PAB Continued to Derisk its Balance Sheet in the Past 3Q
No-moat Ping An Bank’s, or PAB's, third-quarter results indicated the company remained on track in its retail business transformation and derisking of its credit portfolio. We retain our CNY 12 fair value estimate, as we have not made material changes to our key assumptions. Despite weaker financial performance in the short run, we remain positive on Ping An Bank’s long-term outlook, thanks to its strong management execution and fast-paced retail transformation, supported by a vast customer base...Ping An Bank is providing commercial banking services approved by Bank of China. Co is engaged in the offering of company loans, deposits, trade finance, company wealth management, and company intermediary services; providing personal loans, deposits, bank cards, personal wealth management services, and other personal intermediary services; local and foreign currency tradings; bond investments and other money market operations; and providing central management on non-performing assets, equity investments and nonclassifiable assets, liabilities, revenues and expenditures. As of Dec 31 2013, Co. had total assets of RMB1,891,741,000,000 and total deposits of RMB1,667,791,000,000.
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