Survey Express | Ping An Bank receives multiple institutional surveys including domestic investors. 2025 net profit of 42.6 billion yuan, non-performing loan write-offs of 48.2 billion yuan.

Research Background

Recently, Ping An Bank Co., Ltd. (hereinafter referred to as “the bank”) carried out roadshow activities in Guangzhou and Shenzhen from March 24 to 25, 2026 in the form of on-site meetings. The bank received investigations involving multiple institutions, including domestic investors. During the event, the bank provided a detailed introduction and exchanged views with investors on issues of interest such as the bank’s 2025 operating results, risk control, and business layout.

Core Operating Data and Business Interpretation

Overall 2025 Operations: Asset Scale Steadily Grew, Net Profit Slightly Declined Year-on-Year

As 2025 marked the closing year of the “14th Five-Year Plan,” Ping An Bank remained committed to the purpose of serving the real economy through finance. Its business development showed a trend of “progress while maintaining stability, and improvements in quality and efficiency.” By the end of 2025, the bank’s total assets reached RMB 5,925.8 billion, up 2.7% from the end of the previous year.

In terms of performance, affected by changes in market interest rates and adjustments to its business structure, in 2025 the bank recorded operating income of RMB 131.4 billion, down 10.4% year-on-year; however, by continuously reducing costs and increasing efficiency and strengthening risk management and control, full-year net profit was RMB 42.6 billion, down 4.2% year-on-year. The decline was smaller than that of operating income. Some operating indicators have already shown a positive trend, laying a foundation for future development.

Increased Efforts in Disposing Non-Performing Loans; Ongoing Strengthening of Risk Control

Regarding asset quality, in 2025 the bank increased efforts to recover and dispose of problematic assets, and optimized mechanisms for managing non-performing assets. For the whole year, it wrote off loans of RMB 48.2 billion, while recovering a total of RMB 36.8 billion of non-performing assets. Of this, the principal amount of non-performing assets written off that were recovered was RMB 19.1 billion (including RMB 17.0 billion of non-performing loans that had been written off). In addition, 97.2% of the recovered non-performing assets were recovered in cash, with the remainder recovered through means such as taking assets in lieu of debt.

Looking ahead, the bank stated that it will closely track macroeconomic conditions, continue to optimize its asset structure, strengthen risk control in key areas and systematic monitoring, increase efforts in collections and recoveries, maintain a sound level of risk compensation, and hold the bottom line of asset quality.

Slight Decline in Fee Income; Pressure on Card Business

In 2025, Ping An Bank’s net fee and commission income was RMB 23.9 billion, down 0.9% year-on-year. By segment, settlement fee income was RMB 3.2 billion, up 4.6% year-on-year; agency and entrusted fee income was RMB 6.1 billion, up 12.7% year-on-year, mainly driven by growth in agency personal insurance income. Card fee income was RMB 12.4 billion, down 5.9% year-on-year, mainly affected by credit card business.

To respond to market changes, the bank continued to deepen customer operations. On the one hand, it strengthened acquisition of high-quality customers, launching products such as the “Ping An Luck and Starbucks Co-branded Card” and the “Ping An Yuegou Platinum Card,” upgrading products like the “Ping An My Car Owner Card” and the “Ping An Citi Century Platinum Card,” and enhancing channel empowerment to improve local customer acquisition efficiency. On the other hand, it deepened customer retention and segmentation operations by encouraging consumption through scenario-based activities such as “government subsidies to top up purchases” (trade-in for upgrades) and “1-point rides,” and combined with the national installment policies to provide diversified solutions.

Corporate Real Estate Loan Balance Declines; Asset Quality Overall Remains Controllable

As of the end of 2025, the bank’s real-estate-related businesses bearing credit risk were mainly corporate real estate loans. The balance was RMB 210.2 billion, down RMB 35.0 billion from the end of the previous year. In terms of structure, real estate development loans were RMB 65.3 billion, accounting for 1.9% of the total principal amount of loans and advances. All were supported by effective collateral. The average collateral ratio was 42.4%, and 98.6% was distributed in urban areas in first- and second-tier cities, as well as in the Greater Bay Area and the Yangtze River Delta region. Operating property loans, M&A loans, and other categories totaled RMB 144.9 billion, mainly backed by collateral from mature properties, with an average collateral ratio of 56.7%, and 90.9% distributed in the above core regions.

On asset quality, as of the end of 2025, the non-performing loan ratio of corporate real estate loans was 2.22%, up 0.43 percentage points from the end of the previous year. This was mainly due to some real estate developers experiencing longer deleveraging and exit cycles and tighter liquidity during the period when the real estate market stopped declining and stabilized. The bank stated that it has improved real estate risk management and control measures and prudently accrued provisions. Overall, the risk is controllable.

Steady Development of Business with Institutional and Technology Enterprise Customers

In the institutional customer segment, the bank focused on three major core business areas: fiscal and social security, housing and urban-rural development for people’s livelihood, and the judicial ecosystem. It cumulatively obtained 1,232 business licenses/qualifications for areas including fiscal and social security, provident funds, and maintenance funds. As of 2025, the average daily balance of deposits from institutional customers was RMB 426.5 billion, up 4.7% year-on-year.

For technology enterprise customers, by building an operating system of “customer groups + policies + products + channels + organizations + resources,” the bank increased cultivation and support. As of the end of 2025, the number of technology enterprise customers reached 431,917 households, up 21.1% year-on-year on a consistent basis; technology loan balances were RMB 306.6 billion, up 9.8% year-on-year on a consistent basis.

Interbank and Capital Markets Business Maintains Growth

In 2025, the bank’s bond sales volume through interbank channels was RMB 301.1 billion, up 3.8% year-on-year. In product agency sales, relying on the “Wing-e Connection (行e通)” platform to enrich the service matrix for institutional-side product offerings, the bank iterated the trading system. By year-end, the platform had accumulated cooperation with 2,785 customers, with asset management product holdings of RMB 267.1 billion. For bond underwriting, it coordinated the advancement of a comprehensive model of “underwriting + underwriting/issuance + market making,” building a service bridge for the bond market.

(Note: For details of this research, please refer to the website of Juchao Information Network or Ping An Bank’s official website’s Investor Relations section)

Statement: The market involves risks; investment requires caution. This article is automatically published by an AI large model based on third-party databases and does not represent Sina Finance’s positions. Any information appearing in this article is for reference only and does not constitute personal investment advice. If there are discrepancies, please refer to the actual announcements. If you have any questions, please contact biz@staff.sina.com.cn.

Click to view the full text of the announcement>>

A huge amount of information and precise analysis—available in the Sina Finance app

责任编辑：小浪快报