PAB’s Retail Transformation Continues Despite Short-Term Challenges
No-moat Ping An Bank, or PAB’s, third-quarter results indicated that industry headwinds for smaller Chinese banks persist due to ongoing financial deleveraging since late 2016, with net interest margin, or NIM, shrinking 36 basis points and investment income falling 63% from the year-ago period. This was offset by stronger fee income and reduced credit costs. Similar to the first half, third-quarter net profits grew 2.3% while total revenue fell 2.6%. Despite short-term difficulties, PAB remains...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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