BEIJING, March 6 (Xinhua) -- Ping An Bank, a Shenzhen-listed lender controlled by Ping An Insurance, posted increases in both its revenue and net profits in 2018.
The bank saw net profits rise 7 percent year on year to 24.82 billion yuan (about 3.7 billion U.S. dollars) last year, picking up pace from the 2.6-percent growth in 2017, according to a statement filed to the Shenzhen Stock Exchange on Wednesday.
Revenue grew by 10.3 percent to reach 116.72 billion yuan.
The bank attributed stellar performance to the rapid expansion of retail banking, which contributed more than half of the total revenue and nearly 70 percent of net profits.
At the end of 2018, the bank's non-performing loan (NPL) ratio edged up to 1.75 percent due to a significant increase in bad loans to corporate borrowers. Meanwhile the NPL ratio of individual lending dropped to 1.07 percent.
The statement also showed that the bank's capital adequacy ratios improved and remained well above required levels.
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