Ping An Bank's (SHE:000001) adjusted attributable profit rose 2.2% to 39.1 billion yuan in the first nine months of the year, bolstered by a strong expansion in non-interest income.
Operating revenue climbed 2.4% to 103.1 billion yuan during the period. While net interest income edged up just 0.3% to 66.8 billion yuan, non-interest income jumped 6.5% to account for 35.25% of total revenue. The lender attributed the non-interest income growth primarily to robust performances within its wealth management and bond investment divisions.
The bank's net interest margin expanded slightly by 1 basis point to 1.80%. Meanwhile, the cost-to-income ratio improved, falling 0.46 percentage points to 27.01%, as the bank reduced expenses and improved efficiency through digital transformation initiatives.
As of the end of September, its retail customers increased 1.9% to 130.3 million, while managed customer assets grew 3.6% to 4.392 trillion yuan.
For the third quarter alone, adjusted attributable profit grew 1.1% to 13.5 billion yuan, while earnings per share edged up 1.4% to 0.70 yuan.
Ping An Bank is a subsidiary of Ping An Insurance (Group) (HKG:2318, SHA:601318).
Comments