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<Results>PING AN (02318.HK) 1Q Net Profit RMB36.7B, Down 4.3% YoY
Recommend 19 Positive 38 Negative 33 |
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PING AN (02318.HK) announced the first quarter results ended March 2024. The turnover declined 2% year on year to RMB275.893 billion under the IFRS 17 - Insurance Contracts. The net profit amounted to RMB36.709 billion, down 4.3%. EPS was RMB2.07. Life & Health achieved new business value (NBV) of RMB12.89 billion in the first three months of 2024, up 20.7% year on year. NBV per agent increased 56.4% year on year. Ping An Property and Casualty (Ping An P&C) posted insurance revenue rise of 5.7% year on year to RMB80.627 billion in the first three months of 2024. For banking business, Ping An Bank (000001.SZ) tracked net profit growth of 2.3% year on year to RMB14.932 billion in the first three months of 2024. Core tier 1 capital adequacy ratio rose to 9.59% and provision coverage ratio was 261.66% as of March 31, 2024. Retail customers increased 1% year to date to nearly 234 million and contracts per customer reached 2.94 as of March 31, 2024. AAStocks Financial News |
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