Ping An Bank structured products offering increases despite deposit curb

Ping An Bank has posted a 2.6% increase of net profit at CNY28.9 billion (US$4.5 billion) in the 2020 year-on-year (YoY) despite the continued fall of structured deposits issuance, while its new subsidiary, Ping An Wealth Management, derived a net profit of CNY165m. The bank’s retail business remains the main driver of net profit, making up 61.1% while the wholesale business represents 14.1%. Operating income increased by 11.3% to CNY153.5 billion YoY, but that growth was largely offset