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Business · Finance
Ping An Bank’s first three quarters’ net profits up 15.5%% YoY to USD 3.34 bln
2019/10/24 10:01:00
Fintech, Banking, Net profits

Oct 24, 2019 (China Knowledge) - Ping An Bank (000001) has recorded an increase in net profits for the first three quarters of this year, according to a filing submitted to Shenzhen Stock Exchange.

From Jan to end of Sep year, Ping An Bank achieved net operating revenue of RMB 102.958 bln (USD 14.57 bln), a 18.8% YoY increase, and net profits of RMB 23.621 bln (USD 3.34 bln), a YoY rise of 15.5%.

At the end of Q3, the bank’s total assets stand at RMB 3.707 trln (around USD 520 bln), an increase of 8.5% YoY.

Formerly known as Shenzhen Development Bank, Ping An Bank is a Chinese joint-stock commercial bank created via the merger of the Shenzhen Development Bank and the former Ping An Bank in Jun 2012. It is currently a subsidiary of Ping An Insurance, and primarily operates in Shenzhen, Shanghai, and Fuzhou.

In recent years, Ping An Bank has focused on becoming a key player in the fintech sector, with the bank set on building up an integrated banking system with the use of artificial intelligence (AI). It will also continue to focus in its lending businesses to private companies, such as small and medium enterprises.

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