Ping An Bank

Ping An's net profit rose 17.4% yoy to CNY 7,957 mil in 2Q2019

By Helgi Analytics - October 11, 2019

Ping An Bank made a net profit of CNY 7,957 mil under revenues of CNY 37,529 mil in the second quarter of 2019, up 17.4% and ...

Ping An's market capitalisation (end of period) rose 8.04% to USD 30,296 mil in 2Q2019

By Helgi Analytics - October 23, 2019

Ping An Bank stock traded at JPY 1,645 per share at the end of second quarter of 2019 implying a market capitalization of USD 3,477 ...

Ping An's share price (end of period) rose 51.6% yoy to HKD 13.8 in 2Q2019

By Helgi Analytics - October 11, 2019

Ping An Bank stock traded at HKD 13.8 per share at the end of second quarter of 2019 implying a market capitalization of USD 30,296 mil. ...

Profit Statement 2016 2017 2018
Net Interest Income CNY mil 76,411 74,009 74,745
Net Fee Income CNY mil 27,859 30,674 31,297
Other Income CNY mil 6,186 4,325 18,650
Total Revenues CNY mil 110,456 109,008 124,692
Operating Profit CNY mil 79,040 76,370 83,939
Provisions CNY mil 45,435 40,803 43,657
Net Profit CNY mil 22,599 23,189 24,818
Balance Sheet 2016 2017 2018
Interbank Loans CNY mil 273,208 231,157 195,017
Customer Loans CNY mil 1,435,870 1,660,420 1,949,760
Debt Securities CNY mil 853,446 894,712 207,316
Total Assets CNY mil 2,953,430 3,248,470 3,418,590
Shareholders' Equity CNY mil 202,171 222,054 240,042
Interbank Borrowing CNY mil 716,364 893,315 883,792
Customer Deposits CNY mil 1,914,860 1,982,590 2,125,670
Issued Debt Securities CNY mil 30,115 45,116 81,755
Ratios 2016 2017 2018
ROE % 12.4 10.9 10.7
ROA % 0.828 0.748 0.744
Costs (As % Of Assets) % 1.15 1.05 1.22
Costs (As % Of Income) % 28.4 29.9 32.7
Capital Adequacy Ratio % 11.5 11.2 11.5
Net Interest Margin % 2.80 2.39 2.24
Loans (As % Of Deposits) % 75.0 83.8 91.7
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 20,151 29,222 20,569
Share Price (End Of Period) HKD 9.10 13.3 9.38
Price/Earnings (P/E) 7.71 11.8 7.39
Price/Book Value (P/BV) 0.862 1.23 0.764
Earnings Per Share (EPS) CNY 1.32 1.35 1.45
Book Value Per Share CNY 11.8 12.9 14.0

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summary Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                                    
Net Interest Income CNY mil                                       33,035 40,688 53,046 66,099 76,411    
Total Revenues CNY mil                                       40,434 53,446 75,348 98,397 110,456    
Operating Profit CNY mil                                       21,358 28,102 43,198 61,614 79,040    
Net Profit CNY mil                                       13,403 15,231 19,802 21,865 22,599    
balance sheet                                                    
Interbank Loans CNY mil                                       346,194 370,847 291,446 302,973 273,208    
Customer Loans CNY mil                                       708,262 832,127 1,003,640 1,186,870 1,435,870    
Debt Securities CNY mil                                       290,833 412,724 526,800 658,759 853,446    
Total Assets CNY mil                                       1,606,540 1,891,740 2,186,460 2,507,150 2,953,430    
Shareholders' Equity CNY mil                                       84,799 112,081 130,949 161,500 202,171    
Interbank Borrowing CNY mil                                       455,607 511,735 424,324 530,148 716,364    
Customer Deposits CNY mil                                       1,017,720 1,214,450 1,530,480 1,727,130 1,914,860    
Issued Debt Securities CNY mil                       ... ...             16,079 8,102 41,750 20,115 30,115    
ratios                                                    
ROE %                                       16.7 15.5 16.3 15.0 12.4    
ROA %                                       0.936 0.871 0.971 0.932 0.828    
Costs (As % Of Assets) %                                       1.33 1.45 1.58 1.57 1.15    
Costs (As % Of Income) %                                       47.2 47.4 42.7 37.4 28.4    
Capital Adequacy Ratio % ... ... ... ... ... ... ... ... ... ...                   11.4 9.90 10.9 10.9 11.5    
Net Interest Margin %                                       2.31 2.33 2.60 2.82 2.80    
Interest Income (As % Of Revenues) %                                       81.7 76.1 70.4 67.2 69.2    
Fee Income (As % Of Revenues) %                                       14.1 19.6 23.1 26.9 25.2    
Equity (As % Of Assets) %                                       5.28 5.92 5.99 6.44 6.85    
Loans (As % Of Deposits) %                                       69.6 68.5 65.6 68.7 75.0    
Loans (As % Assets) %                                       44.1 44.0 45.9 47.3 48.6    
valuation                                                    
Market Capitalisation (End Of Period) USD mil                                       10,589 15,042 23,340 22,136 20,151    
Number Of Shares (Average) mil                                       14,165 14,164 16,452 16,871 17,170    
Share Price (End Of Period) HKD                                       5.79 8.23 11.0 10.2 9.10    
Earnings Per Share (EPS) CNY                                       0.946 1.08 1.20 1.30 1.32    
Book Value Per Share CNY                                       5.99 7.91 7.96 9.57 11.8    
Price/Earnings (P/E)                                       7.62 9.81 11.4 9.37 7.71    
Price/Book Value (P/BV)                                       1.20 1.33 1.73 1.27 0.862    
Earnings Per Share Growth % ...                                     6.07 13.6 11.9 7.68 1.56    
Book Value Per Share Growth % ...                                     -8.49 32.2 0.589 20.3 23.0    
income statement Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                                    
Interest Income CNY mil                                       74,614 93,102 119,202 131,649 131,119    
Interest Cost CNY mil                                       41,578 52,414 66,156 65,550 54,708    
Net Interest Income CNY mil                                       33,035 40,688 53,046 66,099 76,411    
Net Fee Income CNY mil                                       5,721 10,456 17,378 26,445 27,859    
Other Income CNY mil                                       1,677 2,302 4,924 5,853 6,186    
Total Revenues CNY mil                                       40,434 53,446 75,348 98,397 110,456    
Operating Cost CNY mil                                       19,076 25,344 32,150 36,783 31,416    
Operating Profit CNY mil                                       21,358 28,102 43,198 61,614 79,040    
Provisions CNY mil                                       3,037 6,675 14,614 29,867 45,435    
Extra and Other Cost CNY mil                                       769 1,387 2,390 2,901 3,670    
Pre-Tax Profit CNY mil                                       17,551 20,040 26,194 28,846 29,935    
Tax CNY mil                                       4,040 4,809 6,392 6,981 7,336    
Minorities CNY mil                                       108 0 0 0 0    
Net Profit CNY mil                                       13,403 15,231 19,802 21,865 22,599    
growth rates                                                    
Net Interest Income Growth % ...                                     30.6 23.2 30.4 24.6 15.6    
Net Fee Income Growth % ...                                     56.1 82.8 66.2 52.2 5.35    
Total Revenue Growth % ...                                     34.6 32.2 41.0 30.6 12.3    
Operating Cost Growth % ...                                     32.8 32.9 26.9 14.4 -14.6    
Operating Profit Growth % ...                                     36.2 31.6 53.7 42.6 28.3    
Pre-Tax Profit Growth % ...                                     32.4 14.2 30.7 10.1 3.78    
Net Profit Growth % ...                                     30.4 13.6 30.0 10.4 3.36    
market share                                                    
Market Share in Revenues % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...     1.28 1.49 1.79 2.12 2.35   ...
Market Share in Net Profit % ... ... ... ... ... ... ... ... ... ... ... ... ... ...           0.887 ... ... ... ... ... ...
Market Share in Employees % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   ... ... ... ... ... ... ... ...
balance sheet Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                                    
Cash CNY mil                                       219,347 229,924 306,298 291,715 311,258    
Interbank Loans CNY mil                                       346,194 370,847 291,446 302,973 273,208    
Customer Loans CNY mil                                       708,262 832,127 1,003,640 1,186,870 1,435,870    
Retail Loans CNY mil ... ... ... ... ... ... ...                         225,835 325,650 384,995 441,142 540,944    
Mortgage Loans CNY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...       131,307 64,956 55,365 45,967 85,229    
Consumer Loans CNY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...       94,527 260,694 329,630 395,175 455,715    
Corporate Loans CNY mil ... ... ... ... ... ... ...                         494,946 521,639 639,739 774,996 934,857    
Debt Securities CNY mil                                       290,833 412,724 526,800 658,759 853,446    
Fixed Assets CNY mil                                       3,536 3,694 3,812 4,788 9,246    
Total Assets CNY mil                                       1,606,540 1,891,740 2,186,460 2,507,150 2,953,430    
Shareholders' Equity CNY mil                                       84,799 112,081 130,949 161,500 202,171    
Of Which Minority Interest CNY mil                                       ... 0 0 0 0    
Liabilities CNY mil                                       1,521,740 1,779,660 2,055,510 2,345,650 2,751,260    
Interbank Borrowing CNY mil                                       455,607 511,735 424,324 530,148 716,364    
Customer Deposits CNY mil                                       1,017,720 1,214,450 1,530,480 1,727,130 1,914,860    
Sight Deposits CNY mil ... ... ... ... ... ... ... ... ...                     342,563 380,275 405,340 548,555 797,867    
Term Deposits CNY mil ... ... ... ... ... ... ... ... ...                     675,154 834,171 1,125,140 1,178,580 1,116,990    
Issued Debt Securities CNY mil                       ... ...             16,079 8,102 41,750 20,115 30,115    
Other Liabilities CNY mil                       ... ...             32,336 45,377 58,955 68,253 89,929    
asset quality                                                    
Gross Loans CNY mil                                       720,780 847,289 1,024,730 1,216,140 1,475,800    
Total Provisions CNY mil                                       12,518 15,162 21,097 29,266 39,932    
growth rates                                                    
Customer Loan Growth % ...                                     16.1 17.5 20.6 18.3 21.0    
Retail Loan Growth % ... ... ... ... ... ... ... ...                       18.9 44.2 18.2 14.6 22.6    
Mortgage Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...     -6.73 -50.5 -14.8 -17.0 85.4    
Consumer Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...     92.3 176 26.4 19.9 15.3    
Corporate Loan Growth % ... ... ... ... ... ... ... ...                       14.9 5.39 22.6 21.1 20.6    
Total Asset Growth % ...                                     27.7 17.8 15.6 14.7 17.8    
Shareholders' Equity Growth % ...                                     12.5 32.2 16.8 23.3 25.2    
Customer Deposit Growth % ...                                     20.0 19.3 26.0 12.8 10.9    
market share                                                    
Market Share in Customer Loans % ... ... ... ... ... ... ... ... ... ...                   1.05 1.04 1.11 1.13 1.23    
Market Share in Total Assets % ... ... ... ... ... ... ... ... ... ...                   1.20 1.24 1.27 1.26 1.28    
Market Share in Customer Deposits % ... ... ... ... ... ... ... ... ... ...                   1.08 2.91 3.38 3.03 2.70    
ratios Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                                    
ROE %                                       16.7 15.5 16.3 15.0 12.4    
ROA %                                       0.936 0.871 0.971 0.932 0.828    
Costs (As % Of Assets) %                                       1.33 1.45 1.58 1.57 1.15    
Costs (As % Of Income) %                                       47.2 47.4 42.7 37.4 28.4    
Capital Adequacy Ratio % ... ... ... ... ... ... ... ... ... ...                   11.4 9.90 10.9 10.9 11.5    
Tier 1 Ratio % ... ... ... ... ... ... ... ... ... ...                   8.59 8.56 8.64 9.03 9.34    
Net Interest Margin %                                       2.31 2.33 2.60 2.82 2.80    
Interest Spread % ...                                     2.13 2.15 2.40 2.63 2.66    
Asset Yield %                                       5.21 5.32 5.85 5.61 4.80    
Cost Of Liabilities % ...                                     3.07 3.18 3.45 2.98 2.15    
Interest Income (As % Of Revenues) %                                       81.7 76.1 70.4 67.2 69.2    
Fee Income (As % Of Revenues) %                                       14.1 19.6 23.1 26.9 25.2    
Other Income (As % Of Revenues) %                                       4.15 4.31 6.54 5.95 5.60    
Equity (As % Of Assets) %                                       5.28 5.92 5.99 6.44 6.85    
Loans (As % Of Deposits) %                                       69.6 68.5 65.6 68.7 75.0    
Loans (As % Assets) %                                       44.1 44.0 45.9 47.3 48.6    
Provisions (As % Of Loans) %                                       1.77 1.82 2.10 2.47 2.78    
Cost of Provisions (As % Of Loans) %                                       0.461 0.867 1.59 2.73 3.46    
other data Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                                    
Employees ... ... ... ... ... ...                           24,251 34,724 35,069 37,937 36,885    
Sight (As % Of Customer Deposits) % ... ... ... ... ... ... ... ... ...                     33.7 31.3 26.5 31.8 41.7    
On-balance Sheet Loans RMB mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 832,127 1,003,640 1,186,870 1,435,870    

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Ping An's capital adequacy ratio rose 8.89% yoy to 12.6% in 2Q2019

By Helgi Analytics - October 11, 2019

Ping An Bank's capital adequacy ratio reached 12.6% at the end of second quarter of 2019, up from 11.5% when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 12.6% in 2Q2019 and an all time low of 8.66% in 1Q2010. ...

Ping An's npls (as % of loans) fell 9.20% yoy to 3.21% in 2Q2019

By Helgi Analytics - October 11, 2019

Ping An Bank's non-performing loans reached 3.21% of total loans at the end of 2019-06-30, down from 3.53% compared to the previous year. Historically, the NPL ratio hit an all time high of 5.53% in 2016-12-31 and an all time low of 1.37% in 2011-09-30. Pro...

Ping An's corporate loans rose 0.850% yoy to CNY 856,988 mil in 2Q2019

By Helgi Analytics - October 11, 2019

Ping An Bank's loans reached CNY 1,224,910 mil in the second quarter of 2019, up from CNY 1,190,530 mil when compared to the previous quarter and up from CNY 998,926 mil when compared to the same period of last year. Historically, the bank’s loans r...

Ping An's net interest margin rose 14.8% yoy to 2.57% in 2Q2019

By Helgi Analytics - October 11, 2019

Ping An Bank's net interest margin amounted to 2.57% in the second quarter of 2019, up from 2.39% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 2.94% in 1Q2016 and an all time low of 2.04...

Ping An's price/earnings (P/E) rose 29.9% yoy to 10.0 in 2Q2019

By Helgi Analytics - October 11, 2019

Ping An Bank stock traded at HKD 13.8 per share at the end second quarter of 2019 implying a market capitalization of USD 30,296 mil. Since the end of 2Q2014, the stock has appreciated by 100 % implying an annual average growth of 14.9 %. In absolute terms, the value ...

Ping An's net interest income rose 22.0% yoy to CNY 22,865 mil in 2Q2019

By Helgi Analytics - October 11, 2019

Ping An Bank generated total banking revenues of CNY 37,529 mil in the second quarter of 2019, up 24.5% when compared to the same period of last year and 8.83% when compared to the previous quarter. Historically, the bank’s revenues containing of interest, ...

Ping An's equity (as % of assets) rose 5.48% yoy to 7.15% in 2Q2019

By Helgi Analytics - October 11, 2019

Ping An Bank's Equity reached 4.91% of total assets in the 2Q2019, up from 4.86% for the previous year. As a share of net customer loans, the ratio amounted to 10.9% at the end of the second quarter of 2019. ...

Ping An's retail loan growth fell 56.5% yoy to 22.6% in 2Q2019

By Helgi Analytics - October 11, 2019

Ping An Bank's retail loans reached CNY 1,224,910 mil at the end of 2019-06-30, up 2.89% compared to the previous year. In the last decade, the average annual loan growth amounted to 0%. Overall, retail loans accounted for 60.5% of the bank's loan book at t...

Ping An's customer loan growth fell 18.8% yoy to 12.9% in 2Q2019

By Helgi Analytics - October 11, 2019

Ping An Bank's customer loan growth reached 12.9% in 2019-06-30, down from 15.8% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 54.0% in 2012-03-31 and an all time low of 10.0% in 2010-09-30. In the last d...

Ping An's net profit rose 7.02% to CNY 24,818 mil in 2018

By Helgi Analytics - October 11, 2019

Ping An Bank made a net profit of CNY 24,818 mil under revenues of CNY 124,692 mil in 2018, up 7.02% and 14.4% respectively compared to the previous year. Historically, the bank’s net profit reached an all time high of CNY 24,818 mil in 2018 and an all time low of CN...

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Finance

Ping An Bank has been growing its revenues and asset by 8.21% and 10.9% a year on average in the last 3 years. Its loans and deposits have grown by 18.0% and 7.17% a year during that time and loans to deposits ratio reached 91.7% at the end of 2018. The company achieved an average return on equity of 11.4% in the last three years with net profit growing 4.31% a year on average. In terms of operating efficiency, its cost to income ratio reached 32.7% in 2018, compared to 30.4% average in the last three years.

Equity represented 7.02% of total assets or 12.3% of loans at the end of 2018. Ping An Bank's non-performing loans were of total loans while provisions covered some of NPLs at the end of 2018.

Valuation

Ping An Bank stock traded at HKD 9.38 per share at the end of 2018 resulting in a market capitalization of USD 20,569 mil. Over the previous five years, stock price rose by 13.9% or 2.64% a year on average. That’s compared to an average ROE of 13.1% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 7.39x and price to book value (PBV) of 0.764x in 2018.