On November 3, the administrative penalty information released by the Jilin Supervision Bureau of the State Financial Supervision and Administration showed that Jilin Yealink Bank Co., Ltd. (hereinafter referred to as "Yealink Bank") and its relevant responsible persons. According to Bedo Finance, this is not the first time Yealink Bank has been punished.
According to the disclosure of the fine, Yealink Bank's violation of laws and regulations is "failing to provide unified credit to borrowers in the Internet loan business". For the above violations, the Jilin Supervision Bureau of the State Administration of Financial Supervision imposed a fine of 300,000 yuan on Yealink Bank.
At the same time, Chen Yiping, then chief risk officer of Yealink Bank, was responsible for the bank's failure to provide unified credit to borrowers in the online lending business and was given a warning. According to Bedo Finance, Chen Yiping stepped down as the chief risk officer of Yealink Bank in the second half of 2021 and was replaced by Yang Mei.
According to public information, the former Jilin Banking and Insurance Regulatory Bureau issued an approval on November 5, 2021, saying that it approved the qualifications of Yang Mei, the chief risk officer of Jilin Yealink Bank. Previously, Yang Mei worked in the Shenzhen Branch of Bank of Communications, the Credit Card Center of Bank of Communications Head Office, etc., and also served as the Chief Product Officer of CIIC Credit.
At present, Yealink Bank's senior management includes Chairman Dai Hao, Executive Director, Executive Vice President and Secretary of the Board of Directors Wang Xinrui, Executive Director and Vice President Dai Yi, President Wang Yuhai, Vice President Yang Deming, Assistant to the President and Chief Information Officer Li Shufeng, Chief Risk Officer Yang Mei, etc. Among them, Chen Gengzhao no longer holds the position of vice chairman of the bank.
It is worth mentioning that Yealink Bank was investigated by the National Association of Financial Market Institutional Investors of China (hereinafter referred to as the "National Association of Financial Market Institutional Investors") in March 2023.
The National Association of Institutional Investors reported that when it investigated and dealt with the case of Siping City Development Investment Holdings Co., Ltd. (hereinafter referred to as "Siping Urban Investment"), it found that Everbright Securities Co., Ltd., as the lead underwriter and bookrunner, had not carried out the issuance work in accordance with regulations. Bank of Jilin Co., Ltd. and Yealink Bank received large amounts of financial assistance from issuers in violation of regulations.
On June 5, the National Association of Institutional Investors issued a self-discipline information on Yealink Bank - the deliberation and decision of the 11th self-discipline meeting in 2023, stating that Yealink Bank, as an investor in the debt financing instruments related to Siping Urban Investment, will separately collect the income compensation provided by Siping Urban Investment in addition to the coupon rate of the debt financing instruments to achieve the expected investment returns.
The NAFMII believes that Yealink Bank's relevant actions interfered with the issuance interest rate of debt financing instruments and violated the principles of fairness, impartiality and openness in the issuance. In accordance with the relevant self-discipline regulations of the inter-bank bond market, after deliberation at the self-discipline meeting, the National Association of Institutional Investors issued a notice of criticism to Yealink Bank and ordered it to carry out comprehensive and in-depth rectification of the problems exposed in this incident.
Previously, Yealink Bank had said that the so-called "issuer's large financial assistance" was a local bond it invested in 2020, and the income generated by the agreement to make up the difference was all included in the interest adjustment account, amortized to interest income on a monthly basis, and the coupon interest income was included in its investment income profit and loss, without any illegal adjustment, and there was no illegal receipt of large financial assistance from the issuer.
Earlier, Yealink Bank had been punished several times. In December 2022, Yealink Bank was fined 1.4 million yuan by the former Jilin Banking and Insurance Regulatory Bureau for failing to implement the "three checks" of loans in the process of handling personal business loans, and failing to strictly implement the relevant regulations on entrusted payment management, resulting in the loan funds not being used according to the agreed purpose.
In January 2021, Yealink Bank was fined 200,000 yuan by the former Jilin Banking and Insurance Regulatory Bureau for failing to establish an effective whole-process management mechanism for personal loans. In April of the same year, Yealink Bank was fined 1.644 million yuan by the Changchun Central Branch of the People's Bank of China for "four crimes" such as "failing to report personal credit information accurately, completely and in a timely manner" and "opening anonymous and pseudonymous accounts for customers".
In terms of performance, Yealink Bank's performance was also decent. According to the data, Yealink Bank will achieve operating income of 1.083 billion yuan in 2022, a year-on-year decrease of 24%; net profit was 96.072 million yuan, a year-on-year increase of 86%; The net profit after deduction was 102 million yuan, a year-on-year increase of 81%.
In the first three quarters of 2023 (January to September), Yealink Bank achieved operating income of 1.012 billion yuan, an increase of 18.86% from 852 million yuan in the same period of 2022; net profit was 725 million yuan, a year-on-year increase of 8.32%. As of September 30, 2023, Yealink Bank's total assets were approximately RMB61.420 billion, compared to RMB53.645 billion at the end of 2022.
Beduo Finance learned that Yealink Bank recorded a revenue of 1.567 billion yuan in 2020, and now there is still a big gap from its peak.