Ping An Bank (000001) Q1 2025 earnings summary

Executive summary

• OPAT grew 2.4% year-over-year to RMB37.9 billion, while net profit declined 26.4% to RMB27.0 billion.

• Q1 2025 revenue was RMB33.71 billion, down 13.1% year-over-year; net profit attributable to shareholders was RMB14.10 billion, down 5.6%.

• Retail customers increased 1.0% year-to-date to 245 million, with high retention among multi-contract holders.

• Total assets reached RMB5.78 trillion at March 31, 2025, up 0.1% from year-end 2024; loans grew 1.1% and deposits rose 3.8%.

• Integrated finance and health/senior care strategies advanced, with expanded service offerings and customer reach.

Financial highlights

• Basic operating EPS rose 3.3% year-over-year to RMB2.16.

• NBV increased 34.9% year-over-year to RMB12.9 billion, with NBV margin up 10.4 percentage points to 32.0%.

• P&C premium income rose 7.7% year-over-year to RMB85.1 billion; insurance revenue up 0.7%.

• Net interest margin: 1.83%, down 18 bps year-over-year due to lower market rates and asset mix changes.

• Operating cash flow turned positive at RMB162.95 billion, compared to negative RMB21.38 billion in Q1 2024.

Outlook and guidance

• Continued focus on integrated finance, health/senior care, and digital transformation to drive growth and efficiency.

• Technology enablement to enhance services, improve efficiency, cut costs, and prevent risks.

• Will closely monitor macroeconomic and real estate market trends, maintaining prudent risk controls.