Business Bank Co., Ltd. is an internet commercial bank that provides financial services to small and micro-enterprises and online consumers. It officially opened on June 25, 2015, and is one of the first privately-owned banks in China.
As of December 31, 2024, Ant Group holds a 30% stake in the bank, making it the largest shareholder.
Many netizens have commented on this issue, with a majority expressing negative views.
“Gary” believes: “Online Business Bank will continue to decline this year and next year. This online lending is very risky. After using it a few times, I will no longer use it.”
Tencent user zbm3s7z also said: “Online lending causes a lot of harm, so do not easily get involved.” Netizen “美女帥哥” revealed: “The interest rates are very high.”
The feedback from netizens reflects concerns about the performance and risks associated with online lending provided by Online Business Bank. The decrease in net profit and operational profit in 2024 compared to the previous year indicates potential challenges the bank may face in the future. Additionally, the high credit impairment losses highlight the need for better risk management practices within the institution. The fact that a significant portion of the bank is owned by Ant Group also raises questions about the bank’s strategic direction and potential impact on its operations.