Ping An Bank's 1Q Results Saw Strong Retail Deposit Growth
No-moat Ping An Bank’s first-quarter results were in line with our expectations of revenue increasing 1.1% and net profit rising 6.1% from the year-ago period. Though the results were not strong compared with peers, we observed that its retail banking transformation is making good progress, and we retain our CNY 12 fair value estimate. 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-...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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