Ping An Bank profit jumps

Source: Xinhua | 2018-10-25

Thanks to its business transformation toward retail banking, underpinned by advanced technologies, Ping An Bank saw its profit jump to 20.45 billion yuan (US$2.94 billion) during the first nine months, up 6.8 percent year on year, according to its latest earnings report. 

The Shenzhen-based joint-stock commercial lender recorded revenue of 86.66 billion yuan in the period, with over one third of that generated from non-interest net income. Retail banking business contributed to a record 68 percent of net profit, hitting 13.9 billion yuan.