Ping An Bank (000001) H1 2025 earnings summary

Executive summary

• Achieved steady growth in revenue, operating profit, and shareholders' equity in 1H25, with strong execution of integrated finance and health/senior care strategies.

• Revenue for H1 2025 was RMB 69.39 billion, down 10.0% year-over-year, mainly due to lower market interest rates and loan structure adjustments.

• Net profit attributable to shareholders was RMB 24.87 billion, a 3.9% decrease year-over-year, with the decline narrowing compared to Q1.

• Enhanced customer engagement and retention, with 247 million retail customers and high contract persistency.

• Total assets reached RMB 5.87 trillion, up 1.8% from the end of 2024; loans and advances totaled RMB 3.41 trillion, up 1.0%.

Financial highlights

• Revenue rose 1.0% YoY to RMB500.1 bn; OPAT increased 3.7% YoY to RMB77.7 bn.

• Net interest income was RMB 44.51 billion, down 9.3% YoY; net interest margin was 1.80%, down 16 bps.

• Life & Health NBV surged 39.8% YoY to RMB22.3 bn; comprehensive investment yield was 3.1%, up 0.3 pps YoY.

• P&C COR improved by 2.6 pps YoY to 95.2%.

• Interim dividend per share grew 2.2% YoY to RMB0.95; interim dividend of RMB 2.36 per 10 shares (pre-tax), totaling RMB 4.58 billion.

Outlook and guidance

• Emphasis on resilience and innovation, with ongoing channel diversification and expansion in health and senior care services.

• Management expects continued macroeconomic recovery and stable growth in H2 2025, with ongoing focus on risk control, digital transformation, and support for the real economy.

• Net interest margin is expected to remain under pressure but the decline may moderate.

• Continued dividend growth and dynamic capital planning to support expansion and shareholder returns.

• The bank will continue to optimize asset-liability structure, strengthen risk management, and promote high-quality development.