Ping An Bank posts steady profit growth in Q1

SHENZHEN  -- Ping An Bank, a Shenzhen-listed lender controlled by Ping An Insurance, reported a 14.8-percent year-on-year growth in net profit for the first quarter of 2020.

In a filing to the Shenzhen Stock Exchange, the lender said it earned a net profit of 8.55 billion yuan ($1.2 billion) in the January-March period. Meanwhile, its revenue grew by 16.8 percent year-on-year to 37.93 billion yuan.

By the end of March, the bank's non-performing loan ratio stood at 1.65 percent, flat from the level at the end of last year.

Its total assets had reached 4.13 trillion yuan by the end of March, up 4.9 percent from the end of 2019, according to the bank.