Despite Short-Term Challenges to Top Line, PAB Remains On Track With Retail Banking Transformation
Ping An Bank, or PAB's, in-line first-half results highlighted persistent short-term challenges to revenue growth for the bank. This was due to a relatively weak deposit base against the backdrop of rising interbank rates and tightening asset management regulations. First-half net profits grew 2% while total revenue fell 1.3% from the year-ago period. Despite short-term difficulties, our long-term thesis is intact, as PAB is well on track with its retail banking transformation. This is driven by...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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