Ant Group’s quarterly profit increased by 17.5% YoY to 13.37 billion yuan, according to Alibaba’s filing.

Ant Group Reports Strong Quarterly Profit

SHANGHAI (Reuters) – China’s‌ Ant Group recorded a net profit of 13.37 billion yuan‍ ($1.85 billion) in the‍ three months ending on March 31, marking ⁢a 17.5% increase compared to the previous year, according‍ to Reuters calculations⁣ from Alibaba Group Holding’s earnings‌ report released on Thursday.

The e-commerce giant reports ‍profit from Ant one quarter⁤ in arrears.

Alibaba, which spun off Ant 12⁣ years ago, announced last month that it would not participate in Ant’s proposed share buyback and would maintain its shareholding in the​ company.

In July, Chinese authorities fined Ant Group 7.12 billion yuan ($984 million) for violating consumer protection ⁣and corporate governance laws, concluding a long regulatory overhaul of the fintech company.

($1 = 7.2097 Chinese yuan renminbi)

Reporting ​by Casey Hall; Editing by ⁣Bernadette Baum

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