On March 9, Ping An Bank Co.Ltd(000001) disclosed the annual report of 2021, and its high growth performance injected a shot in the arm for the A-share bank stocks with poor performance recently.
On March 10, Ping An Bank Co.Ltd(000001) 2021 performance conference was held online.
Regarding the stock price of Ping An Bank Co.Ltd(000001) company, Zhou Qiang, the Secretary of Ping An Bank Co.Ltd(000001) company, said when answering questions that Ping An Bank Co.Ltd(000001) company has always maintained sound fundamentals, including the latest annual report, and exceeded expectations in many aspects, but was not reflected in the stock price. He said bluntly, “It’s because the market can’t fully respond to the market’s valuation deviation, which is why we can’t fully respond to the market’s valuation.”
Meanwhile, Zhou Qiang joked that ” 14 yuan Ping An Bank Co.Ltd(000001) , should be cherished, and may not be seen in the future “. At the same time, Zhou Qiang pointed out that the overweight price of 18 yuan is their judgment of the bottom of the valuation.
Source: Daily Economic News
It is worth noting that from 2021 to now, Ping An Bank Co.Ltd(000001) ‘s share price has risen first and then fell. First, it rose from about 18 yuan in the beginning of 2021 to 25 yuan in early February, and then fell for a short period of time, but it rose back to about 25 yuan at the end of May, and then fell all the way. to the low of 13.22 yuan on March 9, 2022, falling nearly 47% in more than nine months
Board Secretary: “the share price of 14 yuan should be cherished”
According to Red Star News, at the 2021 annual performance conference of Ping An Bank Co.Ltd(000001) ( Ping An Bank Co.Ltd(000001) . SZ) on March 10, Zhou Qiang, the Secretary of the board of directors, said that from the perspective of sectors, the recent two sessions of the National People’s Congress and the National People’s Congress have also been very clear, and the main tone is broad credit and steady growth. Therefore, the bank stock sector must be in a favorable and optimistic situation.
Zhou Qiang said: “From the perspective of market style, I think there is indeed a rotation of style. Last year, everyone was chasing this kind of growth stock’s’ beauty ‘ . This year, maybe the style should also be changed. It should be the turn of ‘ village girl ‘type stock , which is simple and undervalued but can run a family like our bank stock Show it. “
For Ping An Bank Co.Ltd(000001) stocks, Zhou Qiang said that although the decline was a little tragic, the management was still very confident. Zhou Qiang believes that the current stock price can not fully and accurately reflect the valuation of Ping An Bank Co.Ltd(000001) .
“Just kidding, 14 yuan Ping An Bank Co.Ltd(000001) should be cherished. The price may be rare in the future .” Zhou Qiang said with a smile that the market may be a little lack of confidence, but Ping An Bank Co.Ltd(000001) management has shown confidence in the process of collectively increasing stock holdings last year. The increase price of more than 18 yuan is the judgment of the management on the bottom of Ping An Bank Co.Ltd(000001) valuation.
At the performance conference, Ping An Bank Co.Ltd(000001) also responded to the loan dispute with Zhongtian Financial Group Company Limited(000540) ( Zhongtian Financial Group Company Limited(000540) . SZ).
Ping An Bank Co.Ltd(000001) vice president Guo Shibang said at the press conference that recently, he saw media articles about Evergrande life suing Zhongtian Financial Group Company Limited(000540) , and also about Ping An Bank Co.Ltd(000001) sending letters. There were many questions in the market. In fact, Zhongtian Financial Group Company Limited(000540) belongs to the problem asset Ping An Bank Co.Ltd(000001) years ago. At present, Ping An Bank Co.Ltd(000001) has fully accrued provisions, the provision coverage rate has been close to 90%, and most of them have been written off. In other words, if this piece can be recovered in the future, it will be good for Ping An Bank Co.Ltd(000001) .
revenue and profit double increase
On March 9, Ping An Bank Co.Ltd(000001) released the annual performance report for 2021. During the reporting period, the bank achieved an operating revenue of 169383 billion yuan, an increase of 10.3% year-on-year achieved a net profit of 36.336 billion yuan , increased significantly by 25.6% year-on-year
Meanwhile, Ping An Bank Co.Ltd(000001) passed the profit distribution plan for 2021. As of December 31, 2021, the bank’s general risk reserve was RMB 57.083 billion, and the balance of undistributed profits was RMB 153853 billion. It is proposed to distribute cash dividends of RMB 2.28 (including tax) for every 10 shares, with a total of RMB 4.425 billion. After the distribution of cash dividends, the bank’s remaining undistributed profit was RMB 149428 million.
During the reporting period, Ping An Bank Co.Ltd(000001) retail business achieved an operating revenue of 98.237 billion yuan, with a year-on-year increase of 8.4%, accounting for 58.0% of the bank’s operating revenue; The net profit of retail business was 21.498 billion yuan, with a year-on-year increase of 17.3%, accounting for 59.2% of the bank’s net profit.
It is worth noting that in the wealth business sector of private banks, last year Ping An Bank Co.Ltd(000001) achieved a breakthrough in “millions of wealth customers”. By the end of 2021, the number of wealth customers of the bank had exceeded one million, reaching 1099800, an increase of 17.7% over the end of the previous year , including 69700 standard customers of private banks, an increase of 21.6% over the end of the previous year; Retail customer assets under management (AUM) amounted to 3182634 billion yuan, an increase of 21.3% over the end of the previous year.
During the reporting period, Ping An Bank Co.Ltd(000001) corporate business revenue was 43.377 billion yuan, a year-on-year increase of 10.4%; At the end of 2021, there were 510400 corporate customers, an increase of 1.48 times that of the previous year; The balance of enterprise deposits was 2191454 billion yuan, an increase of 10.2% over the end of the previous year.
In 2021, the market share of the bank’s main market making trading varieties remained at the forefront of the market, of which the market share of bond trading volume was 2.3%; The trading volume of “safe haven” foreign exchange and interest rate derivatives business was US $29.004 billion, a year-on-year increase of 95.7%.
In terms of asset quality, at the end of 2021, Ping An Bank Co.Ltd(000001) NPL decreased by 115 million yuan compared with the end of the previous year, NPL ratio was 1.02%, down 0.16 percentage points compared with the end of the previous year , NPL generation rate decreased by 0.61 percentage points to 1.25% compared with the same period of the previous year; Loans overdue for more than 60 days accounted for 0.87%, down 0.21 percentage points from the end of the previous year; The provision coverage rate was 288.42%, an increase of 87.02 percentage points over the end of the previous year.
After the disclosure of brilliant results, the Ping An Bank Co.Ltd(000001) share price should also rise on the 10th, up more than 5% as of the closing, with the latest share price of 14.57 yuan per share.
loans to public real estate totaled 288923 billion yuan
The reporter noted that Ping An Bank Co.Ltd(000001) also disclosed the risks of real estate business.
Specifically, by the end of 2021, Ping An Bank Co.Ltd(000001) actual and contingent credit, self operated bond investment, self operated non-standard investment and other businesses bearing credit risk had a total balance of 341089 billion yuan, of which the balance of the bank’s loans to public real estate was 288923 billion yuan, an increase of 16.96 billion yuan over the end of the previous year, accounting for 9.4% of the total principal of loans and advances issued by the bank, a decrease of 0.8 percentage point over the end of the previous year; The bank’s financial capital contribution, entrusted loans, cooperative agency management, consignment trusts and funds, lead underwriting debt financing instruments and other businesses that do not bear credit risk totaled 120686 billion yuan.
By the end of 2021, the bank’s non-performing loan ratio to public real estate was 0.22%, basically the same as that at the end of the previous year , which was 0.49 percentage points lower than the bank’s non-performing loan ratio to enterprises, and the asset quality of public real estate loans was under control.
Ping An Bank Co.Ltd(000001) said that in the follow-up, we will continue to do a good job in the balanced and orderly investment of real estate loans on the basis of implementing the regulatory requirements in strict accordance with the general policy of “housing without speculation”, focus on supporting the development of ordinary commercial housing, actively support the development of indemnificatory housing and rental housing, and actively respond to the regulatory call, Selectively support the M & A of high-quality real estate projects implemented by high-quality enterprises.
