China Merchants Bank reports over 100 mln savings accounts

China Merchants Bank reported having over 100 million saving accounts, the first domestic joint-stock bank to reach that threshold.

Savings accounts are essential for banks as they build on these customers to offer diverse services ranging from wealth management to credit.

The bank has 125 million retail clients. The users of its two popular mobile apps also topped 100 million.

The bank's net profit attributable to shareholders jumped 14.84 percent year on year to 80.56 billion yuan (about 11.95 billion U.S. dollars), the company said in its preliminary earnings estimates filed with the Shanghai Stock Exchange.

The company's operating income increased by 12.57 percent to 248.66 billion yuan (about 36.89 billion U.S. dollars) last year.

Source(s): Xinhua News Agency