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China's Ping An Bank FY'17 profit edges up

China's Ping An Bank Co. Ltd. reported a year-over-year increase in net profit for full-year 2017, even as net interest income fell.

The bank said net profit attributable to shareholders of the company for the year ended Dec. 31, 2017, edged up to 23.19 billion yuan from 22.60 billion yuan for the previous year. EPS, meanwhile, slipped to 1.30 yuan from 1.32 yuan.

For the fourth quarter, net profit attributable to shareholders clocked in at 4.04 billion yuan.

Net interest income for 2017 fell to 74.01 billion yuan from 76.41 billion yuan. Net interest margin for the year came in at 2.37%, compared with 2.75% for 2016.

Net fee and commission income increased year over year to 30.67 billion yuan from 27.86 billion yuan, while operating income declined to 105.79 billion yuan from 107.72 billion yuan.

Meanwhile, the bank's provision for impairment of loans and advances rose to 43.81 billion yuan from 39.93 billion yuan. Impairment losses on assets dropped to 42.93 billion yuan from 46.52 billion yuan in 2016.

The bank's nonperforming loan ratio as of Dec. 31, 2017, clocked in at 1.70%, compared with 1.74% as of Dec. 31, 2016.

The bank's capital adequacy ratio for 2017 reached 11.20%, compared with 11.53% for the previous year. Tier 1 and core Tier 1 capital adequacy ratios stood at 9.18% and 8.28%, respectively, compared with 9.34% and 8.36% in the prior-year period.

Ping An Bank is a unit of Ping An Insurance (Group) Co. of China Ltd.

As of March 15, US$1 was equivalent to 6.32 Chinese yuan.