Ping An Bank makes 28.9 billion yuan profit

Tracy Li
Bank achieves a non-interest net income up 12.3 percent annually thanks to growth of business such as personal agency funds and trust plans, trade financing and wealth management.
Tracy Li
Ping An Bank makes 28.9 billion yuan profit
SHINE

Ping An Bank's operating income was up 11.3 percent in 2020 compared with the previous year.


Ping An Bank achieved a net profit of 28.9 billion yuan (US$4.47 billion) in 2020, up 2.6 percent year on year, it announced in the first annual report released by China's A-share listed banks.

Its operating income was 153.5 billion yuan, up 11.3 percent compared with the previous year.

Thanks to the growth of business such as personal agency funds and trust plans, trade financing and wealth management, Ping An Bank achieved a non-interest net income of 53.8 billion yuan in 2020, up 12.3 percent annually.

Its asset quality also improved, with the non-performing loan ratio down 0.47 percentage points from the end of 2019 to 1.18 percent during the reporting period.

Affected by uncertainties caused by the pandemic, the bank said it proactively increased the provision coverage ratio and strengthened the write-off and disposal of bad assets.

Shares of Ping An Bank closed at 23.28 yuan on Tuesday, down 5.17 percent.

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