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Oct. 21, 2020, 11:58 p.m. EDT

Ping An Bank's net profit surges 6.1% in Q3

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By Martin Mou

Ping An Bank Co.'s third-quarter net profit rose 6.1% from a year earlier, supported by moderate increases in net interest income as well as fees and commissions.

Net profit was 8.72 billion yuan ($1.31 billion). Operating income grew 8.8% from a year earlier to CNY38.24 billion, the Chinese lender said late Wednesday.

The bank's non-performing loan ratio dropped to 1.32% at the end of September compared with 1.65% at the end of 2019, it said.

Net profit for January-September slipped 5.2% to CNY22.4 billion partly due to the Covid-19 pandemic, said Ping An Bank, a unit of Ping An Insurance (Group) Co. of China Ltd.

Write to Martin Mou at martin.mou@wsj.com

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