Summary by Futu AI
Ping An Bank released its first quarter report for 2024, showing total assets of $5,729,398 million, up 2.5% year-on-year, and shareholders' equity of $485,576 million, an increase of 2.8%. Net profit for the period was $14,932 million, up 2.3% year-on-year. Net cash flow generated by operating activities was -$21,382 million, down 119.6% from the same period last year. As of 31 March 2024, the bad loan rate was 1.07%, slightly higher than the 1.06% at the end of the previous year. In the quarter, Ping'an Bank increased its support for small and micro enterprises and the “san-farming” sector, issuing a total of RMB 200 billion in financial bonds. The Board of Directors said that it will continue to implement the central policy direction to support the high-quality development of private enterprises, SMEs and SMEs, and strengthen asset quality control. During the reporting period, Binh An Bank was not audited.