Ping An Bank’s First-Half Results Saw Strong Deposit Growth and First Rebound in NIM
No-moat Ping An Bank’s second-quarter results indicated recovering momentum in the bank’s revenue and earnings growth, attributable to good progress in its retail banking transformation and rising loan rates as a result of financial deleveraging in China. With 5.9% and 6.5% respective year-on-year growth in revenue and net profits, versus the 0.8% and 6.1% respective growth rates in the first quarter, the first-half results were in line with our expectations. The results highlighted the bank’s s...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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