Several publicly listed Chinese banks reported robust expansion in their private banking businesses during the first nine months of this year, with double-digit growth in the number of high-net-worth clients.

China Merchants Bank said in its third-quarter earnings report that its private banking customers — defined as retail clients with average monthly assets of at least USD1.4 million — reached more than 190,000 as of Sept. 30, marking a 13% increase from the end of last year.

China Minsheng Bank reported an 18% year-on-year jump in private banking clients to 73,000 in the first three quarters. Industrial Bank saw an 11% rise, while Bank of Beijing recorded an 18% increase to 20,000 clients since the beginning of the year, according to their latest financial disclosures.