Financial Performance - Operating income for the first half of 2024 was RMB 176,919 million, a slight decrease of 0.13% compared to RMB 177,157 million in the same period of 2023[18]. - Net interest income increased to RMB 142,876 million, up 2.04% from RMB 140,305 million year-on-year[18]. - Net profit attributable to shareholders was RMB 48,815 million, down 1.51% from RMB 49,564 million in the first half of 2023[18]. - Total assets reached RMB 16,413,529 million, an increase of 4.37% from RMB 15,726,631 million at the end of 2023[19]. - Total customer loans amounted to RMB 8,658,762 million, up 6.25% from RMB 8,148,893 million at the end of 2023[19]. - The capital adequacy ratio decreased by 0.08 percentage points to 13.82% as of June 30, 2024, compared to 14.23% at the end of 2023[17]. - The net interest margin for the first half of 2024 was 1.91%, down from 2.08% in the same period of 2023[20]. - The cost-to-income ratio increased to 59.95% in the first half of 2024, compared to 57.36% in the same period of 2023[20]. - Basic and diluted earnings per share for the first half of 2024 were RMB 0.44, slightly down from RMB 0.46 in the same period of 2023[18]. - As of June 30, 2024, the non-performing loan ratio stands at 0.84%, consistent with the previous year[21]. - The provision coverage ratio is reported at 325.61%, down from 347.57% at the end of 2023, indicating a decrease in risk mitigation capacity[21]. Risk Management - There were no significant risks identified that could adversely affect the bank's future development strategy and operational goals during the reporting period[2]. - The bank is actively managing various risks and has implemented measures to effectively mitigate them, as detailed in the risk management section of the report[4]. - The bank maintains a prudent risk preference and has established a comprehensive risk management system to enhance its risk-leading capabilities[11]. Technological Advancements - The bank is focusing on enhancing its technological capabilities and has initiated a series of activities to promote consumer spending and financial inclusion[7]. - The bank is advancing the construction of its core business systems to strengthen its technological capabilities[7]. - The bank is accelerating the promotion of digital RMB and continuously innovating its application scenarios[7]. - The bank's new core business system launched on January 27, 2024, has reduced customer on-site processing time by over 50%[187]. - The bank's data platform has provided over 1,600 data services and 326 data service APIs, with a peak daily access volume of 40 million[191]. - The bank's AI-driven complaint analysis tool has achieved a classification accuracy rate of 93%[185]. Customer Service and Engagement - The bank serves over 660 million individual customers through nearly 40,000 outlets, focusing on "three rural issues," urban and rural residents, and small and medium enterprises[10]. - The bank's operational strategy includes a unique "self-operated + agency" model to serve its target customer groups effectively[10]. - The bank's focus on customer experience management has led to the establishment of a dynamic monitoring system for customer satisfaction[197]. - The bank has opened 5,638 "Post Love Stations" to provide community services, benefiting over 2.36 million people during the reporting period[195]. Sustainable Development and Green Finance - The bank has launched the first "ESG Climate Finance Loan" to explore new models of green finance in the local area[7]. - The balance of green loans amounted to RMB 693.099 billion, representing an 8.66% increase compared to the end of the previous year, consistently outpacing the average growth rate of various loans[170]. - The company aims to support the United Nations' 2030 Sustainable Development Goals and the Paris Agreement by promoting sustainable finance and climate financing[170]. - The company provided preferential interest rates for green projects with significant carbon reduction benefits, offering a 15 basis points discount for green credit and bonds, and a 70 basis points discount for green agriculture and micro-enterprises[172]. Corporate Strategy and Growth - The bank aims to enhance its service capabilities and accelerate its transformation into a digital ecological bank, focusing on rural revitalization and new urbanization[12]. - The bank is committed to a "5+1" strategic path, emphasizing digital finance, ecological finance, collaborative finance, industrial finance, and green finance[11]. - The bank is actively implementing national strategies and fulfilling its social responsibilities while pursuing high-quality development[11]. - The bank's financial services are designed to be integrated and efficient, providing high-quality and convenient services to a broad customer base[11]. Financial Health and Capital Structure - The bank's Tier 1 capital ranked 12th in the "Top 1000 World Banks" list by The Banker in 2024[11]. - The bank's equity totaled RMB 1,006.80 billion, an increase of RMB 50.18 billion, or 5.25%, primarily driven by a net profit increase of RMB 48.88 billion[86]. - Customer deposits reached RMB 14,865.06 billion, up RMB 909.10 billion, or 6.51% year-over-year, with individual deposits contributing RMB 13,215.24 billion, a growth of 5.77%[82]. Operational Efficiency - The operating expenses for the first half of 2024 amounted to RMB 107,372 million, an increase of RMB 4,263 million or 4.13% year-on-year[54]. - The company has implemented a centralized approval process for microloans, achieving a 40% reduction in review personnel costs and a 90% decrease in post-loan service time[107]. - The company has achieved a 70% improvement in business processing efficiency through the introduction of a video self-service signing model for agricultural credit[182]. Community and Social Responsibility - The company has actively engaged in social responsibility initiatives, including consumer rights protection and financial fraud prevention campaigns[167]. - The company conducted financial knowledge promotion activities reaching approximately 400,000 participants, and the "Financial Supermarket Challenge" event had a total exposure of 1.27 million times[167]. - The company has implemented energy-saving measures, achieving over 20% water savings through the use of water-saving devices in its Hebei branch[175].

Investment Rating - The investment rating for Postal Savings Bank is "Buy" [1][5]. Core Views - The bank's Q1 2024 performance met expectations, showing stable results with double-digit credit growth and a solid liability base, justifying the "Buy" rating [5]. - Revenue resilience is noted, with a slight decline in profit. Q1 revenue grew by 1.4% year-on-year, making Postal Savings Bank the only state-owned bank to achieve positive revenue growth [5]. - The net interest margin for Q1 narrowed by 10 basis points year-on-year, but interest income increased by 3.1% due to high credit growth, while non-interest income rose by 16.7% [5]. - The bank's loan growth was robust, with total loans increasing by 11.8% year-on-year, driven by a 18.1% increase in corporate loans and a 10.5% increase in retail loans [5]. - The bank's deposit base grew over 10% year-on-year, with retail deposits contributing significantly, enhancing the liability structure [5]. - Asset quality showed slight fluctuations, with a non-performing loan ratio of 0.84% and a provision coverage ratio of 326.9% [5]. Financial Summary - The projected net profit growth rates for Postal Savings Bank from 2024 to 2026 are 0.13%, 2.89%, and 5.80%, respectively, with corresponding EPS of 0.82, 0.84, and 0.89 yuan [5][6]. - The target price is set at 5.0 HKD, corresponding to a 0.55 times price-to-book ratio for 2024 [5].

Investment Rating - The report maintains a "Buy" rating for Postal Savings Bank of China (01658.HK) [6][9] Core Views - The bank achieved a revenue of 89.43 billion yuan in Q1 2024, reflecting a year-on-year growth of 1.4%, while the net profit attributable to shareholders decreased by 1.3% to 25.93 billion yuan [1] - The asset quality remains stable, with a non-performing loan (NPL) ratio of 0.84% and a provision coverage ratio of 326.87% as of the end of Q1 2024 [1][3] - The bank's net interest income grew by 3.1% in Q1 2024, supported by improved deposit costs and investment income [2] - The bank's retail loans showed a year-on-year increase, primarily driven by the growth in personal microloans [4] Summary by Sections Financial Performance - In Q1 2024, net interest margin was 1.92%, down by 9 basis points compared to the previous year, with interest-earning asset yield at 3.42% and interest-bearing liability cost at 1.52% [2] - Non-interest income decreased by 4.8% in Q1 2024, with net fee and commission income declining by 18.2% due to the impact of the "reporting and banking integration" policy [2] - The cost-to-income ratio increased to 59.3%, up by 3.4 percentage points year-on-year, primarily due to rising business and management expenses [2] Asset Quality - As of Q1 2024, the bank's NPL ratio was 0.84%, with a new NPL generation of 17.09 billion yuan, reflecting an annualized NPL generation rate of 0.81%, which is an improvement compared to the previous year [3] - The provision coverage ratio decreased by 20.7 percentage points year-on-year, indicating a stable asset quality [3] Asset and Liability Management - Total assets grew by 11.1% year-on-year, with loans increasing by 11.8%, contributing to a loan increment of 373.2 billion yuan in Q1 2024 [4] - Deposits increased by 10.5% year-on-year, with a total deposit increment of 672.1 billion yuan, primarily driven by retail deposits [4] Wealth Management - As of Q1 2024, the bank's retail assets under management (AUM) exceeded 16 trillion yuan, with a year-to-date increase of 845.5 billion yuan, maintaining a structure primarily based on deposits [5]

Financial Performance - Net profit for Q1 2024 was RMB 25,957 million, a decrease of 1.25% from RMB 26,285 million in Q1 2023[3]. - The company's operating revenue for the reporting period was 89.494 billion yuan, representing a year-on-year growth of 1.42%[13]. - The net profit attributable to shareholders was 25.926 billion yuan, maintaining a stable performance despite industry challenges[13]. - Net profit for the period was CNY 25.957 billion, a decrease of CNY 3.28 billion, or 1.25% year-on-year[19]. - Total operating income for Q1 2024 was RMB 89,494 million, up from RMB 88,242 million in Q1 2023, indicating a growth of 1.4%[30]. Asset and Liability Management - Total assets increased to RMB 16,331,949 million, up 3.85% from RMB 15,726,631 million at the end of 2023[2]. - The bank's total liabilities amounted to RMB 15,323,248 million, an increase of 3.75% from RMB 14,770,015 million[2]. - The bank's equity attributable to shareholders increased to RMB 1,006,927 million as of March 31, 2024, from RMB 954,873 million at the end of 2023, a growth of 5.5%[33]. - The adjusted on-balance sheet assets total RMB 16,951,270 million after accounting for various adjustments, including a deduction for impairment provisions of RMB 262,689 million[39]. Loan and Deposit Growth - Customer loans reached RMB 8,522,074 million, reflecting a growth of 4.58% compared to RMB 8,148,893 million[2]. - Customer deposits rose to RMB 14,628,047 million, marking a 4.82% increase from RMB 13,955,963 million[2]. - The balance of differentiated credit growth reached 5.31 trillion yuan, accounting for 62.34% of total loans, an increase of 0.35 percentage points from the end of the previous year[13]. - Agricultural loans balance reached CNY 2.33 trillion, an increase of CNY 176.23 billion compared to the end of last year[14]. - Inclusive small and micro enterprise loans balance reached CNY 1.58 trillion, accounting for over 18% of total customer loans, with a growth rate exceeding 30%[15]. Capital Adequacy and Risk Management - The bank's core tier 1 capital adequacy ratio stood at 9.41%, compared to 9.23% at the end of 2023[5]. - The liquidity coverage ratio stood at 282.57%, indicating a strong liquidity position relative to net cash outflows[37]. - The net stable funding ratio was reported at 165.81%, reflecting a robust funding profile[37]. - The company is focusing on enhancing risk management capabilities and has implemented a digital risk monitoring system[13]. Investment and Cash Flow - Operating cash flow increased significantly to RMB 225,146 million, up 829.74% from RMB 24,216 million year-on-year[4]. - Cash flow from investment activities resulted in a net outflow of RMB 65,769 million, compared to a net outflow of RMB 3,334 million in the previous year, indicating increased investment activity[35]. - Cash flow from financing activities showed a net outflow of RMB 68,646 million, contrasting with a net inflow of RMB 47,240 million in the same period last year, reflecting changes in capital structure[35]. Customer and Market Engagement - The number of ordinary shareholders reached 162,562, including 160,105 A-share shareholders and 2,457 H-share shareholders[6]. - The number of technology-based enterprises served reached 74,800, with a loan balance growth of 13.97% compared to the previous year[15]. - The number of VIP clients reached 53.82 million, growing by 4.55% compared to the end of last year[16]. - The company launched a comprehensive digital management platform for small and micro enterprises, serving a total of 14,000 clients[15]. Strategic Initiatives - The company aims to achieve its "14th Five-Year Plan" goals, emphasizing high-quality development and innovation[13]. - The company is actively optimizing its liability structure to maintain cost advantages[13]. - The company is committed to supporting the "two small" loan growth in agriculture and small enterprises, achieving historical highs in loan increments[13]. - The company is actively exploring green financial products, including the innovative "ESG loan + insurance" service model[16].

股 票 研 究 [Table_industryInfo] 商业银行/金融 [ Table_Main[ITnafbol]e _Title] [评Tab级le_：Inv est] 增持 邮储银行(601658) 上次评级： 增持 信贷高增，息差韧性较强 目标价格： 6.10 公 上次预测： 6.52 ——邮储银行2023 年报业绩点评 司 当前价格： 4.75 更 刘源(分析师) 钟昌静(研究助理) 2024.03.31 新 021-38677818 010-83939787 [交Ta易bl数e_M据a rket] 报 liuyuan023804@gtjas.com zhongchangjing028678@gtjas.com 52周内股价区间（元） 4.24-5.93 告 证书编号 S0880521060001 S0880123070141 总市值（百万元） 471,015 总股本/流通A股（百万股） 99,161/67,122 本报告导读： 流通 B股/H股（百万股） 0/19,856 邮储银行2023年营收和净利润增速符合预期，信贷保持高速增长，净息差收窄幅度 流通股比例 88% 优于同业，资产质量整体保持 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 POSTAL SAVINGS BANK OF CHINA CO., LTD. （股份代號：1658) 2023年第三季度報告 中國郵政儲蓄銀行股份有限公司（「本行」）董事會（「董事會」）謹此宣佈本行及附屬公司截至2023年9月30日止九個 月的業績。本公告乃根據《證券及期貨條例》（香港法例第571章）第XIVA部及《香港聯合交易所有限公司證券上市 規則》第13.09條的規定而作出。 1 重要提示 1.1 本行董事會、監事會及董事、監事、高級管理人員保證本季度報告內容的真實、準確、完整，不存在虛假記 載、誤導性陳述或者重大遺漏，並承擔個別和連帶的法律責任。 1.2 2023年10月27日，本行董事會審議通過了《2023年第三季度報告》。 1.3 本行法定代表人劉建軍、主管財務工作副行長徐學明及財務會計部負責人鄧萍保證本季度報告中財務信息的 真實、準確、完整。 1.4 本季度財務報表未經審計。 1 2 主要 ...

Financial Performance - Operating income for the first half of 2023 was RMB 177.16 billion, a year-on-year increase of 2.03% compared to RMB 173.64 billion in the same period of 2022[19]. - Net profit attributable to bank shareholders for the first half of 2023 reached RMB 49.56 billion, reflecting a year-on-year growth of 5.20% from RMB 47.11 billion in the first half of 2022[19]. - The bank's comprehensive income totalled RMB 50.79 billion, representing a year-on-year increase of 12.22%[40]. - The bank's operational philosophy is to understand the market and act proactively, ensuring compliance and prudent risk management[14]. - The bank's income from personal banking business grew by 2.59% year-on-year, accounting for 72.15% of total operating income, an increase of 0.39 percentage points[97]. Asset and Loan Growth - Total assets exceeded RMB 15 trillion, an increase of 7.51% compared to the end of the previous year[2]. - Total customer loans reached RMB 7.82 trillion as of June 30, 2023, an increase of 8.49% from RMB 7.21 trillion at the end of 2022[20]. - Customer deposits grew to RMB 13.30 trillion, marking a 4.62% increase from RMB 12.71 trillion at the end of 2022[20]. - The total loan balance in poverty alleviation areas (832 counties) reached CNY 468.67 billion, an increase of CNY 55.30 billion from the previous year[147]. - The balance of inclusive small and micro enterprise loans reached CNY 1.35 trillion, accounting for over 17% of the total customer loan amount, maintaining a leading position among state-owned banks[159]. Risk Management - Non-performing loan ratio stands at 0.81%, with a provision coverage ratio of 381.28%[2]. - The bank emphasizes a risk management system that is comprehensive, full-process, and involves all employees, enhancing its risk-leading capabilities[12]. - The bank actively implements measures to effectively manage various risks[3]. - The bank's loan-to-deposit ratio improved to 58.81%, an increase of 2.10 percentage points compared to the end of the previous year[38]. - The bank's credit card non-performing rate decreased by 0.12 percentage points to 1.83%[111]. Digital Transformation and Innovation - The bank is focusing on digital transformation and innovation, including the introduction of AI-driven customer service and new operational models[32]. - The bank launched the "U Benefit Creation" financial brand to support high-quality development of specialized and innovative enterprises[8]. - The bank is enhancing its digital service capabilities through the "C+" integrated service platform, aiming for improved customer experience and operational efficiency[99]. - The company has implemented a digital transformation strategy that integrates risk management with green finance, utilizing AI technology for dynamic monitoring of environmental benefits[183]. - The company has established a digital agricultural industry alliance to enhance financial services across the entire lychee industry chain, addressing financing, sales, and logistics challenges[157]. Customer Base and Service Expansion - The company serves over 650 million individual customers through nearly 40,000 service outlets, focusing on rural areas, urban residents, and small and medium-sized enterprises[12]. - The number of customers increased by 150,100 to 2.0845 million, with specialized and innovative enterprises growing by over 30%[31]. - The number of personal customers served reached 656 million, with assets under management (AUM) totaling CNY 14.52 trillion, an increase of CNY 632.5 billion from the end of the previous year[98]. - The bank processed a total of CNY 3.13 trillion in collected funds and CNY 9.14 trillion in paid funds, including CNY 243.17 billion in collected social security pensions and CNY 4.83 trillion in paid pensions[102]. - The company has established a unique "4-3-2-1" service model, integrating digital services to enhance inclusive financial capabilities[168]. Corporate Social Responsibility and Sustainability - The company has signed the United Nations Sustainable Blue Economy Finance Initiative in March 2023, becoming the first state-owned commercial bank in China to do so[179]. - The company has launched various green financial products, including small loans for photovoltaic equipment and clean energy projects, with a total issuance of RMB 5 billion in green financial bonds in the interbank bond market[183]. - The company has established 25 green financial institutions to support local economic green and low-carbon transformation[179]. - The company has implemented a green procurement policy, requiring suppliers to adhere to energy-saving and environmental protection agreements[183]. - The company has developed a comprehensive green banking management mechanism, optimizing its credit policies to focus on green finance and climate financing[183]. Employee Development and Welfare - The bank's corporate culture emphasizes resilience, warmth, and a commitment to employee development and satisfaction[14]. - The company has committed to enhancing employee welfare and satisfaction, focusing on improving the quality of life and addressing urgent employee needs[186]. - The company has organized multiple sports events, such as badminton and volleyball tournaments, to promote physical fitness among employees[190]. - The company emphasizes the importance of employee mental health and has established a psychological support system, including a hotline and various activities aimed at enhancing mental well-being[188]. - A specialized training program for customer service engineers is being implemented to enhance their professional and comprehensive capabilities[199].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 POSTAL SAVINGS BANK OF CHINA CO., LTD. （股份代號：1658) 2023年第一季度報告 中國郵政儲蓄銀行股份有限公司（「本行」）董事會（「董事會」）謹此宣佈本行及附屬公司截至2023年3月31日止三個 月的業績。本公告乃根據《證券及期貨條例》（香港法例第571章）第XIVA部及《香港聯合交易所有限公司證券上市 規則》第13.09條的規定而作出。 1 重要提示 ...

中国邮政储蓄银行 ｜ 绿色让生适更美好 2022 年度報告 4 ■ ● A FF 中国邮政储蓄银行 K A 中國郵政儲蓄銀行股份有限公司 Postal Savings Bank of China Co., Ltd. (於中華人民共和國註冊成立的股份有限公司) 股份代號：1658 1 營業收入3,353.91億元，同比增長5.10% 2 歸屬於銀行股東的 淨利潤852.24億元， 同比增長11.89% 手續費及佣金 淨收入284.34億元， 同比增長29.20% 3 資產總額突破14萬億元， 4 較上年末增長11.75% 5 負債總額達13.24萬億元， 較上年末增長12.29% 客戶貸款總額達7.21萬億元， 較上年末增長11.72% 7 6 客戶存款總額達12.71萬億元， 較上年末增長11.98% 8 不良貸款率0.84%， 撥備覆蓋率385.51% 邁入新時代，郵儲銀行將繼續守正創新，著力打造鄉村振興、中小微企業、主動授信、 財富管理、金融市場五大差異化增長極： —紮根建設農業強國的廣袤熱土， 做「三農」金融的主力軍，用耕耘收獲夢想。 發揮覆蓋最廣、下沉最深的網絡優勢，依託 齊全的產品體系、專業的隊伍、 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 POSTAL SAVINGS BANK OF CHINA CO., LTD. （股份代號：1658) 2022年第三季度報告 中國郵政儲蓄銀行股份有限公司（「本行」）董事會（「董事會」）謹此宣佈本行及附屬公司截至2022年9月30日止九個 月的業績。本公告乃根據《證券及期貨條例》（香港法例第571章）第XIVA部及《香港聯合交易所有限公司證券上市規 則》第13.09條的規定而作出。 1 1 重要提示 1.1 本行董事會、監事會及董事、監事、高級管理人員保證本季度報告內容的真實、準確、完整，不存在虛假記 載、誤導性陳述或者重大遺漏，並承擔個別和連帶的法律責任。 1.2 2022年10月26日，本行董事會審議通過了《2022年第三季度報告》。會議應出席董事13名，親自出席13名。 1.3 本季度財務報表未經審計。 1.4 本行法定代表人劉建軍1、主管財務工作副行長張學文（代為履行財務會計部負責人職責2）聲明 ...