Ping An bank net profit up by 13.64%

Ping An Bank reported net profit for 2013 was up by 13.64 percent, according to its annual report published on Thursday. [Photo by Zhen Huai/ Asianewsphoto]

Ping An Bank, the banking business of the world's second-largest insurer by market capitalization, reported net profit for 2013 was up by 13.64 percent, according to its annual report published on Thursday.

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Net profit grew to 15.23 billion yuan ($2.49 billion), which the lender attributed to rapid business expansion, higher pricing powers and stable asset quality.

Income from net interest spread grew 23.16 percent to 40.7 billion yuan, accounting for 77.96 percent of total revenue. The bad loan ratio was lowered to 0.89 percent, down 0.06 percentage points from the beginning of 2013.

The report also said that for every 10 shares of Ping An Bank, the cash dividend will be 2.4 yuan including tax.

Ping An Bank is among a few financial institutions that have turned to shorter-term and more volatile wealth management and trust products to attract depositors.

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