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Ping An Bank records net profit of 10.2bn in the first three quarters, up 33% YoY

2012-10-25

 

[Shenzhen, China]                                                     18:00, Oct 25, 2012
 
  Ping An Bank (PAB, with the stock code of 000001 at SZSE) submitted its 2012 Q3 result report to the Shenzhen Stock Exchange today. In the first three quarters of 2012, PAB stuck to its strategic plan, successfully completed the merger, steadily pushed development of the three strategic businesses of trade finance, micro finance and credit card, carried out cross-selling and exerted the synergy effects through fully leveraging the advantages of Ping An Group, and thus achieved good     business performance in face of the macro economy downside, narrowed interest margin for the banking industry, internal integration and other pressures. Specifically:
   In the first three quarters of 2012, the bank has realized accumulated net profit of 10.24billion attributable to parent company, up 33.2% YoY; and net non-interest income 4.97billion, up 64.6% YoY.
  By the end of Q3, the bank had total assets up to 1,477.5billion, up 17.4% over year beginning; total deposits 935.4billion, up 10% over year beginning; and total loans 705.1billion, up 13.6% over year beginning.
  By the end of Q3, the bank saw NPL balance of 5.66billion and NPL ratio 0.80%, up 0.27% over year beginning; and provision coverage 209.40%. The first three quarters saw total NPAs of 1.324billion recovered.
  By Sep 30, 2012 the CAR and CCAR were 11.30% and 8.47% respectively, meeting regulatory requirements.
  Among the three strategic businesses, trade finance credit balance grew 21% over year beginning, micro lending balance 14% over year beginning and credit card loan balance 55% over year beginning, with CIF up to 10.48million cards, up 16% over        year beginning. Retail deposits grew 13% over year beginning, notably higher than the growth of total deposits.
  For the full text of the report and the announcement, please log on to PAB’s official website (www.zhongbang80.com) or . In this press release, the financial data and management analysis for the first three quarters of 2012 were summarized and abstract of Q3 P&L statement is also attached.
 
  Profitability was stable and the income structure continued improving
  The 2012 Q3 witnessed the macro economy downside, twice rates cut, RRR cut and other monetary policy adjustments by the central bank and hence the expanded floating room of deposit/ loan interest rates and the further narrowed interest margins for banks. Given the new policy environment, PAB had fully leveraged the integrated finance advantages of PAG to push cross-selling and enhance portfolio management on the basis of deposit growth, and achieved good business performance.     The bank recorded accumulated net profit of 10.24billion in Jan-Sep, up 33.2% YoY; net interest income 24.56billion, up 39% YoY; net non-interest income 4.97billion, up 64.6%; and the net non-interest income percentage was 16.8%, up 2.24% YoY.      The income structure had further improved.
Overview of P&L items for 2012 Q3
In RMB million
Jan-Sep 2012
Jan-Sep 2011
Change
Change %
Operating income
29,532
20,701
8,831
43%
Net interest income
24,560
17,681
6,879
39%
Net profit attributable to parent company
10,238
7,687
2,551
33%
  In the first three quarters of 2012, thanks to the growth of interest-earning asset scale and the improved asset and liability structure, the merger, etc, the bank realized the net interest income of 24.56billion, up 39% YoY. Due to the impact of PBOC interest rate adjustments since 2011 and with the guidance of portfolio management and pricing strategy of the bank, loan/deposit spread saw sound growth from 4.17% to 4.40%. However, given FI business scale expansion, NIM decreased by 18bps to 2.38% respectively.
  From Jan to Sep 2012, the bank realized the net non-interest income of 4.97billion, up 64.6% YoY. In 2012 Q3, the bank strictly followed relevant regulatory discipline about “7 prohibitions” and saw remarkable decrease in consultation/advisory fee. However, due to the factors after the 2-bank merger such as scale and customer growth, rapid bank card business development, innovation of WM products and improved service quality, the bank’s net fee income witnessed sound overall growth   momentum, namely, the net fee and commission income achieved 4.16billion, up 71%. In the first three quarters of 2012, the bank’s net amount of other operating income (mainly the income from bonds and bill discounting price difference) was 820million, up 38.2% YoY. In the first three quarters of 2012, the bank realized the operating income of 29.53billion in total, up 43% YoY.
  In Jan-Sep 2012, the bank’s operating expenses were 11.39billion, up 43% YoY, mainly because of consolidated script, staff and business scale growth, input into integration of policies, processes and systems in respect of the merger, and continuous input into management process and IT system optimization. The cost/income ratio (excl. business tax) was 38.56%, up 0.12% vs 38.44%in the same period of last year, and down 1.43% vs 2011.
 
  Strategic business grew rapidly and cross-selling began to take effect
  In the first three quarters of 2012, all businesses of the bank maintained sound growth momentum; as of Sep 30, total assets of the bank reached 1,477.5billion, increasing by 17.4% over year beginning; total deposits reached 935.4billion, increasing by 10% over year beginning; total loans were 705.1billion, increasing by 14% over year beginning.
  The three strategic businesses of the bank: trade finance credit balance increased by 21% over year beginning, micro loan balance increased by 14% over year beginning, credit card loan balance increased by 55% over year beginning and the number of credit cards in force reached 10.48million, increasing by 16% over year beginning.
Overview of balance sheet as of Sep 30, 2012
In RMB million
 
Sep 30, 2012
Dec 31, 2011
Change
Total assets
1,477,530
1,258,177
17%
Total deposits
935,397
850,845
10%
Total loans
705,084
620,642
14%
General corporate loans
455,958
413,019
10%
Shareholders’ equity attributable to parent company
81,726
 73,311
   11%
  In respect of corporate business, as of the end of Sep, corporate deposit balance of the bank increased by 9.2% over year beginning and corporate loan balance increased by 15.1% over year beginning; corporate wealth management continued to increase and a total of 1,760 wealth management products were issued in Jan-Sep 2012 with a total sales volume of 161.7billion. Trade finance credit balance reached 281.5billion, increasing by 20.6% over year beginning, and NPL ratio was 0.28%, maintaining at a low level. As for trade finance structure, domestic trade finance increased by 39.6billion or 20% over year beginning and international trade finance increased by 8.6billion or 28% over year beginning.
  In respect of retail business, the bank improved settlement savings deposit through cross-selling via various channels. EoP balance of retail deposit increased by 13.4% over year beginning, much higher than the growth rate of total deposits; net income from retail fee-based business recorded a YoY growth of 34.8%, personal loan balance (excluding credit card) increased by 5.9billion over year beginning. At the same time, the bank improved the sales platform through cooperating with other subsidiaries of PAG and in Jan-Sep 2012, the bank issued wealth management products (including corporate and retail) with a total volume of about 980billion, and realized a total wealth management business income of 498million, increasing by 75% YoY.
  In addition, the bank actively transformed retail business, proactively adjusted loan structure, and allocated more resources to personal credit loan, auto loan, micro entrepreneur loan and other businesses with high yield, so as to improve the yield; in the first three quarters of 2012, Auto Finance Business Unit disbursed 11.7billion retail auto loan, increasing by 66% YoY, in which, 5.7billion was disbursed in Q3, increasing by 116% YoY. As of the end of the reporting period, auto consumption loan balance totaled 17.3billion, increasing by 38% over year beginning, and the NPL ratio was 0.08%, indicating that the bank maintained good asset quality while keeping business growth.
  In respect of micro finance business, all though the overall economic situation was not good and financing demands of enterprises declined, the bank continued to strongly expand micro finance business under guidance of national policy and bank strategy. As of the end of the reporting period, micro loan balance of the bank was 55billion, increasing by 7billion over year beginning and with a NPL ratio of 1.13%. In Jan-Sep 2012, 33.7billion was disbursed in total.
  Credit card business of the bank leveraged the cross-selling platform to realize rapid and sound growth. As of the end of reporting period, 3.03million cards were newly issued, increasing by 85% YoY, and 56% of them were issued through cross-selling channel. Total number of cards in force reached 10.48million, increasing by 16% over year beginning; total transaction amount reached 144.4billion, increasing by 56% YoY; loan balance reached 38.3billion, increasing by 55% over year beginning.     Credit card business took up 34.44% of total fee income of the bank, and its NPL ratio was 1.07%, down 3bps compared with year beginning.
 
  CAR met regulatory requirements, and incremental NPLs mainly came from Wenzhou Branch
  As of Sept 30, 2012, PAB’s CCAR and CAR were 8.47% and 11.30% respectively, both of which met regulatory requirements. Besides, the postponement of the Bank’s further capital supplementation has been approved by shareholders meeting. It is expected that after completion of the NPO, the Bank’s CCAR and CAR will further improve, which will effectively strengthen the Bank’s anti-risk capability and is helpful for the Bank to further expand its asset and business scale with its adequate capital, thus realizing sustainable profit growth.
  As to asset quality, in 2012 Q3, overshadowed by external environment including domestic economy growth slowdown, domestic real economy didn’t see noticeable rebound, some privately-owned SMEs still faced difficulty in business performance with deteriorated ability to repay debts, and it was not the right time to dispose of relevant foreclosed assets. All this exerted a certain impact on the Bank’s credit asset quality stability. As of the end of the reporting period, the Bank’s NPL balance stood at 5.66billion, with NPL ratio being 0.80%, up by 0.27% vs. BoY. Seen from the industry perspective, the NPLs mainly came from manufacturing industry and commercial industry. Geographically speaking, NPLs mainly came from Wenzhou Branch, whose EOP NPL balance accounted for 32% of the Bank’s total NPL balance. If the impact of Wenzhou Branch is excluded, the Bank’s NPL ratio was 0.56%, still at a relatively low level. Although Wenzhou Branch’s asset quality put the Bank’s asset quality as a whole under big pressure, the Bank’s overall risks are still under control as the proportion of Wenzhou Branch’s total loan amount in the whole bank was quite small, at only 2.80%, and most NPLs had collaterals.
  As of Sep 30, 2012, the Bank’s LGFV (local government financing vehicle) balance was 42.46billion or accounted for 6% of the balance of various loans, down by 8.5billion or 17% vs. BoY. In terms of loan quality, the Bank’s LGFV loans had good quality, without NPLs so far.
  From Jan to Sep 2012, the Bank recovered NPAs of 1.3billion in total. Among the recovered loan principal, 274million was already written-off loans and 925million was NPLs that have not been written off. Among the recovered amount, 97.82% was recovered in cash, with the rest recovered by way of debt paid in kind.
 
  The new management is about to get on board, and will lead the future through integrated finance services
  On Oct 10, the proposal on election of new management was unanimously approved at PAB shareholders meeting. After obtaining approval from CBRC, PAG Vice Chairman Sun Jianyi and former Minsheng Bank VP Shao Ping will formally become PAB Chairman and President, respectively. Their combination has always been regarded by outsiders as the best match of Group advantages and industry experience.
  In the future, the banking business, as one of the “three pillars” of PAG, will take on important missions, that is, provide more diversified products, boarder customer base and cross-selling opportunities for integrated finance service platform and give better support to PAG to realize the goal of “one customer, one account, multiple products, and one-stop services”.
  After experiencing merger, integration and regional management deepening in 2012, PAB has now entered a new development stage. After getting on board, the new management will work out a differentiated development model based on integrated finance and in line with PAB development strategy to realize faster development. With building the best commercial bank as the goal, it will focus on key business fields, boost trade finance business (the advantage of the original SDB), vigorously expand upstream and downstream enterprise customers along the supply chain, and greatly push cross-selling. In respect of retail business, a collaborative consumer business operating platform will be built to take advantage of about 70million individual customers, more than 2million corporate customers and 0.5million sales force of PAG to continuously deepen reform and innovation for sustainable and healthy development.   
  About PAB
  Ping An Bank Co., Ltd. is a national joint stock commercial bank headquartered in SZ. Its stock name and stock code at the Shenzhen Stock Exchange are “PAB” and 000001 respectively. Its predecessor is Shenzhen Development Bank Co., Ltd. (which merged the old PAB through absorption in Jun 2012 and was renamed as PAB in Jul 2012). As of Sep 30, 2012, it boasted RMB1.48trillion total assets. It provides diversified financial services for corporate, retail and government customers through its 410 outlets in 28 main cities nationwide. So far, Ping An Insurance (Group) Company of China, Limited and its related subsidiaries hold 2.684billion shares of PAB in total, accounting for about 52.38% of PAB’s total shares.
 

 
Overview of P&L statement for Jan-Sep 2012 [Unaudited]
 
(Unit: RMB million, except basic earnings per share)
Item
Jan-Sep 2012
 
Jan-Sep 2011
Change
 
 Amount
    YoY
1. Operating income
29,532
20,701
8,831
42.7%
Net interest income
24,560
17,681
6,879
38.9%
Non-interest income
4,972
3,020
1,952
64.6%
2. Operating expense
13,957
9,642
4,315
44.8%
Business tax and surcharges
2,570
1,684
886
52.6%
Business and overhead expenses
11,387
7,958
3,429
43.1%
3. Operating profit before provision
15,575
11,059
4,516
40.8%
Less: asset impairment loss
2,215
1,240
975
78.6%
4. Operating profit
13,360
9,819
3,541
36.1%
5. Profit before tax
13,412
9,924
3,488
35.1%
(Less): income tax
3,066
2,179
887
40.7%
6. Net profit
10,346
7,745
2,601
33.6%
7. Net profit attributable to shareholders of parent company
10,238
7,687
2,551
33.2%
8. Basic earnings per share (RMB)
2.00
2.01
-0.01
-0.5%
 
 
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