Ping An Insurance (Grp) Co of China Ltd : Ping An 1st-Quarter Net Profit Up 4.3% At CNY6.06 Billion
04/27/2012| 08:02am US/Eastern
Ping An Insurance (Group) Co. of China Ltd. (2318.HK), a privately owned Chinese financial conglomerate, said Friday its first-quarter net profit rose 4.3% from a year earlier thanks to strong growth in its banking businesses.
Ping An said its net profit for the three months ended March 31 was CNY6.06 billion ($962 million), up from CNY5.81 billion in the year-earlier period.
Net interest income earned on lending surged to CNY8.61 billion, more than five times the CNY1.67 billion recorded a year earlier. This was mainly because of the consolidation of Shenzhen Development Bank Co. (000001.SZ).
Ping An, which has roughly 16% of China's life-insurance market, said premium income and policy fees totaled CNY67.87 billion in the first quarter, up 8.7% from CNY62.42 billion.
-Rose Yu contributed to this article, Dow Jones Newswires; 8621 6120-1200; firstname.lastname@example.org