Ping An Bank has reported a surge in its net profits, despite the economic headwinds created by China’s ailing real estate market and renewed round of Covid-related lockdowns in the first half.
Ping An Bank posted operating revenues of 92.022 billion yuan for the first half of 2022, for a year-on-year (YoY) rise of 8.7%, according to the lender’s mid-year report submitted to the Shenzhen Stock Exchange on 17 August.
Net profits for the first half were 22.088 billion yuan, for a YoY rise of 25.6%.
As of the end of the first half Ping An Bank’s total assets were 5.108776 trillion yuan, for a rise of 3.8% compared to the end of last year.
Ping An Bank’s non-performing loan ratio as of the end of June was 1.02%, holding steady with the end of last year, while its provisions coverage ratio was 290.06%, for a rise of 1.64 percentage points.
The lender’s special mention loan share was 1.32%, for a decline of 0.10 percentage points compared to the end of last year, and its overdue loan share was 1.46%, for a decline of 0.15 percentage points.
Ping An Bank said in the second half it would “continue to actively respond to national strategy, respond to domestic and international financial and economic conditions, firmly remember its mission to serve the real economy, and guard the baseline against the onset of systemic financial risk.”