The latest performance results from three of China’s listed banks point to a double-digit rise in net profits in the first quarter of 2020, despite the heavy economic impacts of the COVID-19 outbreak since the start of the year.
The COVID-19 pandemic has taken a heavy toll on China’s economy, leading to a 6.8% drop in GDP in the first quarter, for the first such decline since the end of the Cultural Revolution.
In spite of this Ping An Bank, Changsha Rural Commercial Bank and Bank of Xi’an have all seen robust gains in their profit levels over the same period according to their first quarter reports.
Ping An’s quarterly report points to first quarter operating revenues of 37.926 billion yuan, for a YoY rise of 16.8%, and net profits of 8.548 billion yuan, for a YoY rise of 14.8%.
Changshu Rural Commercial Bank posted net profits of 510 million yuan, for a YoY rise of 14.05%. The bank’s first quarter operating revenues were 1.697 billion yuan, for a YoY rise of 10.41%.
Bank of Xi’an’s first quarter net profits were 770 million yuan for a YoY rise of 10.10%. Its operating revenues for the period were 1.757 billino yuan, for a YoY rise of 60 million yuan, or 3.55%.