Ping An Bank's net profit rises

Shenzhen-based Ping An Bank said it earned a net profit of 23.18 billion yuan (US$3.67 billion) in 2017, boosted by its robust retail banking business growth, its annual report released yesterday said.

The joint-stock commercial lender said its net profit was up 2.61 percent year on year despite a 1.79 percent drop of its revenue in the past 12 months.

The bank cited the good performance of its retail banking business as a main contributor to its growth in 2017. This segment saw a 41.72 percent growth of its revenue to 46.69 billion yuan. The segment earned 15.67 billion yuan in net profit, up 68.32 percent annually and contributed to 67.62 percent of the bank’s overall net profit in 2017.

Its assets under management totaled 1.08 trillion yuan as of the end of 2017, up by 36.25 percent annually, said the bank in its filing to the bourse.