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Ping An Bank posts 15.2% YOY rise in H1 net profit

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Ping An Bank posts 15.2% YOY rise in H1 net profit

Ping An Bank Co. Ltd. posted a 15.2 year-over-year rise in net profit for the first half ended June 30.

The bank on Aug. 8 reported a first-half net profit attributable to shareholders of 15.40 billion yuan, down from 13.37 billion yuan in the prior-year period. EPS rose to 78 fen from 73 fen.

Net interest income for the half rose to 43.64 billion yuan from 37.44 billion yuan, while net fee and commission income increased to 18.39 billion yuan from 17.94 billion yuan.

Operating income rose to 67.83 billion yuan from 57.24 billion yuan. Operating profit before impairment losses on credit and assets climbed to 47.24 billion yuan from 39.70 billion yuan, while operating profit increased to 20.04 billion yuan from 17.40 billion yuan.

Unannualized net interest margin for the half came to 1.30%, up from 1.12% in the prior-year period.

Impairment losses on credit and assets rose to 27.20 billion yuan from 22.30 billion yuan in same period the prior year.

The bank's nonperforming loan ratio clocked in at 1.68% as of June 30, down from 1.75% at Dec. 31, 2018.

As of June 30, the lender's capital adequacy ratio came to 12.62%, up from 11.50% as at Dec. 31, 2018. Over the same period, the bank's core Tier 1 ratio rose to 8.89% from 8.54%, while its Tier 1 ratio rose to 9.71% from 9.39%.

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

As of Aug. 8, US$1 was equivalent to 7.04 Chinese yuan.