BEIJING — China's banking industry has seen a rise in asset custody services, with banks seeking to expand the business and maintain profitability, according to the China Banking Association.

Assets held in custody by China's banking sector hit 153.26 trillion yuan (about $22.41 trillion) at the end of 2019, up 5.15 percent from the end of the previous year.

That was an acceleration from the 3.01 percent growth registered at the end of 2018.

Chinese banks are developing intermediary businesses such as asset custody services to turn a profit, rather than relying heavily on net interest margins.

Banks' asset custody services include capital settlement, asset safekeeping and wealth management.