Approximately 75 trillion yuan in deposits are projected to mature collectively by 2026, according to institutional estimates. Deposits serve as the "foundation of banking," directly influencing banks' lendable funds, asset scale, market share, and operational stability. Even amid persistently high savings rates in recent years, banks have continued to actively attract deposits without relenting.

However, an analysis of disclosed annual reports from listed banks reveals that three joint-stock banks may face risks of deposit outflows. Among them, MINSHENG BANK and China Everbright Bank experienced negative growth in corporate deposits for the second consecutive year after 2024, although the decline has narrowed significantly. Meanwhile, Ping An Bank saw its personal deposit growth stagnate amid its retail transformation.

With a large wave of deposit maturities expected in 2026, banks' ability to retain deposits will be put to the test.

**Retail Deposit Growth More Than Double That of Corporate Deposits**

Wind data shows that 22 listed banks have disclosed their 2025 annual reports, with total deposits reaching 197.73 trillion yuan—an increase of 13.46 trillion yuan from 2024, representing a growth rate of 7.31%.

Corporate deposits increased by 3.43 trillion yuan, while personal deposits rose by 9.44 trillion yuan, making the growth in personal deposits approximately 2.8 times that of corporate deposits. Year-on-year, corporate deposits grew by 4.15%, whereas personal deposits expanded by 9.66%, again more than double the corporate deposit growth rate.

The deposit scales of the 22 banks form three distinct tiers. The first tier consists of five state-owned banks—Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, Bank of China, and Postal Savings Bank of China—with deposit sizes ranging from 16 trillion to 37 trillion yuan. ICBC leads with 37.31 trillion yuan.

The second tier comprises listed joint-stock banks plus Bank of Communications, with deposits between 2 trillion and 10 trillion yuan. China Merchants Bank ranks first in this tier with 9.84 trillion yuan in deposits.

The third tier includes regional commercial banks, most with deposits below 1 trillion yuan. Chongqing Rural Commercial Bank leads this group with 1.03 trillion yuan.

Deposit growth in 2025 also varied significantly across tiers. The first tier saw increases ranging from 1 trillion to 2.5 trillion yuan; the second tier grew between 100 billion and 800 billion yuan; while the third tier added less than 100 billion yuan.

Notably, within the second tier, three joint-stock banks showed deposit growth markedly lower than their peers: MINSHENG BANK, China Everbright Bank, and Ping An Bank.

Last year, these three banks increased their deposits by 28.143 billion yuan, 66.771 billion yuan, and 49.077 billion yuan, respectively. Their growth not only fell significantly below the second-tier average of 280 billion yuan but also lagged behind regional commercial banks such as Chongqing Rural Commercial Bank and Bank of Chongqing.

**Shrinking Deposits**

Weak corporate deposit growth was particularly evident at MINSHENG BANK and China Everbright Bank, both of which reported negative growth in corporate deposits last year.

Specifically, MINSHENG BANK’s total liabilities stood at 7.13 trillion yuan at the end of last year, down 29.031 billion yuan from the previous year, a decline of 0.41%. Its total deposits reached 4.28 trillion yuan, growing only 0.66%—the slowest among the 22 banks that disclosed annual reports.

In terms of deposit structure, MINSHENG BANK’s personal deposits grew steadily to 1.39 trillion yuan, up 7.08% year-on-year, ranking 20th in growth. The balance increased by 91.864 billion yuan, with its share rising by 1.94 percentage points. However, corporate deposits ended the year at 2.89 trillion yuan, down 2.08% year-on-year, a decrease of 61.436 billion yuan from the beginning of the year—the largest decline among the 22 banks.

China Everbright Bank also reported negative growth in corporate deposits. Its total liabilities reached 6.56 trillion yuan, up 2.97% from the previous year. Total deposits grew 1.65% to 4.1 trillion yuan, ranking 20th in growth. Personal deposits increased 6.51% to 1.36 trillion yuan, rising by 83.163 billion yuan, while corporate deposits fell 0.17% to 2.22 trillion yuan, a decrease of 3.725 billion yuan from the start of the year.

Both MINSHENG BANK and China Everbright Bank have seen corporate deposits decline for two consecutive years. MINSHENG BANK’s corporate deposits fell by 122.1 billion yuan in 2024, while China Everbright Bank’s dropped by over 190 billion yuan.

2024 was the bleakest year for corporate deposit growth among listed banks, with total corporate deposits across 42 listed banks barely increasing and 16 reporting negative growth. Among the 22 banks that disclosed 2025 annual reports, 12 had negative corporate deposit growth in 2024. Currently, only MINSHENG BANK and China Everbright Bank continue to report declines, though the rate of decrease has narrowed significantly.

According to Wang Pengbo, chief analyst at BóTōng Consulting, the pattern of weak corporate deposit growth and strong retail growth stems from rising risk aversion among households, who are concentrating asset allocations in deposits amid weak consumption and non-bank investment willingness. Meanwhile, companies remain cautious in their operational outlook, with limited capital expenditure and expansion momentum, coupled with improved financing channels and higher capital turnover efficiency, leading corporate deposit growth to consistently lag behind personal deposits. "Although corporate deposits showed marginal recovery from a low base the previous year, overall growth remains subdued," he said.

Unlike MINSHENG BANK, China Everbright Bank, and other banks, Ping An Bank struggled with personal deposit growth. Although not negative, growth was nearly stagnant.

According to its annual report, Ping An Bank’s deposit principal reached 3,582.755 billion yuan last year, up 1.4% year-on-year, ranking 21st in growth. Corporate deposits grew 2.17% to 2.3 trillion yuan, while personal deposits stood at 1.2875 trillion yuan, virtually unchanged from 1.28718 trillion yuan at the end of 2024.

Amid soaring personal deposit growth across the banking sector, Ping An Bank is an outlier, largely due to its retail business transformation. At the 2025 results briefing, Ping An Bank President Ji Guangheng stated, "The foundation of our retail business has been largely established, and dawn is breaking."

Wang Jun, assistant president of Ping An Bank, added, "Over the past two years, Ping An Bank proactively adjusted its retail business structure, optimized risk policies, and reshaped growth drivers. After this phase of adjustment, the most challenging period for retail business has passed. Multiple core indicators have improved, and a turning point for retail business is gradually emerging."

**Retention Pressure Amid Deposit Maturity Wave**

Notably, since the beginning of the year, the industry has been actively discussing deposit maturities, with estimates suggesting around 75 trillion yuan in deposits will mature in 2026. Against the backdrop of declining deposit rates, this has heightened market attention to fund reallocation.

Multiple securities research reports indicate that while the majority of maturing deposits are expected to remain within the banking system, the distribution landscape may shift, intensifying competition among banks for deposits. Several banks mentioned deposit competition during their 2025 results briefings.

While discussing challenges for 2026 at the 2025 results briefing, MINSHENG BANK Vice President and Board Secretary Li Bin noted that deposit competition remains fierce, and room for further reduction in deposit costs is limited. To address this, the bank will continue to lower liability costs, deepen whole-customer, whole-scenario, and whole-link operations, focus on accounts, traffic, and synergy, and use transactions to promote fund retention, driving high-quality, low-cost deposit stability.

"At the same time, a critical task will be managing the rollover of maturing deposits," she added.

China Everbright Bank Vice President Yang Bingbing stated that in 2026, the bank will adhere to returning deposit management to its settlement origins and customer focus, treating deposits as key foundational assets for clients, ensuring smooth handling of maturing deposits, and stabilizing deposit scales. The bank will strengthen business coordination, expand diverse card usage scenarios, promote settlement fund retention, and advance the coordinated development of retail deposits in volume, cost, and efficiency to solidify the business foundation.

Bank of China Vice President Yang Jun noted that since the second half of 2025, the volume of maturing time deposits at Bank of China has indeed increased. The bank has been actively working to retain these maturing deposits. "Based on actual results, most funds remain in deposit form, with a high rollover rate for time deposits. We expect this trend to continue this year," Yang said.

Yang emphasized that deposits are core to banking and the basis for asset business growth. Bank of China will enhance deposit stability by strengthening its customer base, improving liability quality, refining product and service systems, boosting customer service efficiency, advancing ecosystem-based operations to promote fund circulation, and optimizing active liability management to enhance operational resilience.