Di Yi Cai Jing·2025-04-02 11:47Core Viewpoint - China Postal Savings Bank aims to deliver stable and quality performance in its operations, as highlighted in its 2024 annual performance report, marking the first appearance of Chairman Zheng Guoyu since his appointment [1] Financial Performance - In 2024, the bank achieved operating income of 349.13 billion yuan, a year-on-year increase of 1.81%, with net interest income at 286.12 billion yuan, up 1.53%, and a net interest margin of 1.87% [1] - Total profit reached 94.59 billion yuan, reflecting a growth of 3.27% year-on-year [1] Capital Adequacy - As of the end of 2024, the bank's core Tier 1 capital adequacy ratio stood at 9.56%, with Tier 1 capital at 11.89% and total capital at 14.44% [2] - The bank is set to receive 130 billion yuan in special government bonds, which is expected to increase its core Tier 1 capital adequacy ratio by 1.5 percentage points [2] Fundraising and Pricing Strategy - The bank plans to issue A-shares at a price of 6.32 yuan per share, representing a 21.54% premium over the market price as of March 28 [3] - The issuance will not affect the existing shareholders' dividends for 2024, although a short-term dilution effect of approximately 6% on the return on equity is anticipated [3] Interest Margin and Asset Quality - The bank's net interest income growth has slowed to 1.53%, with a net interest margin decrease of 0.14 percentage points to 1.87% [4] - Non-performing loans increased to 80.32 billion yuan, with a notable rise in personal small loans, while the provision coverage ratio decreased to 286.15% [5] Operational Efficiency and Cost Management - The bank's savings agency fees reached 117.81 billion yuan, up 2.51% year-on-year, prompting a strategy to adjust these fees to enhance profitability [6] - Total operating costs, including employee expenses and depreciation, decreased by 0.81% to 106.22 billion yuan [7] Digital Transformation - The bank's technology investment reached 12.30 billion yuan, a 9.03% increase, leading to a monthly active user count of 81.84 million for its mobile banking services [8] - The bank has integrated AI technologies into various operations, significantly improving transaction efficiency and risk management capabilities [9]