China Fund News reporter Zhao Xinyi trainee reporter Ma Jiayu

Up to now, 56 trust companies have disclosed the unaudited financial statements for 2022. On the whole, in 2022, the trust industry generally suffered from a sharp decline in operating income and net profit, and a number of core indicators hit a new low in the past five years.

Especially the trust business income, which is the most important support of operating income, achieved a total trust business income of 78.777 billion yuan in 2022, down 65,438+06.79% year-on-year; The decline in the inherent business income of the trust industry is particularly prominent. The accumulated revenue of the industry was 39.255438 billion yuan, down 22.44% year-on-year, much higher than the internal growth rate of the industry business income in the past five years.

Yu Zhi, a researcher at Yiyi Financial Trust Research Institute, said in an interview with China Fund that the decline in trust business income was mainly caused by business transformation. The scale of entrusted assets of traditional non-standard business has declined, and it has been replaced by rapidly developing standard business and service trust business, resulting in a decline in trust yield and trust business income.

The decline in inherent business income is due to the superposition of factors such as the sharp interest rate increase by the Federal Reserve in 2022, the conflict between Russia and Ukraine, the impact of the COVID-19 epidemic, the downward pressure on the macro economy, and the violent fluctuations in the capital market.

However, it is generally believed in the industry that although the income and investment income of most trust companies have declined in 2022, the development of the industry has shown strong resilience and the development orientation of the industry is gradually becoming clear. Looking forward to 2023, under the main tone of "stabilizing the economy", the situation of epidemic superposition will gradually improve and the economic fundamentals will still show a recovery trend. It is expected that the operating conditions of the trust industry will improve.

The industry is facing greater revenue pressure.

The net profit is increasing and the company is decreasing.

In 2022, the 56 trust companies whose performance has been disclosed realized the cumulative operating income of118.028 billion yuan, down by 18.76% year-on-year, which is not only very obvious, but also far lower than the growth rate of the industry's operating income in recent five years.

Among them, trust companies with trust business income as the most important support for operating income performed worse in 2022. According to the performance data of comparable companies, in 2022, the total income of trust business of 55 trust companies (excluding Shaanxi Guotou Trust) was 78.777 billion yuan, down 16.79% year-on-year. At the same time, trust business income only accounts for 66.74% of operating income, which is 5. 17 percentage points lower than that of 202 1, hitting a new low of nearly five years.

Yu Zhi, a researcher at Yiyi Financial Trust Research Institute, said that trust companies actively innovated and transformed, reducing financing business and channel business, but new performance growth points have not yet been cultivated, resulting in a sharp decline in trust business income.

In terms of inherent business income, in 2022, 55 trust companies realized inherent business income of 39.2565438 billion yuan, down 22.44% year-on-year, much higher than the growth rate of the industry's inherent business income in the past five years. In addition, according to china trustee association data, the growth rate of industry-specific business income from 20 17 to 202 1 year was 5. 16%, -6.9 1%, 2.07%, -0.74% and -6.69% respectively.

"From the perspective of the composition of inherent business income, the decline in investment income and interest income has become the main drag on the decline in inherent business income." Yu Zhi said, "In 2022, due to the superimposed factors such as the sharp interest rate hike by the Federal Reserve, the conflict between Russia and Ukraine, and the impact of the COVID-19 epidemic, the downward pressure on the macro economy increased and the capital market fluctuated violently, resulting in a sharp decline in the inherent business income of the trust industry."

In addition to poor operating income, the cost of trust companies has also increased significantly. The fee income of 55 trust companies accounted for 28.02% last year, a record high of nearly five years. Yu Zhi said that because the trust company is in the stage of innovation and transformation, it has increased its basic investment in science and technology and innovative talents, so its cost has increased significantly.

The net profit of most trust companies has also fallen sharply. In 2022, the accumulated net profit of 56 trust companies was 4.61.87 billion yuan, a year-on-year decrease of 1.785%, with an average net profit of 825 million yuan for each trust company. The number of trust companies with positive net profit growth has also decreased significantly. In 2022, only 20 trust companies achieved positive growth in net profit, compared with 202 1 decrease 13.

On the whole, the top five trust industries in 2022 are Ping An Trust (merger)194.48 million yuan, Jianxin Trust (merger) 1083 1 100 million yuan, CITIC Trust (merger) 64.38 million yuan and Chongqing Trust (merger) 5/KLOC-0. The top five trust companies with net profit are Ping An Trust (merger) 6.527 billion yuan, CITIC Trust (merger) 3.0/kloc-0.60 billion yuan, Jianxin Trust (merger) 2.489 billion yuan, Huaneng Trust 2.454 billion yuan and China Resources Trust 2.3/kloc-0.0 billion yuan.

The asset scale remained stable.

Continuous optimization of business structure

Wang Yuguo, a special researcher in china trustee association, commented that since 2022, the trust industry as a whole has adhered to the general tone of "keeping the word steady and striving for progress in stability", with stable asset scale, continuous optimization of business structure, continuous deepening of risk mitigation and callback of operating performance.

The latest data released by china trustee association shows that the assets of the trust industry are generally stable. After nearly five years of continuous adjustment, the function and structure of trust business began to change, and the industry is entering a new stage of development.

By the end of the third quarter of 2022, the balance of trust assets was 2 1.07 trillion yuan, an increase of 0.63 trillion yuan or 3.08%. The chain decreased slightly by 35.63 billion yuan, with a decrease of 0.17%; Compared with 20021year-end balance, it increased by 52 million yuan, an increase of 2.55%; Compared with the historical peak at the end of 20 17, the scale of trust assets managed by the industry decreased to 19.438+0%.

Source: china trustee association.

While the scale of industry assets is generally stable, the use of trust funds has also been optimized.

First of all, the scale and proportion of investment in the securities market and financial institutions continue to increase. By the end of the third quarter of 2022, the scale of fund trust invested in the securities market was 41800 million yuan, a year-on-year increase of 36.80%; The scale of fund trusts invested in financial institutions was 2 trillion yuan, up 5.32% year-on-year. Secondly, the scale and proportion of investment in industrial and commercial enterprises, basic industries and real estate have further declined.

Wang Yuguo pointed out that the current slowdown in the growth of the real economy, the weakening of investment and financing demand, and the exposure of risks in key areas such as real estate have had a certain impact on the traditional investment areas of trust business.