The volatility of the bond market drags down investment returns, while non-interest income growth of banks is currently diverging.

In a low interest rate environment, banks' net interest margins continue to shrink, and non-interest income has become an important breakthrough to drive bank revenue growth. According to Wind data, in the first three quarters of this year, a total of 42 listed banks achieved non-interest income of 1.22 trillion yuan, an increase of over 300 billion yuan from the first half of this year, and an increase of 58.3 billion yuan from the same period last year. In terms of growth rate, differentiation of non-interest income in the banking industry is gradually emerging. In the first three quarters of this year, only 18 banks achieved year-on-year growth in non-interest income; affected by bond market fluctuations, 8 banks' investment income decreased year-on-year, and 31 banks had negative fair value changes.