In the first three quarters, the divergence in fee-based income among listed banks widened further.

The disclosure of third-quarter reports by listed banks has concluded, highlighting a divergent trend in intermediary business income: some large state-owned banks and leading joint-stock banks continue to lead on the back of agency sales and wealth management businesses, becoming the core engine of intermediary business income growth, while small and medium-sized banks show polarization. Wind data shows that the 42 A-share listed banks recorded combined intermediary business income of 568.673 billion yuan in the first three quarters, down 1.65% year on year, with only 17 banks posting positive year-on-year growth in intermediary business income and 25 declining. Compared with the half-year report pattern of 26 banks with positive growth and 16 with negative growth, the industry's pressure continues to widen.