Ping An Bank 2026 Q1 Report: Both revenue and net profit increase, performance "turning point" arrives as expected

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The latest first quarter report for 2026 released by Ping An Bank shows that the bank's performance turning point may have arrived.

The performance report indicates that in the first quarter of 2026, Ping An Bank achieved simultaneous growth in both operating income and net profit. Operating income increased by 4.7% year-on-year, and net profit attributable to shareholders of the bank grew by 3.0% year-on-year. After experiencing consecutive declines in both revenue and profit for two quarters in 2025, the bank successfully bounced back.

This performance also exceeded the mainstream expectations of the market sell-side, proving that the bank's years-long persistence in the strategic approach of "strengthening retail, refining corporate banking, specializing in interbank business," along with reinforcing risk control and deepening digital transformation, has been effectively implemented.

Operation and Asset Indicators Widely Improved

Financial data shows that in the first quarter of 2026, Ping An Bank achieved operating income of 35.277 billion yuan, up 4.7% year-on-year; net profit attributable to shareholders of the bank reached 14.523 billion yuan, up 3.0% year-on-year.

In terms of asset scale, by the end of March 2026, Ping An Bank's total assets hit 6.03 trillion yuan, an increase of 1.8% from the end of the previous year; the total principal of loans and advances granted stood at 3.46 trillion yuan, up 2.2% from year-end 2025.

Particularly noteworthy, Ping An Bank's net interest margin for the first quarter was 1.79%, up 1 basis point from the full-year last year (down 4 basis points year-on-year). The quarterly report shows that this was mainly due to refined management of liabilities. In the first quarter, the bank's average deposit interest rate was 1.41%, down significantly by 40 basis points from the same period last year, effectively reducing overall liability costs.

As of the end of March, Ping An Bank's Core Tier 1 Capital Adequacy Ratio rose to 9.51%, up 0.15 percentage points from the end of the previous year, making capital more abundant.

Strong Growth in Agency Personal Insurance and Fund Income

Specifically in retail business, as of the end of March, Ping An Bank's retail customers numbered 128.2903 million; retail customer assets (AUM) reached 4.28799 trillion yuan, up 1.2% from the previous year-end.

Additionally, the bank's private wealth business performed strongly in the first quarter, with private banking customer AUM surpassing the 2 trillion yuan mark, up 1.7% from the previous year-end. First quarter wealth management fee income was 1.874 billion yuan, soaring by 55.1% year-on-year, with agency personal insurance and agency personal fund income increasing robustly by 98.5% and 47.3%, respectively.

Meanwhile, in capital interbank business, the bank seized market opportunities and realized dual drivers of "investment trading + customer business." In the first quarter, the trading volume of spot bonds sold by domestic and overseas institutions reached 2.16 trillion yuan, doubling year-on-year (+113.9%).

Non-performing Loan Rate Stabilized at 1.05%, Overall Controllable Real Estate Risk

In the complex and volatile macro environment, Ping An Bank has continued to strengthen comprehensive risk management, keeping asset quality stable, which has been the most evident breakthrough in recent years.

According to the first quarter report, as of the end of March 2026, Ping An Bank's non-performing loan rate was 1.05%, unchanged from the previous year-end; provision coverage ratio was 219.59%, and the provision-to-loan ratio was 2.31%, maintaining a good level of risk buffer ability. In the first quarter, the bank intensified efforts in collecting and disposing of problematic assets, recovering a total of 10.892 billion yuan in non-performing assets.

The quarterly report, addressing the market's close attention to the real estate sector, revealed that Ping An Bank adhered to a "project-centered" approach and implemented a mechanism combining loan management and control in the first quarter. As of the end of March, the bank's balance for real estate-related actual and contingent credit, proprietary bond investments, and proprietary non-standard investments undertaking credit risk totaled 247.865 billion yuan, down 3.492 billion yuan from the previous year-end. The balance of corporate real estate loans undertaking credit risk fell to 206.309 billion yuan, with a non-performing rate of 2.13%, down 0.09 percentage points from the previous year-end. Most projects are located in urban areas of first- and second-tier cities, the Greater Bay Area, and the Yangtze River Delta region, with sufficient collateral, keeping overall risk under control.

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