Ping An Bank posts slower profit growth in H1

Updated 2017-08-12 14:30:37 Xinhua

Ping An Bank Co., Ltd., a Shenzhen-listed lender controlled by Ping An Insurance, reported slower profit growth in the first half of this year, but its risk resistance improved amid tightened financial regulation.

The bank's net profits inched up 2.13 percent from a year ago to 12.55 billion yuan (less than 2 billion U.S. dollars) in the January-June period, according to its mid-year report.

The growth rate retreated from the 6.1-percent increase in the same period a year ago as Chinese banks saw reduced profit margins partly due to an ongoing economic slowdown.

The bank's revenue dropped 1.27 percent from a year earlier to 54.07 billion yuan.

The performance was also attributable to strengthened preparatory measures against anticipated loan losses. By June, the provision coverage stood at 161.32 percent, up 5.95 percentage points from the end of last year, which weighed on profit growth.

The bank's bad loan ratio increased slightly to 1.76 percent by June and loans overdue for less than 90 days jumped 28.81 percent from six months ago to 23.93 billion yuan. Some borrowers met operation difficulties due to a changing broader economy and their own management problems, the bank said.

Ping An Bank shares tumbled 5.65 percent to around 10 yuan on Friday.

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