Ping An (HKG:2318) unit Shenzhen Dev Bank Q1 net profit up 42.74%


Ping An Insurance (Group) Company's (HKG:2318) unit Shenzhen Development Bank announces that for the three months ended 31 March 2012, net profit attributed to the group increased 42.74% yearly to RMB3.429 billion at RMB0.67 earning per share, down 2.9% year on year. Net interests attributed to the group amounted to RMB7.955 billion, a substantial increase of 56%; gain from fee and commission income totaled at approximately RMB1.448 billion, a significant rise of 99.5% yearly.

Net interest margin of the group was slightly down compared with last quarter from 2.53% to 2.47%. Cost/income ratio was 38.18%, down 1.81% quarterly. Total loans for the period totaled at RMB651.4 billion, up 5% from last quarter. Ratio of non-performing loans and provision coverage ratio was 0.68% and 253.37% respectively. Capital adequacy ratio and core capital adequacy ratio increased to 11.63% and 8.63% respectively.

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