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Ping An Bank sees 42.91% surge in H1 profit

Aug. 16, 2012 (China Knowledge) - Ping An Bank Co<000001>, the banking unit of Ping An Insurance (Group) Co<601318><2318>, announced yesterday that its net profit jumped 42.91% YoY to RMB 6.76 billion in the first half of this year.

Basic earnings per share were RMB 1.32, down 2.94% YoY, said the bank in its interim report. An interim dividend of RMB 0.1 per share has been declared.

Operating revenue reached RMB 19.63 billion in the period, up 61.70% from H1 of 2011. Net interest income rose 55.48% YoY to RMB 16.16 billion in the first six months, and non-interest income surged 98.79% to RMB 3.47 billion, accounting for 17.68% of the total operating revenue.

At the end of June, the bank's total assets had increased 18.47% from the beginning of this year to RMB 1.49 trillion. However, the lender saw drops in both capital adequacy ratio and core capital adequacy ratio, which was 11.40% and 8.44% at the end of June, down from 11.51% and 8.46% at the end of 2011, respectively.

The bank also said that it plans to raise up to RMB 20 billion by issuing between 898 million and 1.20 billion shares at RMB 16.71 apiece through a private placement to replenish its capital.

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