SHENZHEN – Ping An Bank, a Shenzhen-listed lender controlled by Ping An Insurance, posted a year-on-year increase of 2.6 percent in net profit for 2020.

In its annual report filed with the Shenzhen Stock Exchange, the lender said it earned a net profit of 28.9 billion yuan ($4.5 billion) last year. Meanwhile, its revenue grew 11.3 percent year-on-year to 153.5 billion yuan.

By the end of 2020, the bank’s non-performing loan ratio stood at 1.18 percent, down by 0.47 percentage points from a year ago.

Its total assets had reached nearly 4.47 trillion yuan by the end of December, up 13.4 percent from the end of 2019, according to the annual report.