Ping An Bank profit growth slows in H1

Profit growth of Ping An Bank slowed down in the first half of 2016 as the economic slowdown cast a shadow on Chinese banks, with analysts calling for changes in the business models of traditional banks.

Net profit of the Shenzhen-based commercial bank grew 6.1 percent year-on-year to 12.29 billion yuan ($1.85 billion) in the first half. The growth rate was much lower than that for the year of 2015, which was 10.42 percent.

Operating revenue of Ping An Bank rose 17.59 percent to 54.77 billion yuan in the first six months of this year. The lender is gaining more revenue from non-interest business, which generated 18.57 billion yuan, 33.91 percent of total revenue, up 0.72 percentage point from a year earlier.