Ge Long Hui·2025-09-01 08:07Core Viewpoint - Bank of America Securities reports that Postal Savings Bank's net profit for the first half of the year grew by 0.8% year-on-year, which is 0.9% lower than the bank's expectations [1] Financial Performance - Pre-provision profit increased by 14.6% year-on-year, surpassing the first quarter's growth of 6.2% and exceeding expectations by 8.3%, primarily due to a 7% year-on-year decrease in employee costs [1] - Return on equity (ROE) declined by 1.5 percentage points to 9.5% year-on-year [1] - The Tier 1 capital adequacy ratio increased by 131 basis points quarter-on-quarter to 10.52%, supported by capital injections [1] Dividend and Stock Price Adjustments - Due to equity dilution, the interim dividend decreased by 16.7% year-on-year to 0.123 yuan [1] - The bank has adjusted its earnings forecasts for 2025 to 2027, with a downward revision of 1% and an upward revision of 4% [1] - The target price for H-shares has been raised to 4.86 HKD, maintaining an "underperform" rating, while the target price for A-shares has been increased to 5.86 yuan, maintaining a "neutral" rating [1]