(Yicai Global) May 22 -- China's private lenders have mostly begun to profit, with WeBank and MYbank taking the top two slots with more than CNY100 billion (USD14.1 billion) in assets each, much higher than their rivals', per the annual reports for last year 14 of the 19 non-state banks have thus far released.

WeBank posted CNY291.2 billion in assets as of the end of last year, up 32 percent from its start, CNY14.9 billion in operating revenue last year, a 48.26 percent increase on 2018, and CNY4 billion in net profit, climbing 59.66 percent, per the firm's 2019 annual report, The Paper reported yesterday. Its non-performing loan ratio was 1.24 percent as of last year in a 0.73 percentage point rise from the year before.

MYbank posted CNY139.6 billion in assets as of the end of 2019, up 45.57 percent from a year earlier, CNY6.6 billion in operating revenue, up 5.47 percent, and CNY1.3 billion in net profit for 87.18 percent growth. Its 1.3 percent non-performing loan ratio as of last year was the highest of the 14 private banks.

Third-place Jiangsu Suning Bank registered only CNY1 billion in operating revenue and CNY76 million in net profit. Its assets totaled CNY63.9 billion by the end of last year.

China's non-state banks have different operating orientations, but most claim to be internet based. WeBank, MYbank, and Sichuan Xinwang Bank are all e-banks without brick-and-mortar outlets.

Tech titan Tencent Holdings formed WeBank, taking a 30 percent stake, while MYbank was formed by Ant Financial Services Group under Tencent's arch-rival Alibaba Group Holdings, also with 30 percent.

China has approved 19 private banks since the country's first one WeBank came into existence in December 2014. Anhui Xin'an Bank, Jiangxi Yumin Bank, Wenzhou Minshang Bank and Wuhan Zhongbang Bank have yet to issue their 2019 annual reports. Wuxi Xishang Bank opened just last month.

Editor: Ben Armour