The Shenzhen-headquartered commercial bank has reported increased revenues from wealth management products (WMPs) despite a fall in structured deposit issuance.
Ping An Bank has posted a 2.6% increase of net profit at CNY28.9 billion (US$4.5 billion) in the 2020 year-on-year (YoY) despite the continued fall of structured deposits issuance, while its new subsidiary, Ping An Wealth Management, derived a net profit of CNY165m. The bank’s retail business remains the main driver of net profit, making up 61.1% while the wholesale business represents 14.1%. Operating income increased by 11.3% to CNY153.5 billion YoY, but that growth was largely offset
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