Ping An Continues to Implement their “Finance + Technology” Strategy as Earnings Rise

Ping An announced Q3 earnings this week for the quarter ending on September 30th.

The company reported an operating profit of the parent company of RMB 85,637 million (USD $12.3 Billion), up 19.5% year on year.

Net profit attributable to shareholders of the parent company rose 19.7% year on year to RMB 79,397 million (USD $11.4 Billion). At the end of September, Ping An claimed 182 retail customers, an increase of 18.7% year over year, and internet users of more than 500 million.

Ping An said that Fintech and Healthtech business’s operating profit attributable to shareholders of the parent company rose by 700.4% year on year, accounting for 6.3% of the Group’s.

Ping An reaffirmed its mission of implementing their “finance + technology” strategy, boosting business with tech.

The company said that operating profit attributable to shareholders in Fintech and Health rose 700.4% year on year, accounting for 6.3% of the Group versus 0.9% in comparable period last year.

Ping An’s Lufax Holding is one of China’s leading online wealth management and online lending platform. In the first three quarters of 2018, Lufax Holding’s revenue and profit was said to increase “steadily.”

In wealth management business, impacted by deleveraging and new government regulations, Lufax Holding’s assets under management (AUM) dropped by 6.1% QoQ in Q3.

In retail lending, Lufax Holding’s loans under management rose by 11.0% quarter over quarter in Q3.

The company’s OneConnect is said to be the biggest Fintech service cloud platform in China and providing Fintech services for 483 banks, 42 insurers and nearly 2500 non-bank financial institutions.

Ping An Chairman and Chief Executive Officer Ma Mingzhe commented on the results:

“In 2018, China’s economy has been generally stable, while the international environment has become increasingly challenging. Adhering to the policies of the Communist Party of China (CPC) and the state, Ping An will enhance its capability of serving the real economy while preventing and mitigating financial risks, and help poverty-stricken areas to fight poverty through the Three-Village Project. Amid challenges and opportunities, Ping An will remain true to its original aspiration; to strengthen business, seek innovations, create value for customers and shareholders, and contribute to economic and social development of the country.”

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