Ping An Bank’s first half performance report points to a sharp rise in the number of its app users alongside IT capital expenditures.
According to the report released on 7 August Ping An Bank’s net profits for the first six months of 2019 saw a YoY rise of 15.2%, while as of the end fo the second half its non-performing loan (NPL) ratio fell by 0.07 percentage points compared to the end of last year.
As of the end of June Ping An Bank’s retail customers totalled 90.1942 million, while its retail operations net profits were 10.81 billion yuan for a YoY rise of 19.1%, accounting for 70.2% of all net profits.
Registered users of the Ping An Pocket Bank (平安口袋银行) app were 74.3193 million in total, for an increase of 19.4% compared to the end of last year.
Active monthly users were 28.3513 million in total, for a rise of 9.5% compared to the end of last year.
Ping An Bank said that it is driving “comprehensive digitization” of its business model, with its total IT capital expenditures and fees for the first half rising 36.9% YoY.
The first half saw Ping An Bank meet its IT infrastructure development targets with regard to the creation of an AI platform, a distributed PaaS platform, as well as a private banking cloud platform.