The latest data from big five banks’ 2013 annual report shows that the cumulative profits in 2013 were RMB 870.3 Billion, accounting for approximately 60% of the banking industry. However, comparing with previous years’ performance, the net Chinese banks' profit growth rate of 2013 has slowed with the exception of BOC, which increased slightly. This decreased profitability is mainly due to narrowed net interest margin. Last year, in the context of interest rate reform and the influence from money funds, banks have been facing challenge and forced to transform. This will likely continue to become more pronounced in the future as banks are heavily reliant on interest income rather than fee income.