Ping An Bank's net profit rises 6.5%

Xinhua
Ping An Bank saw a 6.5-percent rise in net profit in the first half of the year thanks to strong performance of retail businesses.
Xinhua
Reuters

The name of Ping An Bank is displayed over its ATM booths outside a branch in Shenzhen, China November 12, 2016.

Ping An Bank saw a 6.5-percent rise in net profit in the first half of the year thanks to strong performance of retail businesses.

The company’s net profit rose to 13.3 billion yuan (US$1.9 billion) in the period, according to its financial report filed to the Shenzhen Stock Exchange.

Over the same six months, the bank’s revenue grew nearly 6 percent year on year to 57.2 billion yuan, marking a turnaround from a 1.27-percent dip a year ago.

Since the start of this year, the bank has diverted more loans to retail businesses and improved the quality of its assets, according to China Chengxin International Credit Rating.

The business structure shake-up has seen revenue from retail businesses surge 34.7 percent year on year to 29.3 billion yuan in the first half or 51.2 percent of the bank’s total.

By the end of June, the number of retail business clients surpassed 77 million, up 10.2 percent from the end of 2017, according to the bank’s financial report.


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