Ping An Bank posts 6.5% rise in H1 net profit
Print Edition
Ping An Bank鈥檚 move toward intelligent retail banking paid off when its net profit rose 6.5 percent year on year to 13.37 billion yuan (US$1.84 billion) in the first half of the year.
The joint stock commercial lender鈥檚 revenue gained 5.9 percent to 57.2 billion yuan in the first six months, with the retail business contributing to 51.2 percent of overall revenue and 67.9 percent of its net profit, the bank said in its latest interim report to the Shenzhen Stock Exchange.
As of the end of June, Ping An Bank has a total of 1.21 trillion yuan of assets under management from its retail customers, up by 12 percent from the end of last year, with the number of retail clients surging by 10.2 percent to 77 million yuan during the same period.
The solid performance was also attributed to the bank鈥檚 improved asset quality, the report said, as the lender posted a fall of its non-performing loan ratio by 0.02 percentage points to 1.68 percent from January to June.
As consumption is driving over three-fourths of China鈥檚 economic growth, the bank said that it has been transforming its business structures to tap the trend by leveraging technological innovation and building a diversified ecosystem.
鈥淭he momentum of such a transition is continuing to deliver solid results,鈥 said Xie Yonglin, the bank鈥檚 president, in Shenzhen yesterday.
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