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Ping An Bank H1 profit rises YOY on lower expenses

Ping An Bank Co. Ltd. reported a year-over-year increase in net profit for the six-month period ended June 30, thanks in part to lower expenses.

Net profit at the Chinese lender rose 2.13% to 12.55 billion yuan from 12.29 billion yuan in the prior-year period. EPS declined to 68 fen from 72 fen.

Ping An Bank's net interest income fell to 37.36 billion yuan from 37.60 billion yuan, while net fees and commission income rose to 15.75 billion yuan from 15.05 billion yuan, which the company attributed to an increase in fees in the credit card business.

Investment income dropped to 739 million yuan from 1.61 billion yuan.

The bank's provision for impairment losses on loans went up to 22.86 billion yuan from 19.71 billion yuan in the year-ago period.

Operating profit rose to 16.43 billion yuan from 16.16 billion yuan, driven by a drop in operating expenses to 13.89 billion yuan from 18.61 billion yuan.

The bank's nonperforming loan ratio rose to 1.76% as of the end of June from 1.74% at the end of 2016. Its provision coverage ratio increased to 161.32% from 155.37% over the same time period.

The bank reported a capital adequacy ratio and Tier 1 ratio of 11.23% and 9.05% as of June 30, respectively, down from 11.53% and 9.34% as of 2016-end.

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

As of Aug. 10, US$1 was equivalent to 6.66 Chinese yuan.