Print Edition - 2017-08-13  |  Money Digest

Ping An Bank posts slower profit growth

- Xinhua, BEIJING

Aug 13, 2017-Ping An Bank Co Ltd, a Shenzhen-listed lender controlled by Ping An Insurance, reported slower profit growth in the first half of this year, but its risk resistance improved amid tightened financial regulation. The bank’s net profits inched up 2.13 percent from a year ago to 12.55 billion yuan (less than $2 billion) in the January-June period, according to its mid-year report. The growth rate retreated from the 6.1-percent increase in the same period a year ago as Chinese banks saw reduced profit margins partly due to an ongoing economic slowdown. The bank’s revenue dropped 1.27 percent from a year earlier to 54.07 billion yuan. The performance was also attributable to strengthened preparatory measures against anticipated loan losses. By June, the provision coverage stood at 161.32 percent.

Published: 13-08-2017 10:15

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