Ping An Bank (000001) H2 2025 earnings summary

Executive summary

• 2025 was a challenging year for the banking segment with revenues down 10.4% and net profit down 4.2% year-over-year, but foundational reforms and retail transformation began to show positive effects, especially in the second half and Q4.

• Achieved robust value growth and service innovation at the group level, with strong financial and operational performance in 2025.

• Multi-channel strategy and integrated finance plus health and senior care model drove competitive edge.

• Maintained market leadership in bancassurance, P&C, and investment returns.

Financial highlights

• Revenue grew 2.1% year-over-year to RMB1,050.5 billion at the group level, while banking segment revenues declined 10.4%.

• Operating profit after tax (OPAT) rose 10.3% YoY to RMB134.4 billion; adjusted earnings increased 22.5% YoY to RMB143.8 billion.

• Shareholders' equity surpassed RMB1 trillion, up 7.7% YoY.

• Full-year NIM for banking was 1.78%, essentially stabilized; deposit cost reduced by 42 bps to 1.65%.

• Wealth management fee income up 50.8%; bank insurance income up 53.3%.

Outlook and guidance

• 2026 is targeted as a year of return to growth for the banking segment, with positive trends already visible in early 2026 metrics.

• Continued focus on integrated finance and health/senior care as dual growth drivers at the group level.

• Emphasis on technology enablement to enhance services, efficiency, and risk management.

• Dividend payout ratio to be maintained at 20–30%, with stable capital demand and preference for organic capital growth.