Welcome to Ping An Bank 2021 annual results release. I'm the board secretary, Zhou Qiang. Today's event, due to the epidemic control, we are holding it in an online manner and with small size on-site and with dialing and broadcasting. Online, we have three broadcasting channels, Pocket App, Panorama, and Futu. Friends who are familiar with us know that every release we have one keyword. Last interim report, we have momentum. With the momentum, we'll go for it. This results release, like what you have saw in the video and key vision, the keyword this year is credit. Only with credit can do it, then we can work together and go to the future. Next, let's enter the release. First of all, please allow me to introduce the bank's management.
We have Ping An Group President and Co-CEO and Bank's Chairman, Mr. Xie Yonglin. Bank's President, Mr. Hu Yuefei, Special Assistant to the President, Mr. Cai Xinfa, Vice President, Mr. Guo Shibang, who is joining us by video from Beijing. Vice President and CFO, Mr. Xiang Youzhi. President of the Ping An Wealth Management Subsidiary, Mr. Zhang Dong. Chief Treasury Officer, Mr. Wang Wei, who's joined us by video from Shanghai. Only with credit can we do it is the theme for today's event. With the keyword credit, we have several layers of meanings. First of all, confidence, whose worth is more than gold. You are all experts in the capital markets, so you should have a good understanding of that. In 2022, the top set the tone that we are facing triple pressure.
Since the start of the year, there are multiple drops in the capital market. Banking stocks lack vitality altogether. Without confidence, this cannot be done.
After analyzing, we noticed that under this situation, we have resources or policy tools, but what we lack is confidence. Economy needs confidence, capital market needs confidence, any stock needs confidence. That's why we are saying its worth is more than gold. Second, faith. Confidence comes from faith. For any listed bank, capital market has its confidence in us with reasons. It comes from the firmness of the management. To become an excellent retail bank, we have to wade through bull and bear market. To assure investor to hold us for long term is the goal that we're working toward to. We're now in the middle of the new three-year plan. We have to sail against the current, so we need to raise up our hat to look at our business in a calm and prudent way.
Also we need to look down one step at a time to persevere on the difficulties. This year, we fully upgraded our strategies and arranged short-, middle-, and long-term ten major projects. We need to master the law of nature and find the breakthrough point. At the same time, all business lines blueprinted their second growth curve. For retail, we will keep committed to customer-centric concept and to implement the Five‑in‑one model. In mass retail and customer finance, we planning ahead and promote the great wealth management strategy to inject momentum to sustainable growth in retail. For corporate, we will leverage integrated finance in technology, focus on industry digitalization, capital market, and direct finance. These two major tracks to build the most characteristic technology-led transaction banking and comprehensive investment and financing ecosystem.
Set up three centers of M&A, advanced industry, and fund ecosystem to construct a new momentum for corporate global markets and interbank. In this model, we will keep optimizing asset allocation to achieve stable investment income, to work hard on custody, sales, and hedging to grow our fee income. This is the persistence of the company management in our faith and also the guarantee for our confidence. The third layer of meaning is trust. Faith needs to be passed on with trust. Chairman has stressed multiple times that we deliver what we said. This is a solemn promise we made to the market. The flag we made, we will work hard to that. With the 10 major projects we planned and also the second growth curve, our business line blueprints are all going on smoothly.
As we finish the kickoff start campaign, the first quarter, all metrics have performed well. Momentum. We deliver what we said. We earn your trust with our honesty and our hard work and to pass on our confidence. As long as the management holds this firm concept, this confidence, and to deliver our business results so that we can earn your trust. That's answers to the theme today. Only with credit, we can work together and go to the future. Next, let's welcome the Chairman, Mr. Xie Yonglin.
Dear friends, good morning. Welcome to Ping An Bank 2021 annual results release. To review what we have done for the past year, in quality is stable and steady and fast growth. For revenues, we achieved double-digit growth among joint stock banks. Our net profit growth, number one. Provision coverage ratio growth, number one.
Provision coverage ratio, number two. Our NPL and NPL ratio both dropped. To look at fundamental, one word to summarize is solid. In deposits, we optimized both volume and cost. CASA daily average increased by around 19%. Deposit cost dropped 19 basis points. Customer base enhanced. Retail, private banking and wealth customer achieved a double-digit high growth. For corporate customer, the increment was 1.5 x of last year. From structure is dynamic balance. First, in retail, based on the breakthroughs we made, we maintained a 60/40 ratio to retail and corporate. Second is for all three business lines, they identified development strategies and achieved multiple highlights. Third, the percentage of non-interest income increased and the balance, the structure is more balanced.
To review the past five years of transformation, we know deeply how important asset quality is to the bank's development, so that we dissolved a problematic assets without hesitation, so that we don't have any worry to grow. We know deeply what shareholders and investors ask for us, so we focus resources on retail to make breakthrough and to achieve growth in revenues and net profit to return to your trust. We know what the market expect for us, so we never stopped and we keep exploring so that business can be sustainable and with momentum. Five years, we started from nothing. We were building our ship while setting sail, and also we withstood the test of the waves, great waves.
After five years of efforts, retail transformation, business growth, asset quality, all three factors have earned recognition from the market, but also made us aware that we still have a long way to go. Two keywords for today, one credit, second action. For credit is faith and confidence. The faith means that we need to be determined in retail transformation. This answers to the national call to expand domestic demand and encourage consumption. This suits Ping An Bank well, suits our uniqueness well. Five years after our retail revenues, net profit and loan proportion all accounted for around 60%, we have identified our characteristics as a retail bank. Confidence comes from the vitality that we have proved for second growth curve. The Five‑in‑one model integrates what we have accumulated in technology for the past five years.
That is to leverage deep learning from all knowledge banks to train an AI customer manager team. To connect online, offline and remote bank so that we can have the ATO service model. We can touch customers online and based on precise customer profiling to give them the services and advice they need, so that they can have better experience and our business success rate can be higher. In 2021, for Xin Yi Dai, the new insurance, 72% were issued online, and the incremental increased by 78%, 38%. In wealth management, the core is that we need to have sustainable and more valuable customers. ATO model can help us to break through the traditional mindset.
First of all, AI customer manager team can serve the long-term customer with the ultimate low cost and provide them with heartwarming professional financial services and based on their needs to introduce remote and offline outlet services so that our services can be more dimensional and more heartwarming. With the help of this AI team, service capability of customer managers increased by 10 x. For 50,000 and 10,000 customers who have wealth of that increased by more than 1.6x and 1.3 x of last year. MAU of Pocket App increased by 20%. This Five‑in‑one model have been copied to credit cards and bancassurance and other key business lines. In 2021, corporate banking total transaction volume was CNY 3.8 trillion, ranking the top among joint stock banks.
In key campaign period, bancassurance fee income increased by 30% YoY. In corporate, under the dual-line strategy, we focus on two perspectives. First is the transaction banking, which is technology empowered. We plan for the supply chain. The second is that we leverage integrated finance to seize the good opportunity in the capital markets to integrate direct and indirect financing and help customer to grow their balance sheet and acquire fee income at the same time for the bank. Currently, the loan deposit ratio for corporate line is the lowest in the industry. Over 70% of revenues, corporate revenues, comes from risk-free, RWA-free businesses. We identified our dual-line strategy more clearly. In global markets and interbank, we have a world-class team and system.
Next, we will seize the opportunity of the opening of financial markets to translate our accumulation in the past seven years in the bond market, like market making, trading, and sales capabilities to empower other financial institutions, to help them mobilize resources and increase income. At the same time, we can earn more fee income. With seven years of accumulation, we can surely do something. Ping An Hedging is a bold innovation. We are using our trading capability to help SMEs to avoid risks in interest rate, forex, and commodity. Last year, the trading volume doubled. This not only helped SMEs to enhance their risk capability, but also brought in some fee income for the bank. Apart from all that, asset quality is the lifeline for the bank.
We will keep committed to this lifeline and to be pre-prudent and respected and to leverage technology to enhance the foundation for all the confidence we have. Second keyword is action. It's the strong execution, and we deliver what we said. Execution is in the gene of Ping An. For the past five years, the results or performance we achieved comes from the execution. As we deepening the appraisal mechanism and thus strengthening the mid-office capability in retail and integrate technology with the business, corporate business, and also increase the percentage of young employees, is that from all fronts, we have to make sure that we deliver or implement our strategy. Last, I have to say it again, we deliver what we said.
This is a sovereign promise we made to the market and also is the driver for the management team to review the work we've done. Last five years, we learned from the market, excellent market peers, and we combine our own uniqueness to speed up development and earned your trust and support. The next five years, we'll keep committed to the retail transformation and to show our confidence to return your trust with a stable business performance. Thank you all for staying with us and support us. Thank you.
Thank you, Chairman, for your excellent remark. I believe we can all feel the firm confidence from the management team against this year's severe external environment. This confidence stems from the reflection of the past five years transition. Also comes from the confidence for the coming five years, the secondary growth curve. Also comes from the persistence to the corporate culture that we do what we say. Together, we will make tomorrow better. In a previous brief, we already have an understanding of our last year's performance. In order to give a full picture and specific parameters, please join me to welcome our Vice President and CFO, Mr. Xiang, to introduce our 2021 Ping An Bank performance release.
Dear online guests and experts, investors, friends, ladies and gentlemen, good morning. Just now, the Chairman has offered a summative report on the 2021 performance.
Based on the specific statistics, I'd like to present you the performance release. In 2021, we observed the following characteristics. Firstly, the revenue grew steadily and profitability has improved. In terms of revenues and the pre-provision operating profit, we have maintained a double-digit growth for two consecutive years. We have a 10.3% of our revenues and 11.6% of our PPOP. Our ROE and EPS has also witnessed a steady growth. Secondly, among our revenue structure, we have observed a quick growth of non-interest income, particularly private bank and wealth management. In 2021, we achieved over CNY 44 billion, which is over 24% growth, accounts for 29% of the total. Our wealth management fee income and investment income has also witnessed a great increase.
Thirdly, our deposit balance in terms of volume and the cost, both of them has been optimized. With the net interest margin narrow slightly, we have started the balance sheet reshaping. On the liability side, we have proactively brought down the costs effectively by optimizing the deposit mix with a very significant effect. However, we are also affected by the downward market trend, and also because of the greater support for the real economy, the net interest margin has narrowed moderately.
Which means that, on the liability side, we have optimized the benefits from the optimized cost. We have left it for the real economy to have a 10.8% deposit increase, and the daily average deposits is also increasing starting from 2020 and all the way through 2021, and also in 2022 H1, we have 2.04% right now. The daily average deposit growth by 10.8%. The current account accounts for from 34% to 37.3%. Fourthly, we have a stable asset quality. We have a continuously optimized the asset quality, in particular, a risk resilience. The non-performing loan ratio and other related non-performing indicators continue to be improved starting from 2018. All the statistics are listed on this slide.
After 2018, the NPL ratio has been reducing, and in 2021, it reached 288% for the provision coverage ratio. This is a great leap forward. Fifthly, because we have adopted greater disposal efforts, we have achieved a sound collection work. In 2021, we have written off over CNY 40 billion, which is a 31.9% reduction of the balance of NPLs. We have also increased our total collected NPLs, reaching over CNY 38 billion, which is a 25.7% increase. We have collected over CNY 15.9 billion, which is a 21.3% increase. This is the overall summary. Now, I'd like to offer more details for the three business trends. Let me start with retail business.
Starting from 2021, we have built the Five‑in‑one new model, providing financial services with human touches. The Five‑in‑one mode I have presented here in a very graphic manner. Let me dive into this specific Five‑in‑one model, namely open banking, the ubiquitous bank consisting of AI bank, remote bank, and offline bank. The last one is comprehensive bank. For open banking, it's mainly related to the flow pool to improve on customer acquisition. For ATO, it's more related to the operation chain to increase the customer value through the ATO model so that the customer can have a better experience and enhance the value delivered to them, as well as to optimize the structure of our customers.
For comprehensive bank, it's not only from the perspective of cutting operating costs and supporting agile innovation to create better capabilities to support the retail business innovation to continuously provide new drivers of growth momentum. This is a summary of the Five‑in‑one mode. Against this mode in 2021, the retail business has secured a very good growth. Let me start with the Private Bank and Wealth Management. Private Bank continues to upgrade our products and professional capabilities to promote all-round development. In 2021, the AUM amounts to over CNY 3 trillion, which is a 21.3% increase. Private Bank customer AUM grow by 24.6%. The volume of agency non-monetary fund sales grew by 65.8%.
Our wealth management customers and private bank customers has also achieved 17.7% and 21.6% respectively. In the past 2 years, we have also launched the incremental family trust and the insurance premium trust. Starting from 2020, it's about CNY 20 billion. By 2021, it has grown to over CNY 30 billion, which is 88.6% increase. Now, let's take a look at the mass retail. To enhance the mass retail, we continue to upgrade our business model, keep promoting the integration of credit and debit cards, and strengthen omni-channel customer acquisition and omni-scene operation. The retail customers of total volume is 118 million, which is a 10.3% increase.
The chairman has mentioned that against the Five‑in‑one model, the mass retail and mass customers is increasing very rapidly. The Pocket registered users is about 113 million, which is a 19% increase. The second module for the mass retail. Among our total business, mass retail business, we have deposit improved in both quantity and quality as we adhere to the operation principle of scale growth. In 2021, the daily average deposit is about CNY 700 billion. It's a 13% increase. The average cost of personal deposit has also dropped by 12 basis points. In particular, the deposit balance and the payroll-generated are also increasing. The AUM and the deposit for the payroll- and wholesale-generated are all about 40%.
Next, we come to customer finance, divided into three modules. In credit card business, we focus on the integration of customer management and continue to create the ultimate customer experience. At the end of 2021, the credit card in circulation reached 70 million, which is a 9% growth. The auto loan balance also grown by 22%. In 2021, our focus is to upgrade the car plus finance ecosystem, in particular, the secondhand car and the new energy vehicles, those new business tracks. The total auto loan balance exceeded CNY 301 billion. For the secondary cars and the new energy cars has also achieved a very rapid growth about 27% and 133%.
As to the other retail loans, they're mainly supporting the financing needs of SMEs, including supporting individuals, consumers. For example, mortgages has grown by 29% and the Xin Yi Dai has also grown by 37.7%. This is about the consumer finance. In terms of the overall asset quality, we have maintained a very sound operation. The retail NPL ratio is about 1.21%, which is a historically low point. Compared with 2020, it's dropped by 0.35%. As you can see on the left-hand side, this shows the trend. On the right-hand side, judging by the three categories of NPLs, Xin Yi Dai is about 1.13%, and the auto loan is about 1.26%, a mild increase.
Because last year we have affected by the external environment, including the ongoing pandemic. The NPL for the commercial vehicles has increased. We have observed this phenomenon, and we've been continually addressing this issue. For the credit card, its NPL is about 2.11%. This is about retail. Now it comes to the corporate business. Sorry, I'm forgot to mention the Five‑in‑one model to empower operation. In 2021, our main practice and achievements, guided by a customer-centric approach, we have committed to honoring excellent financial services. We have acquired over 1.4 million customers. Also for the open bank, including the digital accounts and also the mini program, made us acquire the additional customer. We have also launched numerous functions and features in 2021.
Those new features will continue to help us acquire more customers. For the ATO model, the AI bank, we also see that the AI account manager has launched over 900 scenarios, and customers served monthly increased by 149% year-over-year, I mean, without incremental cost. Customer service one-time problem solving rate through the app, and also the non-manual service accounted for over 90%. The remote bank has mainly rolled out the AI counter services to actively reach customers. We have built the offline ecosystems and also to accumulate the private traffic. We have already reached over 331 million customers.
Overall, the AI plus remote plus offline model has covered 1,400 scenarios and reached 31 million customers, driving, just like I mentioned, 22% and 19% growth in a number of mass affluent and 10,000 level customers. For comprehensive bank, we have integrated the capabilities of data, product benefit, technology and risk. We have improved the team's productivity and professionalism. For the credit card, for the dual account opening rate of new credit cards, the customers has increased dramatically. Now we come to the next slide, the Five-in-one Model to empower operation. It has something to do with the comprehensive finance as well.
For the comprehensive finance in 2021, although we are affected by the life insurance business, we have updated to a new business model and new practice relying on the technology platforms and also deeply reforming the MG and NG models so that our terminal ends has triggered very good performance. We provide these seven parameters each year. The retail integrated finance has reached a very high percentage of the total. Now let's take a look at the corporate business. The corporate strategy is to speed up the upgrade of ecosystem-based model and grow customer AUM and LUM with complex investing and financing business so as to build a new growth rate. We call it the AUM plus LUM plus the platform, the three pillars.
In the recent two years, we focused on the. One is new supply chain. Second, integrative bills platform. Third, customer management platform. Fourth, complex investing and financing. The last one, ecosystem-based integrated finance. Let me brief you on the overall corporate performance last year. It achieved steady growth. For deposit, it optimized in both balance and cost. Daily average deposit was CNY 2,019 billion, increased by 10%. For average deposit cost in corporate, decreased by 21 basis points to 1.96%. Corporate customer number increased by 19% to 510,000 cusomers. The incremental was 1.5 x to that of 2020. Productivity improved. Corporate revenues increased by 10% to CNY 43 billion. That's for business performance. For asset quality in corporate, we kept optimizing credit structure, identified latent risk in advance, and solved existing risks.
We achieved quite some results in corporate. Since 2018, corporate NPL both ratio and amount kept dropping since 2018. In 2021, NPL amount was CNY 10 billion, decreased by CNY 3 billion. NPL ratio decreased to 0.71%. I know the market is very concerned with real estate risk management. In this year's report, we elaborate on this point as well, and we provided some metrics for your reference. By the end of 2021, balance of credit risk businesses such as real estate and contingent credit proprietary bond investment and proprietary non-standard investment totaled CNY 341 billion.
A total of CNY 101 billion of business balance does not bear credit risks such as investment of wealth management funds, entrusted loans, cooperative institutions management of entrusted trust and funds, and debt underwriting of financial instruments. The NPL ratio for real estate was 0.22%. Basically unchanged YoY, and lower than the bank's corporate NPL ratio. That's 149 basis points lower. On the right, you can see the balance of developer loans to the total corporate loans. The percentage was 9.4%, decreased by 0.8% compared to that in 2020. In 2020 it was 10.2%, and this year it decreased to 9.4%. Next slide, let's have a look at the five cores. First is customer management platform. We are basic...
Mainly using the two platforms. One is the digital treasury platform, and the second is digital pocket platform. For corporate open bank, the number of customers we served increased by 155% to 30,000. For digital treasury platform, by the end of 2021, the number of customers exceeded 800. For digital pocket, which is mainly for SME customers, digital pocket app MAU increased by 159% to 580,000. Registered users for digital pocket increased to 840,000, that's an increase of 686%. We also released a white paper on the digital value system of Ping An Bank's enterprise users in the era of digital economy. We want to translate the massive users to our corporate customers.
Next page, supply chain and integrated bill business. In 2021, our new supply chain financing volume was CNY 960 billion, increased by 34% YoY. Our product in supply chain business, we call it Ping An Good Chain platform. The transaction volume was CNY 150 billion, increased by 81%. Bill business is another important one for the bank. Last year, the number of customers was 11,000, increased by around 230%. The direct discounted bills amount was CNY 670 billion, increased by 37%. The last two cards, one is complex investing and financing. In this business, the total financing volume increased to CNY 1,159 billion, increased by around 7%. For corporate integrated finance, we have two charts here.
One is insurance sold by the bank, increased to CNY 3.3 billion, increased by 21%. For the financing volume that Ping An Bank introduced to other Ping An subsidiaries increased to CNY 473 billion, increased 17% YoY. The fourth part, global markets interbank. Our business strategy is to be a leader in FICC and financial institution services, and to build the most distinctive wealth management platform. Three business models here. One is new trading, second, a new interbank, and third, a new wealth management. We have a very strong smart capital system platform in the interbank and global markets model as well. To look at in detail, first, in trading, our capability to serve financial market is greatly enhanced.
Our market shares last year was 2.3%. For the number of customers, financial institution customers of trading services increased, was more than 500 customers. Hedging, Ping An hedging was the name card for our interbank business as well. We aim to provide more heartwarming services to serve the real economy, and that volume increased by more than 96%. Next page, interbank. For financial institution ecosystem-based cooperation deepened, and institution sales increased by more than 80%. For custody, increased by more than 30% to CNY 7.6 trillion. Market shares was 3.99%. Next, wealth management. The transformation and upgrade of asset management business achieved good results. For Ping An Wealth Management, total assets was CNY 7.4 billion . Net assets, CNY 6.8 billion .
Revenue is CNY 2.6 billion. Net profit, CNY 1.6 billion. For non-principal guaranteed WMP balance was CNY 872 billion, increased by 35%. For net value-based products, it was CNY 838 billion, increased by 81%. The percentage to total non-principal guarantee WMP was 96%. That's for global markets and interbank. Next one, let's take a look at technology application. It is a very important module for our strategy because people kept asking what has technology empowered the bank's operation. We listed a relatively long-term metrics here to see the contribution of technology to the bank's operation. Just like Chairman said, in the past five years, since 2018, we started the digital transformation. At that time, it was called smart financing.
In 2019, we launched comprehensive digital operation after three to four years of efforts. We have seen some noticeable results. This trust actually can prove some of the work we have done. For revenues, for example, over the past several years, continue to grow in a stable way. To 2021, our CAGR was 13.22%. While keeping this high speed growth, our cost-income ratio fell by 2.02%. That showcased our efficiency in operation. In 2018, it was 30.32%, and this year it was 18.3%. Behind that is increase in efficiency and productivity. It fell by 2.02%. Let's break down these results. From four aspects, marketing, risk control, operation, and internal management. We're going to talk from these four aspects.
Our IT investment is very big. In 2021, our investment into the IT side scaled up. IT cap has exceeded CNY 7.4 billion, up 2.54% YoY in 2021. We will continue to increase that investment and strengthen refine management of R&D and improve production efficiency. With this digital operation, our goal is to achieve three enhancements, three cuts, and three firsts. For service marketing, retail, corporate, and interbank global markets in 2021, with digital operation or technology empowerment, we have launched many new projects, and there are a lot of new results we made. I will not elaborate on that. They are too detailed. You can have a look after this event. Second aspect is for risk control.
Intelligent risk control platform we have built is a very important tool for us to keep the asset quality stable. By the end of 2021, 65% standardized business transactions were released in seconds, and early warning rate maintained high. It helped us in efficiency and in the efficacy of the risk control. For operation support, we have built the custody product profiling and product relationship map and digital smart operation platform, and also in cash management, for example, empowered by the machine learning model, branches cash inventory decreased by about 35% YoY. For management empowerment, in all the like finance, capital, and HR achieved quite good results. The most important result for technology empowerment is that our capability should be improved. For the IT line, we kept building our capability in five aspects.
One, technology, data, agility, and talent and innovation. In these five aspects, we have enhanced our capability to support our performance, business performance. The sixth aspect, social responsibilities. We have scaled up our support to the real economy and green finance. For example, in this page, you can see that we promoted the development of green finance. The credit balance was CNY 69 billion, increased by 205%. Balance of green finance business was CNY 144 billion, increased by 200%. The second part, we improved inclusive financial services. We completed the issuance of CNY 20 billion of special financial bonds for small and micro enterprise loans to raise funds for special issuance of such loans. The loan issuance and loan balance for this part increased by 26% and 36% respectively. Quite high growth.
The next page, we support rural development as well. In 2021, the bank issued CNY 11 billion relief funds to 136,000 people under the industrial and rural poverty alleviation program, bringing the total to CNY 36 billion, with 950 poor people benefited. Here, we listed four aspects to elaborate on the work we have done. First, talent development and financial product, proper retail synergy, as well as technological innovation. We are helping farmers to sell their products on our platform as well, and we also did innovation in rural development. There are several special work we have done, so you can have a detailed look.
That's about the summary of the 2021 results. Now let's take a look at the outlook and target. Firstly, our first target in 2022 is to achieve full-scale digital operation based on the 2021's achievement. More importantly, it's on the right-hand side, because on the left-hand side, it's our continuous commitment. We would improve the evaluation system and ROI inspection for key projects. We will keep an eye on key projects and also upgrade the evaluation system from four dimensions. Speaking of which, we should continuously iterate our evaluation system and also to implement stricter ROI control. At the bottom of the slide is our Five‑in‑one module. It's also within the 2022's agenda. First task is to do risk management, because risk resilience is of paramount importance.
We would enhance our asset-liability ratio and structure, lower the liability cost. On the asset side, we should be more agile and flexible to have our coordinated projects and to be in line with the market trend so that our portfolio's revenue can be steady and risk-resilient. We'll continue to enhance agile allocation and dynamically optimize the asset and liability structure, as well as achieve a granular management. Our task four is to focus on the retail business based on the 2021's achievement. Many of the agenda and objectives must be implemented in 2022, from private bank to wealth management to mass retail to consumer finance. In 2022, in terms of deposit, we also want to achieve a bigger breakthrough.
Internally, we emphasize on the synergy of different, entities and subsidiaries. We are strengthening the four supporting mechanisms. The 3+2+1 model remains our main focus. We have also upgraded and made some progress based on existing models. I will not go into details. For the interbank and international business, we would also focus on playing the five cards. There are also some iterations and update of the five cards. These information are listed on this slide. That's all for my presentation. Thank you.
Thank you, Mr. Xiang, for your presentation. For our old friends, we all know that starting from 2016, Ping An Bank has been on a faster track of development and the capital markets expectation has been rising.
Our objective is not only to compare with other financial institutions and ourselves, but also compare with the expectations of the capital market. It seems that the capital market's expectation is always ahead of our status. We should not only release good results and performance, but also to showcase the future growth momentum. Mr. Xiang's presentation by the management perspective has offered some potential answers so that we have a full picture of our 2021's performance, and I believe you all have some questions. Okay. Without further ado, let's move into the Q&A session. Now, please allow me to welcome the management team to take their seat.
As of now, we have over 200 investors who are joining us via dialing and over 120,000 audiences from broadcasting. To let more people participate in this event, please ask one question only for each time that you cared most about so that other guests can have opportunity to ask. Thank you for your support. I will have investors, analysts and media friends to ask in turn. First question, let's give to the dialing.
Let's welcome Zhou Jingjing from Zheshang Securities.
Can you hear me?
Yes, please go ahead.
Okay. Thank you for giving me this opportunity to ask a question. The first question. Congratulations on your 2021 annual result. On behalf of the analysts, I want to ask a question on your business performance. You have achieved quite good results in asset quality and revenues return to double-digit growth. My question is that in 2021, what's the main drag on 2021's revenue performance? What's your outlook for 2022? What are those, the drivers?
The first question always goes to me. First of all, I have to say, if you look at the latest four years revenues of the bank to take a close look from 2018 to 2021, our CAGR was over 13%. For this metric CAGR, compared to our benchmarking peers, I think it's quite good.
It's at a relatively good level for the recent four years, over 13% CAGR revenue growth. For 2021, in fact, the main drag came from the second quarter. For the rest of three quarters, actually, the revenues were performing quite stable or achieved a double-digit growth. For first quarter, 10.2%. Second quarter, 6.2%. For third quarter, 9.8%. For the fourth quarter, 10.3%. The main pressure came from the second quarter. To objectively, to be frank with you, the epidemic in 2020, well, in the second quarter of that year, we were performing too good. We earned a lot in the bond market, so that's why in 2021, the second quarter, we're shouldering some pressure.
I hesitated at in 2020, but the bond market was too good, and I think why not seize the moment? That put some pressure on the 2022 second quarter. What's done is done. The second reason for that, for 2022, 2021, the economic environment was quite complex, including that in the real estate industry. To be safe, the management made two great moves in 2021. First is the access standard for the agency sales of private banking products was greatly tightened. That's why the fee income for private banking and wealth management was affected to a quite large degree. It was very aggressive tightening so that we can avoid latent risks. The second, for credit card, our asset standard and the credit line management were greatly tightened as well.
That's why last year in the agency sales, the private banking products and credit card, there were huge pressure, but those actions were made proactively. Retail accounted more than 50%, and the credit card was a huge bank. The tightening on credit card, the effect was very noticeable. Unlike other banks, credit card perhaps was not their main product, but for us, credit card is the lion's share, so the influence was quite big. Since the third quarter of last year, credit card income returned to pre-epidemic level if you take out the non-standard agency sales of private banking products. In the wealth management module, actually our fee income was quite quick. All those moves are done proactively.
Third, what I wanna say is that for 2022, our revenue growth, the management here and also the two management online, the Risk Head, Mr. Guo, and Chief Treasury Officer, Mr. Wang. The whole management team is confident in delivering relatively good performance in revenues. We are confident in that. What supports our confidence is that our business lines have identified their growth drivers and our foundation is solid. For retail, first of all, we made breakthroughs in business models. I kept saying the Five‑in‑one model. Frank Cai kept saying the ATO model. You can see that we have identified our new development strategy. For the number I introduced for the number of 50,000 and 10,000 level customers increased by 1.6x and 1.3 x that in last year.
With the help of AI customer manager team, their service range increased a lot. They can serve more people now. Those are all fundamental work, but because of the change in business model, our business lines are developing in a robust way, and the momentum is strong. The growth speed for credit card recovered. In the first half of last year, the installment was around CNY 20 billion. Until December, it doubled to CNY 40 billion, but I'm not satisfied still. They need to work even harder. For credit card, we had a meeting several days ago. I kept asking whether I can say this metric out loud. For credit card revenue growth recovered by 20%. He said it's okay to say that number if. The reform in bancassurance business, the result is noticeable.
The productivity is 2x of that compared to the old team. The technology empowerment empowered the productivity and both the old team and the new team achieved a growth in their productivity. In the kick off start campaign, bancassurance fee income increased by 30% YoY. Well, last morning, Frank was having the bancassurance meeting, talking that we are going to build some bancassurance product system, including they launched the family trust, bancassurance family trust. A series of new product system centering around annuity and whole life insurance to build up our family trust plans for our customers. That is to link, integrate bancassurance, annuity, and whole life. You cannot just sell product, but instead service solutions to our customers. That's our new proposition.
We called our new bancassurance team, a team that knows how to sell high-end insurance. They are not insurance team, but they are an asset allocation team. If you're interested, please have a look in Shenzhen that we have a small batch of team who graduated mostly from London, Oxford and Cambridge with Ph.D. degrees. I asked them why they come here. They answer me that, "Because it's interesting. I wanna do that. It's challenging." Since the second half of last year, I had dinner with that team, with them. Usually I don't do that. I feel the vitality of that team is young and refreshing. It feels like I'm younger when I stay with them.
What I'm trying to say is that for the bancassurance product system, we will upgrade it from all fronts and to embed medical health into the integrated finance business, into our wealth management business and private banking business, and upgrade corporate and retail synergy as well. We need to do solid work on wealth management because we see great potential and momentum in this business. For our risk capability in corporate business that we have accumulated for the past several years to empower the agency sales of retail products. In the SME customer finance module, we want to keep a high growth. For example, the insurance of Xin Yi Dai that I introduced increased quite good by 38%. Auto loan insurance increased by 32% in its balance. In auto loan, if you break it down, there's an important product called commercial car loan.
Perhaps you noticed the NPL was ticking up a little bit, but after the epidemic come with tightening for better control, the NPL will quickly return to normal. At one time, retail loans was accounted for more than 70%. I was worried at that time, but now as corporate started to picking up, the ratio returned to a comparatively normal balance because the growth of corporates has diluted the proportion of retail. In corporate, we have identified two tracks. Since 2019, corporate has contributed a lot, the main part to our liability. Two tracks here. One is the transaction banking. We focus on supply chain. In 2021, supply chain financing volume was almost CNY 1 trillion, increased by 34%. For Nebula platform, the connected IoT devices was over 10 million. A year...
Before last year, we released or launched a satellite and several months later, we are going to launch the second one so that we can improve on our supply chain better. For corporate customers, now is around 800,000, increased by more than 100%. We are going to build up the private equity ecosystem to integrate with the IB, CB, and our commercial investing. We will seize the good opportunity of the opening of financial markets to develop our global markets and international business. We have the Chris and Yunho world-class trading team. Several days, they send us an email. I have been here for almost seven years. Seven years working for Ping An.
The seven years of accumulation is expected to release its momentum and to have a new breakthrough. They are already accumulated to the local environment, and they have world-class international system. We are going to leverage these advantages and seize this opportunity and all those policy opportunities to speed up our empowerment to external small financial institutes to earn fee income with our capability. Internally, we will strengthen synergy among corporate, retail, and interbank to create a new business model like Ping An Hatching. You see now the market is fluctuating frequently. Those small and the middle customers, they need to avoid the risks. This is a great opportunity for us. We think there is a great business opportunity in that.
Our asset quality, I wanna highlight provision coverage ratio growth speed, number one in joint-stock banks, provision coverage ratio, number two in joint-stock banks, and NPL amounts and ratio both dropped. In 2022, unless there is an unexpected last-minute issue, we should be confident in revenue growth. Thank you.
Yes, indeed, revenue is one of the most important parameters for the management team. It should be prioritized because it's the very source of the growth momentum. I believe the chairman is the best person and has made the most persuasive statement so that we now understand the drivers and momentum of our bank. We have made substantial progress and achievement. Thank you, Chairman, and thank Xie Yonglin, and also Mr. Chu. The second question is to our on-site audience. How about you, Mr. Ma, from the China Securities?
Thank you, Mr. Zhou. First of all, congratulations for the results and also the stock price has reflected that our excellent performance, not only about our management team. You know, a few
For the previous meetings, I don't think we have did a very good job as a financial analyst, but now I think we can speak with a more firm note. My question is more related to the relationship with the group. In the past five years, each time we speak of Ping An Bank and also for the growth logic of Ping An Bank, it's more like a relying or dependent on the group. Because the Ping An Group provides many valuable resources and the support to the Ping An Bank. By now, we have observed the rapid growth of the corporate business and retail business. Indeed, we have you know achieved a great synergy with the group.
In the past two years, I think there has been some changes from relying on the group. Now we are like being backed by the group while becoming a more and more strong entity. My question to Mr. Xie is that is this thinking grounded? If it's so, then against this new environment, what will be the relationship with the group? What aspects should be adhered to, and what aspects should be modified? Thank you.
Thank you for the question. I believe that there will be analysts asking the similar questions about our relationship with the group. From my point of view, I think the relationship between the two, just like Mr. Ma said, now we are backed by the group and while becoming a more strong entity.
I'd like to add a few more, summarize, which is to have a mutually reinforcing or mutually stimulating relationship. Now, the two business committees under the group, the first one is personal comprehensive finance and also the corporate comprehensive finance. There's also a technology committee. These three committees, two of them are placed within the bank. Just the gentleman sitting on my left and the right-hand side, they're also the secretary of those committee, and I am the overseeing person. Yesterday morning, I was having a personal finance meeting with Mr. Cai Xinfa. If you look at those meetings agenda, you would feel that the banks and personal finance committee and corporate finance committee, they are reciprocal. The fundamental block is the customers, the data.
Therefore, when you are trying to develop the personal finance business, you are using a more effective means to grow the bank's business as well. If you look at the specific agenda, for example, now we are championing the idea of ecosystem based integrated finance. You'll see that from the perspective issuance, the bank and the securities are issuing their bonds at a stock exchange. These businesses it should be categorized as a banking business or as a securities business. But at the end of the day, the accounts must be placed within the bank, right? So that you can better manage the accounts. So is it considered as the securities business or the banking business? I think it's very effectively promoting the banking business.
Secondly, I should have pointed out that till today, comprehensive finance remains the differentiation and also the core advantage of Ping An Bank. From statistics, we can clearly see that our life insurance team has shrunk a bit, and also different verticals have been adjusted. In a retail business and a comprehensive finance, in terms of newly acquired customers and the scale, they have contributed over 50%. Year-on-year, this is also increasing continuously. This does not mean that you can just take the opportunity. It requires an upgrade of our models and approach as well. For example, we have less than 70 million of the shared customers, and there's still 600 million customers. They must be converted in a more subtle way by adding more scenarios. There's a great room for improvement.
The number of customers and net margins from the comprehensive finance is around 33%. Of course, this affected the newly acquired customer for credit card. For corporate business in 2021, it has contribute over CNY 180 billion deposit, and over 50% are current account deposit. Thirdly, I shall point it out that we must continue to adhere the core advantage of the comprehensive finance, but we need to upgrade our approach. Now, the 200,000-300,000 life insurance agents are connected with the Pocket Bank. We should promote the online operation to be more precise, so there's no additional layers in between. Starting from 2019, we've started to upgrade our comprehensive finance and also the life insurance channels.
All the way through 2020, 2021, the statistics, they are evolving. We are growing more rapidly. Also the operating channels and abilities is also getting enhanced. It's driven by the system, driven by synergy, driven by the remote banking. It's more effective. The Personal Finance Committee, now among our strategic upgrade task, one very paramount assignment is to continue to enhance this aspect. I think the group's results release this year would also mention this aspect. For the retail business over the years, we have now come up with the AI customer manager. This is the automation, the combination of technology empowerment so that our customer service managers can be upgraded. It's like our human customer managers. Our customers can have AI secretary to help them.
On the other aspect, the group has the comprehensive finance plus the medical financial services. It's also empowering us to see customers as well as the middle to higher segment of the B2B business. It has a very human touch in its approach. Also for corporate business, for the new tracks in the capital market, direct financing and indirect financing. These tools are all used. They must be effective if they are applied on the customers. We must have their accounts and the deposit in place. Be it ecosystem-based, in particular the finance or group synergy, we are trying to enhance and upgrade our practice and approach for comprehensive finance. I am the director of the personal and the corporate finance committee.
I think there's a great room for improvement. Each year, there must be some new approaches, some new models to be tried, to be tested. Also Mr. Zhou Chen is the secretary general of, or the co-secretary of, the Personal Finance Committee. I think we should focus on those tasks at hand so that you have more channels and more services to the customers. There's a great room for improvement, and there are many things to be conducted. Each year, we must continuously upgrade our approach in a very in-depth manner. For example, leasing. They must open the bank account in order to do the leasing service. Otherwise, how can you manage the post-loan process? These are very meaningful tasks to be conducted.
I think this is a very great room for enhancement for optimization. We're not only back the parent group to become a stronger entity, but we should mutually supporting each other to achieve greater synergy and serve the customer.
Okay. Thank you, Chairman, and thank you, Mr. Ma. I think Mr. Ma has asked a very good question, and I believe together with our bank this year, we would have greater results and performance this year together. These two committees, the Chairman has mentioned, the personal and corporate finance committee has been presented to us. Okay. Coming next, we will ask our friends from the press to raise a question.
My question goes to Mr. Hu. We know that after raising the idea of reboosting the corporate business, we have witnessed a rapid growth of the corporate business, in particular last year. Can you share with us what are the drivers behind such rapid growth? Coming next, what will be our strategic objective and exact approach? Thank you.
Thank you for your question, and thank you for your kind attention to our company's business. Actually, Mr. Xiang has touched upon this point in the results release slides, and our chairman has also mentioned some of the aspects in answering the first question. Let me just try to streamline it and give you a brief answer. If you look at the statistics after reboosting the corporate business, it has indeed achieved a significant outcome.
The first one is our customer base has been optimized significantly. As you can see from our financial report, the number has reached over 510,000 customers. Compared with 2019 and 2020, we have achieved over 39% or 36%. For last year, the number of customers, the incremental customers is about 1.5 x of the previous year. Not only in terms of the incremental customer volume, but also the quality of our customers has also been improved. We have benchmarked against our peers. The deposit ranked number one among the peers. So the quality of our corporate customers are very outstanding. We have also optimized the cost. As has been mentioned previously, we have over CNY 2 trillion daily active deposit.
After reducing the CNY 100 billion high-cost deposit. We have additional CNY 200 billion. I am talking about our daily growth. This is quite a feat. We have a 22.7% of the current deposit increase, which is about a 4% increase, very close to 40%. The average cost has also dropped by over 20 basis points, which is the largest in terms of magnitude compared with peers. For many of the parameters are superior against our peers. In terms of our revenue structure, that's also been optimized.
Our corporate business, the chairman has also mentioned in his opening remark that in the past five years, the dual transformation in terms of the net revenue, we have witnessed a significant improvement for the revenues that are not occupying capital for the corporate business amounts to 70%. This 70% revenue does not consume or occupy capital. This is quite a feat. This is what we have done in the past five years. It's also aligned with our strategies we have raised five years ago. After five years of efforts, we have delivered that goal. It's fair to say that we have exceeded the expectation five years ago. At the same time, we have two additional advantages which are being enhanced continuously. The first one is comprehensive financial advantage.
As I have mentioned earlier, our Ping An Group has totally over CNY 1.1 trillion for a complex of financing. This very scale behind it are the specific customers and the projects, and those customers, they need to open their account in a bank. Those capitals will also go through the bank. Therefore, we can leverage this opportunity, which contributes over CNY 170 billion daily deposit, which is 18.5% year-over-year increase, and the current of deposit accounts for 50%. For the bancassurance, last year, we achieved over CNY 3.2 trillion, which is over 26% increase. Behind those figures, it means that we have a ability to meet the diversified needs of the customers.
The second advantage is on the technology side, the corporate business focuses on building the ecosystem-based integrated finance. We have raised those three name cards strategy for over three years. We have already achieved over 500 and 1,000 API output services and serving over 30,000 entities. The accumulated transaction is about CNY 26.6 trillion, which is quite remarkable. Carried by the pocket banking and the settlement connectivity, we have served over 20 million merchants. We also have over 2.8 million pocket banking users, which is a 2.6 x increase compared with previous year.
Behind those figures, it's reflected that the corporate business has genuinely been rebooted, supported by the five dimensions and approaches. Firstly, we have a very accurate strategic direction. We adhere to the 3+2+1 model, and also with the platform-based operation. This direction remains the mainstay and the main approach, and we make adjustment according to the circumstances. Secondly, we have a very steady asset quality, which lay the solid foundation for our corporate business growth. Currently, the NPL for corporate business is only 7.71%, which is historically low and also the best figure compared with peers. Secondly, our successful transformation has left ample time for the corporate business to be rebooted.
Also the actual loan scale and annual growth is not very remarkable, but the investment and financing has reached over CNY 1 trillion. The comprehensive finance is really serving the real economy and our customers providing tangible support. This scale is actually rather considerable if you consider what we have done to serve the real economy. Thirdly, we have to build an outstanding team. Our industry, our products, our technology, and our risk management teams. We have achieved integration and synergy and remain agile, and that explains our high productivity of our customer managers. The productivity per capita exceeds our peers. What will be the outlook for the corporate business?
Back before, I have mentioned what we have done in the past and what we are at right now. We have two expectations for the future. Firstly, we would adhere, we respect the laws of development for the corporate business. That we will be subject to the economic trend and the mega trend economic environment. We should always adhere to have a risk management system to remain risk resilient. This is the bottom line and also the lifeline. Secondly, we are pursuing value returns that have risk resilience. In addition, our company-business models and the profit models is also evolving. The traditional model cannot serve our well. However, we have engaged in this traditional model for many times. That's why we must achieve the light asset transition.
In the future, we would pay more attention to professional service, focusing to look inward. To sum up, in one word, we focus on two tracks and leverage our two advantages to build the two business systems. These two tracks the chairman has mentioned. To have a better liaison with the capital market to enhance the differentiation advantages of the Ping An Group's comprehensive finance. Second is to focus on the digitalization track to empower our services with digitalization to enhance our transaction banking service. We have some very clear and specific progress has been made. For example, the tracks for the capital market, we are focusing on two capacity building.
At the onset of this year, we have established the fund ecosystem plus the specialization service, altogether four centers. These four centers are establishing our in HT. Also for our different business lines and risk lines and also the business modules, we'll have a great synergy of the different resources to enhance the coordination of the different centers and business lines. The priority of the four centers is to build the two ecosystems. The first one is the ecosystem-based integrated finance. Actually, the chairman has already mentioned this approach. Those two ecosystems, in my opinion. In the ecosystem-based integrated finance of Ping An Group, we have our own unique advantages. The group has over CNY 600 billion direct investment.
We have additional sales of the additional liability in the bonds accumulated to over CNY 400 billion. Altogether, it's over CNY 1.1 trillion. Such a scale as a commercial bank achieving this over 1 trillion scale, I mean, except the four state-owned banks. For private banks, this is quite a remarkable achievement because we have achieved a greater synergy, and this will serve our customers at the end of the day. Not only to attract more deposit and generate more revenue, but also to provide a more comprehensive and a more systematic services to our end users.
As to the fund ecosystem, we all know that direct financing market is developing very rapidly, and the fund ecosystem in recent past few years also developing very fast. Starting from H2 last year, the chairman has also mentioned that we have invited the very famous consultants to be part of our consortium to build the approach and the methodologies for this fund ecosystem. I think the strategic plans has already been formulated. This year, we would step up our efforts to implement it. All those approaches and strategies would generate an additional business opportunities from the custody and also from the investment bankers. We have also raised our strategic objectives for the coming three years.
We want to achieve the PCR coverage reaching 80%. These are all included in our strategic agenda. The second track is the digitalization.
The second track, actually, I have introduced it before, but now we have identified our goal. On the top we have satellite, and the middle we have IoT, and at the bottom we have operation platforms. To build such a ecosystem, while we investing more support to SME customers, we answer the national call to support green finance and the real economy as well. We have disclosed very detailed metrics in terms of what we have contributed to the green finance, and we will keep scaling up investment and support to this aspect. We launched the second satellite a month ago, and we will keep doing this work in a solid way, and to embed the satellite into the real banking scenarios and to support the long-tail customers in real terms.
Overall speaking, looking to the future, Ping An Bank's corporate business will leverage its strong integrated finance advantage and technology capability. With indirect and direct financing, we will build the most characteristic tech-led transaction banking and complex investing and financing business so that we can build the second growth curve. Thank you.
Thank you, Mr. Hu, for your wonderful answer. It focuses on the two tracks and, elaborates since the establishment of the bank, we achieved the best in corporate and u nder the dual-line strategy, we don't rely on the RWA and more focused on fee income. Its percentage accounted for more than 70% now to total corporate revenue. This showcases what we have done in the corporate. He also answered the logic behind the four centers we just built. Next question, let's have a lady.
Thank you, Mr. Zhou, for giving me this opportunity to ask questions. First of all, congratulations on your annual report and today's share price growth. My question goes to Cai Xinfa. Mr. Cai, in your private banking sector, chairman mentioned that you have built a new bancassurance team. Last year, we noticed that you have done a lot of upgrade in bancassurance. Currently, for the bancassurance upgrade, what's the strategic importance for the whole bank? The second, in terms of team building, we saw a lot of changes, and you introduced those high-profile talents. In products, we also want to have some color, what are the new changes? Because Ping An has always been a leader in innovation, product innovation, but bancassurance is a traditional business, so can you give us some color on that?
Regarding bancassurance, several points for your reference. First, because the market for insurance is changing. In the past, the traditional way was using people or the agents to do business. Second, we have noticed that it's a new trend to combine bancassurance with wealth management. So that's why we hired a high-profile team with a good education background and who knows insurance very well.
My point here is that bank is the best channel to achieve the model I just said. First of all, bank has customers. We have a massive customer base that we can dig into because bank has the account system which other financial institute doesn't have. Second, bank has credibility. People trust banks well. Third, for wealth management, banks has been doing this business for a long time, and it knows how to combine resources with what customers want. For the fee income of bancassurance, it accounted quite high percentage to total bank's revenue. For China's bank, perhaps 15%, around this percentage. For overseas banks, this percentage is very high. We need to learn from them and to copy this model, suit our own characteristics, our own uniqueness.
Ping An Bank sees the momentum, sees the opportunity to leverage our resources. At first, I was not that clear why they want to do this. After half year, since the first half of last year, I suddenly understood. Because it's a strategic goal and a strategy that Ping An Bank has to choose. It's the future. Chairman just said that if you visit the Shenzhen Bay, the area, you would understand why we spend this much effort to build this bancassurance team. There is a girl in the team, I know her well, who is very good and from very good university. Those are. She represents the people that we hire. Secondly, Ping An Bank, under the Ping An Insurance, has a natural advantage. We have massive people who know insurance well.
Though I don't understand insurance, I have people who understand. With the resources, with advantage, we seized the trend and decided to do it. Ping An Bank, our system and our insurance capability, you know that training system is very complicated, and it takes time for agents to grow. For us, we can just you know leverage the natural resources from Ping An Group because they have mature system and training system already. Third, I want to point out our technology. It combines well with our wealth management business. First part is we need to serve the long-tail customers, and the second part for that is we need to provide complicated or high-end products. We are going to seize these two ends of customer groups. One type is we need to combine with those annuity insurance.
The second product type is to combine the current product with the whole life. Those are the two main products we're doing. I want to say we have a specific insurance-bank insurance product design committee, which stands apart from the group's one, and they can provide exclusive products to Ping An Bank. This committee, we have bank management who also sits in that committee and can raise some voices and to put up demand or requirements on behalf of the bank. We have independent system. This is one of our advantages. After getting the requirement of customers, we can ask the whole team to discuss and come up with a comprehensive solution. This it cannot be copied by other banks because they don't have the insurance capability.
Because we have very strong synergy or bond with Ping An Group, we can get it done easily. For the fee income of overseas banks, why they can achieve 30%-50% is because they can combine the products with customers closely. This is the way we are going to learn as well. For example, we are going to learn from the CNB, see what are their best practices so that we can copy to improve our services and products as well. Those factors to success we already have. What we should done is to find our own way to deliver it. For this new team, several uniqueness. First, they are very high profile. They have high productivity.
Second, for the free income, 60% comes from insurance products and 40% from complicated private or public fund products. This is not a pure insurance team, but an asset allocation team. This team, since they start to work, they can talk insurance freely because they know insurance very well. From the performance we have now showcased that our strategy is right. For example, when a new agent come, as allocation talent come, in the first January, first month, he is going to get familiar with our product, our system, because unlike insurance agent team, we give the minimum pay to the base salary to this new insurance team. We aim for high quality and stable growth in the talent team.
This year, we expect around at least 2,000 talent in this team. PB plus RM altogether right now we have 3,000 people, and in 2022 we're going to increase 2,000 more. This will empower the growth of our wealth management module. Let me add one point. For this team, what I required for them is a private banking team who knows how to sell products, insurance products. They are different from traditional banks' wealth managers. Most of them only know how to sell those simple insurance products. But what are the real insurance products? Annuity, whole life, those with the high-leverage products. But most banks' managers, they don't know those products well. That's why I'm hiring this new insurance team. They know how to do asset allocation.
Because for any customer, especially private banking customer, they need asset allocation. It's not like you want to sell a product to them, they will take it. You need to give them the optimum asset allocation. Because what if something unexpected accident happen to the customer? So as a professional, wealth manager, you need to provide the asset allocation solutions. Like Frank said, in Europe, America, Hong Kong, wealth management or private banking, 50% of fee income comes from insurance sales. Compared to us, we're very low right now. So it's very important to have this new team. Actually, this team, to be frank, he was behind the schedule by half year.
Because he didn't figure it out at that time. It is a strategy. Whole bank level strategy. That's my point to add. Another point, for the data we have, to put it conservatively, let's give a prediction. The annualized growth for fee income from insurance should be over 50%. This is quite a sensitive data. I can't give a specific data on the specific product. This should be okay. The core, let me summarize, distribute an asset allocation team who knows insurance products well. This is real in the market. Perhaps after many years, when you look back, it's a bold move for Ping An Bank to make, but this is the way we choose. For the data, please be awaited.
Okay, next question, Mr. Zhang, please.
Thank the management team for the opportunity to ask a question. I'm from Guotai Junan. I'm the Chief Bank A nalyst, Zhang Yu. The capital market is concerned with the risk status of Ping An Bank. Last night about the financial report, I think one of the highlights is in real estate the quality of the asset is superior than market anticipations. I think this is also reflected in a stock price surges. I think it has revitalized the confidence of the investors. My question is to Mr. Guo. Can you elaborate on our risk status of the real estate business and what will be the outlook for the time to come?
Okay. Thank you for the question. Just like I disclosed in a financial report, at the end of 2021, we have altogether CNY 340 billion for those related business. For the real estate, the balance is about CNY 280 billion. The property-related and M&A-related loan is about CNY 44.3 billion. For the real estate business without the risk status is about CNY 120 billion. The agent-based sales have over CNY 55.4 billion that can correspond to the specific real estate projects. After the evaluative analysis, I think we can approach this statistic from 2 dimensions. The first one is for the property loans. We have arrived at several conclusions.
Firstly, while this industry is witnessing then many incidents and scandals, our bank maintained a very steady approach. Many of the incidents and scandals has nothing to do with our projects. The second conclusion is that, affected by this industry, the property development loan has been largely affected by the new property policies. For our bank, it only accounts for a small percentage, only about 3.8% of the total loan, and only about 11.6% for corporate loan. Certainly, the asset quality remains good. Over 90% are related to the development of the purchase related loans.
Many of those loans are concentrated in the Yangtze River Delta region, as well as the Greater Bay Area. We have over 80% of the loans are for a mature property management. This type of loan does not have a sales risk or construction completion risk. In addition, the property loan business has adopted the steady development approach. There are several projects at risk, including the Baoneng project, which is about CNY 5.4 billion loans, but the court has already provided a verdict supporting the auction of the property. If everything went well then in 2022 this year, we'll have a very good performance for those non-performing loans.
For those non-performing loans, there's only about 7.6%. Also, 94% are in tier one and tier two cities, Yangtze River Delta regions, and the Greater Bay areas. The third one is about the custody and the Founder business. They're mainly related to two players, Hua Xia Xing Fu and Baoneng. We know that Hua Xia Xing Fu has been, this case has been dominated by the Hebei provincial government. Now we already have the debt restructuring solutions. Many of the investors have chosen to make a progress based on this restructuring solutions.
Our bank will continue to enhance it to facilitate the communication with the debt owners as well as our debt collection committees will do everything we can to protect the interests of the investors. Let me talk about the Baoneng case more. I think most parties involved has adopted legal means. Also the product managers are also conducting the asset transfer. For the Baoneng assets, there are five related category of asset. Most of them are quality asset, about a 65%-70% of the redemption rate. Representatively, it's in Kunming City and other highly valued properties.
We have already frozen 100% of those cases or those entities in question. They are all together CNY 2.3 billion related case, mainly the Shahe Huajiao case. Most of their stocks and shares has been frozen. We do not share the credit risk for this case, but based on our agreement with the authority, we would do everything we can to facilitate the communication and also to protect the interests of the investors. Let me also talk about the intermediate finance. I read an article about Evergrande Life Insurance and also about the case related to the intermediate finance with Ping An Bank. There are many questions, concerns in the market.
I'd like to brief you on the status quo. For the intermediate financing, back in 2016, starting from October, the intermediate financing, we have already started to do it. Now we have completed a provision with over 90%, close to 90% of coverage ratio. Which means that in the future, they will be very conducive for our ongoing risk resilience. Most of those loans has been written off. Also the share transfer has also been conducted because CNY 1.3 billion has been returned to Ping An Bank. We have already received a CNY 1.3 billion returns. Those enterprises in question are trying to save themselves by selling or issuing more stocks. Thirdly, I'd like to touch upon the market reaction.
I think the market has overreacted because of this intermediate finance case. Based on the stock transfer as well as the guarantee contract, if there are any major share transfer, then it must be approved by the intermediate bank. We have reminded the intermediate bank for this, and we have also actively communicated with the enterprise, and we come up with a good solution. Now we have completed multiple credit restrictions to ensure that the loan or the money owed will be paid back. Just to add more information about that case. For the next step in property sector, we would continue to be aligned with the national policy.
To support the development of the public housing, and in particular, to support selected and quality enterprises of their property development projects. In the past, we have shifted the focus based on the dual optimization principle. With our existing projects, we'd also enhance the management and optimization to upgrade our management tools online to monitor the real-time cash flow and project progress. Thank you.
Thank you, Mr. Guo. I think Mr. Guo has not only answered the question, but also to an issue that many people are concerned with. Maybe we should ask Mr. Guo to respond much earlier than this, because it's really enlightening and sheds some light on the status quo of the property-related loans and the business. Okay.
Coming next, we'd like to ask a friend from the press to ask a question.
Thank you to the management team. I'm from the China Fund News. I'd like to ask a question for Mr. Xie. I think you have rightly pointed out many interesting items. So you are the general manager of Ping An Group and also the co-CEO of the group. You're also the team leader of the Founder Group. Some people call you the commando leader. So having so many roles, will it dilute your devotional energy on the banking-related work?
I think your question is somewhat sensitive, but in a word, I don't think there's a big deal about it, because the bank's performance is rather solid. Also, I have very excellent teammates with me.
I'd like to share some of my personal thinking since you have raised this question. We know that Ping An Group strategy, the dual-wheel strategy and the comprehensive finance and the medical service-related financial business. In order to promote the comprehensive financial business, the core is to achieve synergy and connectivity among different business lines. People should have a broader horizon of knowledge. You should not only know mortgage, you should also know about the stock issuance and the IPO and all that. You must have a comprehensive knowledge of stock and also know how things operate. Customer service.
You must know how to combine with those additional factors, so that when you are facing or talking with the customer, can you genuinely showcase your ability to solve problems for the customers. Although I have many roles, I think it's conducive for the bank's business. Secondly, Ping An Bank and the comprehensive finance, they are mutually reciprocal. They are mutually reinforcing one another. It's not a zero-sum game because the other business lines, their accounts are also in our bank. While managing the personal finance and the corporate finance, it's also a management of the bank's business. Last week or the week before the last, I had a corporate finance meeting with Mr. Hu and also the ecosystem meeting.
The participants of the meetings are not only from the banks, but also from the Ping An Group and Ping An Securities. Would you consider this as a bank meeting or the group meeting? I think this meeting is good for everybody because no matter what the business is, the accounts are still at the bank, and the bank can collect behavioral data through this channel. I think while managing the bank, I'm also promoting the comprehensive finance. While I'm promoting comprehensive finance, it's also promoting the bank's business. There's an integrated entity. Last week, me and Mr. Cai, we were having a meeting about the credit card, and we were talking about how to upgrade the credit card business.
We also touched upon the property insurance as well as the medical service and the pension. It's all included. It's all part of the agenda of the meeting to serve the customer well.
We just did now. You asked about the project that I participated, what is to promote the integrated finance and the medical care, the two driver strategy. While I participating into this project, I can coordinate the Peking Medical resources and help Ping An to provide more heartwarming services. It's like I have to learn about medical care. I don't get sick much, so I don't really know much about medical care. But after joining this project, I visited all Peking related hospitals and the physical check centers to visit those places to know and learn. When I look at the medical process, I was touched deeply and get to know much better about medical care. Because previously, I was like, I don't get sick. Why do I need to go to the hospital?
Now, after I joined the project, I understand better how to let medical care to combine better with the financial ecosystem. Now I got even deeper understanding. I learned a lot. The fourth point for my personal feeling is that after you master the rule or the law of nature, things can be done with better efficiency and efficacy. You need to learn. While learning, your brain stays active. If you don't, well, you will be behind the current. We need new stuff to activate our brain cells. When Mr. Ma gives me new tasks, well, actually for me, it's a joy for me. It's fun, because I can activate my brain and it's limitless for things we can learn. As long as you learning, you will have more methods to solve current problems.
For me, I think my role and my title will be conducive to the bank's development as well as the group's development, and I enjoying it. Thank you.
Okay, thank you for Chairman's answer. He enjoys his work, is the best answer to your question. Next, Wang, let's welcome a friend online. Next, please welcome HSBC, Ms. Sun Yi.
Thank you for giving me this opportunity. You just mentioned about bancassurance position to the whole wealth management model. My next question goes to Mr. Zhang Dong. Can you introduce the progress you made in wealth management subsidiary and your strategic planning? How can it better empower or contribute to Ping An Bank's greater wealth management ecosystem?
Actually, this question I have been asked a lot by investors who care about Ping An Bank.
Well, for the subsidiary, wealth management subsidiary, I want to talk about three points. First, for talent. Well, if you look at our team, our subsidiary is quite different. We are a non-banking wealth management. The proportion of non-banking talent is the highest for our subsidiary, and we scaled up efforts to hire more. He dares not to say that because he was working for securities before. At that time, we didn't have wealth management department. At that time, I asked him to come to the bank and to be responsible for the wealth management. The reason he dares not to say because I asked him, I required him not to hire anyone from the old securities department. None, zero. You have to build a new team from scratch.
Now, perhaps we have several people left, but at that time, my requirement was totally none from the old team. Yes, in the talent structure, we hired mostly from external. Several main positions were taken by the managements of other best wealth management players in the market. This is in line with the new wealth management rules of reform. The second technology is a uniqueness for Ping An Bank and is a natural advantage for the bank. Based on the advantage, we are doing independent development. The third is synergy. We've embedded into the Five‑in‑one model and be customer-centric to grow LUM and AUM at the same time and to acquire abundant customers.
Our retail credit card center and the wealth management subsidiary have launched a new project that is to use wealth management products as a hook to acquire customer and to link the whole front chain. We acquired around 100,000 new customers, and our capability in FOF and MOM have greatly enhanced. For the contribution to the wealth management module, there are three points. First, we provided a stable business performance, providing incrementals to the bank's revenues. Since the second half of last year or till this quarter, the market was fluctuating a lot. Wealth management, however, achieved quite rapid growth, so that's a momentum or injection to the bank's performance. The second, we have the most variety of products to meet customer demand.
Third, our synergy or coordination to provide a stellar customer experience. Our customer number doubled last year. Second, our scale growth achieved good performance. Now we are ranking number one, the top in the market. That's my brief answer to your question. Thank you.
Next question. The last three questions due to time limit. Let's welcome Shanghai Securities News.
Good morning. I ask one question that investors care a lot. My question is that how the management sees the difficulty in the market and for the business highlights you mentioned, and also you mentioned the asset quality, all those good points. What are the main drivers you think you have for the future to improve your valuation? Thank you.
Well, for share price. Okay, let me provide a brief answer to you.
Well, if you look at the whole banking sector, bank stocks, the top set the tone. There is loose credit and stable growth. It's favorable for banks' development. I look at market sentiment. I have communicated with many analysts that it's changing a lot. Last year, institutes are looking for those very resilient stocks. This year, perhaps they will look at more stable stocks like banks. Therefore, I think there are some opportunities for banks. I don't comment on individual stock, but for Ping An Bank ourselves, I'm confident, even though the previous drop was quite big. People were asking whether banking stocks are risk hedging for real estate or the sectors that you see risks.
If you look at from a longer term, for the past five years, Ping An Bank has maintained a very prudent very stable performance. We do achieve a lot of highlights which have not yet been reflected into our share price. I don't blame the market. It is a normal trend for the market to be up and down. Internally, we think we need to do more solid work. This is an opportunity for us to work even harder, to deliver our words, deliver our promise, and to pass on our confidence. I also, at the same time, please stay with us. A joke here, our stock price now is CNY 14. This will be real if you.
After some time we look back, this is a very good time window. You know that management has bought the stocks themselves with their own money. We are confident in that, and we want to pass on our confidence to the markets to earn your trust. Thank you.
Next question from online. Okay, from on-site.
I'm Dai Zhipeng from Zhongtai Securities. My question goes to the President for transaction banking. Can you shed some light on the progress you made and the future outlook? Thank you.
Which transaction banking are you mentioning? Are you mentioning for the corporate module or all for trading? Okay. It's for trading. Thank you for your question.
Just as the Chairman introduced that we brought into the CY team, the world-class trading team, and they have stayed with us for almost seven years and produced quite good results. Everyone can see that, especially in PBOC ranking or awards, we rank at the top and earned quite good credibility, and we have trained our own team, and we have strong trading and sales capability now. With all that, we achieved the capability from that team. What we noticed is that perhaps it occupied too much RWAs and can be quite limited for them to release all their potential. And based on the instruction of the Chairman, we are enhancing the synergy among corporate, retail, and global markets modules so that we can have more opportunities.
At the same time, we see these opportunities in the market as well, because as more Chinese financial institutes entering the global markets and the trading varieties are getting more diversified and the regulations are getting more sound. That gives a very good, solid foundation for the FICC business to grow. When we look at the market trend, we can leverage our capability to earn more fee income. This new model can be less cyclical and can withstand economic downturns better. Enhanced contribution of fee income to improve our ROE at the same time. Under this strategy, we have one body and two wings. One body is that we already built very strong trading capability. For the two wings is the two types of customers that we are serving.
First is for the financial institutions customers, especially for those small and medium-sized commercial banks. With the changing asset management environment, we are providing them the services so that they can manage their revenue well, and we leverage our advantage in fixed income and later copy that into Forex and other trading varieties. The second part, we are serving our corporate customer with Ping An hedging to copy our trading capabilities and technology to provide a full range of solutions to our customers so that they can better prepare for the economic fluctuations. While we're practicing to implement this strategy, we saw quick growth. For example, for the agency, the hedging trading volume exceeded CNY 140 billion and doubled, and customers increased by more than 30%.
Small and medium-sized customer percentage increased to 74%. With that, we even determined our confidence to achieve second growth curve. This comes from, as we repetitively mentioned, that we have advantages in technology, in team, in system, so that we can build an iron army of sales and trading team. Therefore, we believe that our trading services can shape the second growth curve, and we are confident, just like the first growth curve, can be quite productive and contribute more to the whole bank. Thank you.
Wait, there are two ladies who raises her hands. Okay. An exception here. I'll ask both of them. Okay. Feifei goes first, and Xiaoyou, the second one.
Thank you, Mr. Zhou. My question goes to Mr. Guo.
Can you give us some color for on the overdues and what's the outlook for 2022 for SML and NPL trend? Because when you answered the first question, I was not very clear on the write-offs. You mentioned CNY 40 billion and CNY 73 billion. What are the underlying assets for the write-offs? Thank you.
The reason for the tick-up of NPL and SML is because of the regulatory rules changed. One is for credit card and second is for personal loan. For credit card, the standard to determine overdue has been put one month in advance. So that could cause the impact on the NPL performance one month early, three days after the first repayment.
For example, if you have to repay on today and three days later, if you don't pay back, your loan will be categorized as overdues. This caused impact to the NPL. The second, for the mortgage, it affected SMLs. In the past, it was like 30 days of a grace period, but now it's only 1 day. That caused some tick-up in the SML. If you take out those two special factors, actually our SML and overdues ratio were going down. For the main risk metrics, we ranked top among our joint stock banks and won recognition from the regulators. Among the 12 joint stock banks, our NPL plus SML ratio ranked number 2.
Provision coverage ratio at the beginning of the year was 195%, but now it's 282%. Increased by 87 percentage points, now is 282% for our provision coverage ratio. Looking to 2022, we will keep a stable risk performance to keep the SML and NPL better than industry average. Now, with the environment changing, we do see some pressure for corporates, especially on the real estate.
As the regulators' attitude is getting warmer and as the industry returns to a normal status, and as we enhance our control in the pre and post lending risk control, we expect that the risk asset quality will remain stable. We'll upgrade our measures in that collection as well to make sure that our NPL or risk-related metrics maintain a relatively stable performance. Last year for the NPL, we have two large customers who defaulted. For example, the one I mentioned, the Baoneng. The other part is, based on the regulatory requirements, we need. We have to dispose some non-performing loans. At that time, they're in de facto, they should not be categorized as NPL.
Based on the guidance, we moved them into NPL in advance and write off. So that's the overall picture.
Last question, Xiaoyou.
Thank you, management. My question is on balance sheet. The question goes to CFO. What's your outlook on NIM considering the LPR downward trend? And, if it further narrows, what you have arranged to keep NIM at a stable or resilient level?
Yes, NIM is a very important metric for bank. For the past several years, our NIM was performing quite good among our peers and showcased our improvement in balance sheet management. Currently, if you look at the whole industry, there are two aspects to look at. One, liability. Second, asset. And for asset part, pricing is very important, but the market trend plays a huge role as well.
To give an analogy here, a benchmark rate here, banks can have the freedom to add points, but it is just a benchmark rate. It is closely related to the market rate change and the bank's own pricing capability. We do think the trend, downward trend, will be there. For banks, we have to answer the national call to support real economy. This is the social responsibility that we are willing to take and we should take, but that will cause some impact on the NIM.
Ping An Bank is aware of this trend, so we are thinking, "How can we better ourself to perform, outperform our peers, and to, bring the NIM, the narrowing speed low, lower and lower, so that we can keep NIM at a resilient level?" For the recent several years, we have kept putting efforts to manage the balance sheet and to match the assets, and the duration to approach from all fronts, manage them well. For liability, we are looking to each segment and increase the proportion of low-cost CASA so that the percentage can be higher, the liability cost can be lower.
How can we deliver them?
Like what I introduced before, we have technology, we have products, and integrated finance all serve this purpose, to bring down our cost and to deepen our customer management. On the asset side, on the prerequisites of asset quality, we are going to increase the percentage of retail loan. Now it's already more than 60%. We think this ratio should be a comfortable level for us. Among the segment we have, we are working to improve the percentage of mortgage and collateral loans in 2022. Our goal, even with the downward trend, we want to maintain our position as one of the top among our joint stock banks. Internally, we need to keep optimized deposit structure and to balance deposit balance with cost.
We don't aim for sheer volume growth, even though it is important to support loan growth. At the same time, cost is very important for us. We have applied this mindset into KPI for all business lines. For assets, we need to do well in asset portfolio allocation. For example, how can we improve the loan growth while at the same time keep asset quality stable, and to allocate the loan portfolio well so that our loan yields can be handsome. Of course, asset quality comes the first. This task or this work for all these years, we have kept our efforts to do that, and we have confidence in achieving the goal.
Due to time limit, let's wrap it, the QA session. Let me summarize.
We have over 185 audiences who are watching the event from broadcasting. All your questions are inspirations and also spurs on the management. We will keep delivering that into our real work, and we welcome all kinds of suggestions and feedback from all kinds of channels. Because of faith, so we have confidence, and we will keep delivering our performance stably. Thank you all for joining us. Let's meet next time.