Ping An Bank posts first-quarter profit growth
Revenue surges as NPL ratio remains static
(ATF) Ping An Bank, a Shenzhen-listed lender controlled by Ping An Insurance, reported 14.8% year-on-year growth in net profit for the first quarter.
In a filing to the Shenzhen Stock Exchange, the lender said it earned 8.55 billion yuan ($1.2bn) in the January-March period. Revenue grew 16.8% to 37.93bn yuan.
By the end of March, the bank's non-performing loan (NPL) ratio stood at 1.65%, flat from the level at the end of last year.
Its total assets had reached 4.13 trillion yuan by the end of March, up 4.9% from the end of 2019, according to the bank.