Summary by Futu AI
On August 15, 2024, Ping An Insurance (Group) Co. of China, Ltd. (referred to as 'Ping An') released the summary of its subsidiary Ping An Bank's half-year report for 2024. The report shows that Ping An Bank's operating income for the first half of the year decreased by 13% compared to the same period last year, while the net profit attributable to the bank's shareholders increased slightly by 1.9%. The cost-to-income ratio increased by 0.92 percentage points, and the net interest margin fell by 0.59 percentage points annually. As of June 30, 2024, the principal of Ping An Bank's deposits grew by 4.8%, while the total principal of loans and advances increased by 0.2%. The non-performing loan ratio increased slightly to 1.07%, and the provision coverage ratio declined to 264.26%. In addition, Ping An Bank announced a cash dividend of RMB 2.46 per 10 shares to all shareholders. The half-year report has not been audited, but has been reviewed by Ernst & Young Hua Ming LLP (special general partnership).