Ping An Bank (000001): PPOP continues to accelerate asset quality initiative
Event description On January 14, Ping An Bank released its 2019 performance report.
Incident review accrual efforts increased the general performance growth rate, and PPOP continued to accelerate.
In 2019, the company realized net profit attributable to shareholders of the parent company of 281.
9.5 billion, an increase of 13 in ten years.
61%, a faster growth rate than the first three quarters of the first quarter.
87 units; attributable net profit grew fastest in the fourth quarter.
Although the growth rate of the company’s 淡水桑拿网 performance has a clear trend, it is as high as 19.
56% of PPOP growth has further 南京桑拿网 accelerated.
From the perspective of performance attribution, we judge that the positive contribution still mainly comes from the spread and scale expansion; the marginal incremental contribution mainly comes from the accelerated expansion of the scale, while the margin contribution narrows down and the provisioning strength is strengthened.
Due to the company’s prudent calculation of the performance growth rate, and the merger of convertible bonds into shares, the dilutive effect has reduced the company’s ROE by 19bp to 11.
30%; but the ROA ushered in an inflection point, beyond 3bp to 0.
Revenue increased slightly, maintaining a high growth trend beyond expectations.
In 2019, the company achieved operating income of 1,379.
5.8 billion, an increase of 18 years.
20%, a slight increase of 0 compared with the first three quarters.
60 units; operating income growth rate in the fourth quarter alone was 16.
46%, exceeding expectations.
Growth, the company in the fourth quarter accelerated the pace of asset injection after capital replenishment, especially loans, total assets, loans increased sequentially.
00%; it is expected that the company’s fourth quarter interest rate difference will remain relatively stable, which reflects the pricing advantage of retail business.
After the capital replenishment is in place, it will make concerted efforts to the Gongxin strategy.
The general direction on the asset side is still tilting towards loans, with loan expansion growing earlier.
30%, faster than the total asset growth of 15.
22%; retail loans grew 17 earlier.
61%, the proportion of total assets rose to 58.
98%, the retail strategy continued to deepen.
In the fourth quarter alone, after the capital replenishment was in place, the company significantly increased the issuance of public debt, relying on the Group’s joint implementation of the new corporate strategy to achieve significant results, and corporate (including discount) loans increased by 10 quarter-on-quarter.
04%, while personal loans increased by only 6.
Under the gradual recovery of corporate business, the accumulation of denials has also ushered in a repair, which has increased significantly at the end of the third quarter.
36%, of which corporate deposits increased by 7.
In fact, the efficiency of the retail strategy at the deposit end has also begun to show improvement, and the growth of individual personal deposits has increased by 26.
45%, and personal current deposits increased by 15 earlier.
34% is also faster than the 14 accumulated deposits.
Risk Warning: 1.
The outstanding deterioration of corporate profits affects the quality of bank assets; 2.
Financial supervision has become more stringent.