Ping An Bank net profit up 13% in Q1

SHENZHEN - Ping An Bank, a Shenzhen-listed lender controlled by Ping An Insurance, posted 12.9 percent annual growth in net profit for the first quarter of 2019.

In a filing to the Shenzhen Stock Exchange, the lender said it earned a net profit of 7.4 billion yuan ($1.1 billion) in the January-March period.

Revenue grew by 15.9 percent year-on-year to 32.5 billion yuan.

The bank said it used intelligent technologies to transform its retail banking business, strictly curbed various financial risks and increased lending to private as well as small and micro-sized businesses.

By the end of March, the bank's non-performing loan ratio stood at 1.73 percent, down from 1.75 percent at the end of last year.

The capital adequacy ratio was 11.5 percent, flat from three months ago.