Ping An Bank Revenue Growth Accelerated in 2018, Increased FVE on Improved Asset Management Outlooks
No-moat Ping An Bank’s first-quarter results delivered accelerating year-on-year growth in revenue and net profits of 16% and 13%, respectively, versus the 10% and 7% growth in 2018. The results are roughly in line to deliver our 11% net profit growth forecast for the full year. Importantly, growth in pre-provision operating profit continued to trend up to 17% from 10% in 2018. We expect the bank’s growth momentum for the second quarter will remain strong, fueled by continuous NIM expansion and ...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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