Banking Business

Ping An Bank’s mission is to be “China’s most outstanding, world-leading smart retail bank” under the strategy of “strong retail banking, selective corporate banking, and specialized interbank business”. Ping An Bank continuously upgrades its retail, corporate, and interbank business strategies, enhances its ability to serve the real economy, strengthens risk management, advances digital transformation, and maintains steady overall business performance.

As of June 30, 2024, Ping An Bank (excluding Ping An Wealth Management) had 109 branches and 1,180 business outlets. Ping An Bank maintained stable business performance, with net profit growing 1.9% year over year to RMB25,879 million in the first half of 2024. The core tier 1 capital adequacy ratio increased to 9.33% as of June 30, 2024.

Ping An Bank continuously strengthened risk management and maintained adequate risk provisions. The non-performing loan ratio and provision coverage ratio were 1.07% and 264.26% respectively, as of June 30, 2024. 

Retail Business

Ping An Bank drives high-quality, sustainable development of retail business by adjusting its structure, improving quality, increasing profitability, and upgrading two main business sectors:

• Lending business – Ping An Bank rebalanced its loan portfolio by increasing home mortgage loans, collateral mortgage loans, and new energy vehicle loans. Moreover, Ping An Bank upgraded risk management strategies and optimized risk models to improve the quality of new assets, striking a balance between “volumes, prices, and risks.”
• Deposit and wealth management business – Ping An Bank grew retail deposits and improved its business portfolio by developing core business scenarios like investment and wealth management, payroll, and payment settlement. The retail deposit balance grew 6.9% to RMB1,290,345 million in the first six months of 2024. Retail AUM rose 2.2% in the first six months of 2024, to RMB4,120,630 million, including RMB1,944,879 million in AUM of private banking customers, up 1.5% in the same period.

Corporate Business

In corporate business, Ping An Bank closely follows national strategies, and continuously increases financing support for key areas, including the manufacturing sector, specialized and sophisticated enterprises that produce new and unique products, non-state-owned enterprises, micro-, small and medium-sized enterprises (MSMEs), rural vitalization, green finance, and infrastructure. Ping An Bank develops and strengthens strategic customer groups to serve the real economy. The corporate loan balance grew 11.4% to RMB1,592,139 million in the first six months of 2024. The corporate deposit balance grew 3.7% to RMB2,280,467 million in the same period.