BEIJING, Oct. 22 (Xinhua) -- Ping An Bank Co., Ltd., a Shenzhen-listed lender controlled by Ping An Insurance, achieved a mild profit increase in the first three quarters.
The net profit rose 2.32 percent year on year to 19.15 billion yuan (nearly 3 billion U.S. dollars) in the January-September period, according to the bank's financial report. The growth moderated from the 5.52-percent rise in the corresponding period of 2016.
Revenue slipped 2.6 percent, in sharp contrast with more than 15-percent growth a year ago.
Ping An Bank attributed the profit increase to a shift to retail banking. Income from retail banking jumped nearly 40 percent in the first nine months, contributing 42 percent of Ping An Bank's revenue, while net profits in the area nearly doubled, accounting for 65 percent of the total. The bank also saw substantial rises in individual deposits and loans and the issuance and transactions of credit cards.
The ratio of non-performing loans (NPLs) edged down slightly to 1.75 percent by the end of September from 1.76 percent three months ago. The NPL ratio of corporate loans went up to 2.21 percent due to some struggling small and medium-sized borrowers, while that of individuals came down to 1.2 percent.
The first listed lender to release a Q3 report, Ping An Bank shares fell 1.29 percent to 11.48 yuan on Friday.
A single purchase
