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March 7, 2019

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Ping An reports 7% jump in 2018 profit

Ping An Bank Co Ltd yesterday announced that it had earned 24.8 billion yuan (US$3.69 billion) in profit in 2018, which was up by 7 percent from last year.

It credited the result to the successful business transformation to technology-based retail banking.

This was the first annual earnings report from an A-share listed bank. The Shenzhen-headquartered joint-stock lender said it had achieved “stable and sound” development last year, with the revenue jumping 10.3 percent annually to stand at 116.7 billion yuan.

About 70 percent of the overall earnings was contributed by the personal banking sector, the bank said.

The bank saw the assets of retail clients under its management surge by a third to 1.41 trillion yuan. The number of retail clients also reached 83.9 million, up 20 percent from a year before.

The bank also said that the quality of its assets had improved significantly.

The outstanding overdue loans, an indicator of future non-performing loans, decreased by 9.26 billion yuan to 49.4 billion yuan. The balance of loans overdue of more than 90 days dropped by 7.47 billion yuan to stay at 33.9 billion yuan.

Ping An said its NPLs ratio stood at 1.75 percent by the year-end — 0.05 percentage points higher than 12 months ago. The figure was lower than the banking industry’s bad loan ratio of 1.89 in the past year.

The commercial lender attributed the turnaround to its efforts in making full use of cutting-edge technologies in its business lines including product innovation, marketing, business operation and risk control.




 

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