Jack Ma-Backed Ant’s Profit Up 193% in Post-Crackdown Recovery

Ant Group Co.’s profit nearly grew 193% in the June quarter, reversing a year-long decline as the fintech company regained its footing from a government crackdown.

Hangzhou-based Ant contributed nearly 2.48 billion yuan ($343 million) of profit to Alibaba Group Holding Ltd. Based on Alibaba’s one-third stake in Ant, that translates to an estimated 7.5 billion yuan in profit for the three months ended in June, according to Bloomberg calculations based on the listed company’s disclosures.

The results compared with a 10% drop in earnings for the previous three months. Its results lag a quarter behind Alibaba’s. Ant declined ...