Fintech driven commercial lender Ping An Bank has seen a sizeable rise in its first half earnings despite the adverse impacts of the COVID-19 pandemic.
Ping An Bank’s first half financial report indicates that as of the end of June 2020 its total assets were 4.178622 trillion yuan, for a rise of 6.1% since the end of last year.
Loans and advances totalled 2.508408 trillion yuan, for a rise of 8.0% compared to the end of 2019.
Total liabilities totalled 3.827225 trillion yuan, for a rise of 5.5% compared to the end of 2019, including a deposit balance of 2.486121 trillion yuan, for a rise of 2.0% over the same period.
Ping An Bank’s operating revenues for the first half of 2020 were 78.328 billion yuan, for a YoY rise of 15.5%, while net profits were 13.678 billion yuan, for a YoY decline of 11.2%.
With regard to the profit decline, Ping An Bank said that COVID-19 had crated uncertainties prompting it to actively expand its provisions coverage, raise its risk supplementation capability and expand its write-off, leading to a drop in profits.