PSBC(SH:601658) Shang Hai Zheng Quan Bao·2025-10-30 23:17Core Viewpoint - The report highlights the financial performance and strategic initiatives of China Postal Savings Bank for the third quarter of 2025, emphasizing its commitment to high-quality development and risk management while achieving growth in both revenue and net profit [16][25]. Financial Performance - For the first nine months of 2025, the bank achieved operating income of RMB 265.08 billion, an increase of 1.82% year-on-year, and net profit of RMB 76.79 billion, up 1.07% year-on-year [25]. - The annualized return on total assets was 0.58%, and the annualized weighted average return on equity was 10.67% [25]. - Interest income for the same period was RMB 210.51 billion, a decrease of 2.07% year-on-year, while net interest margin remained at 1.68% [26]. - Non-interest income, including fees and commissions, increased by 11.48% to RMB 23.09 billion, and other non-interest income rose by 27.52% to RMB 31.48 billion [27][28]. - Operating expenses decreased by 2.66% to RMB 152.17 billion, reflecting effective cost management [29]. Asset Quality and Capital Adequacy - As of the end of September 2025, the bank's total assets reached RMB 18.61 trillion, a year-on-year increase of 8.90% [31]. - The total customer loans amounted to RMB 9.66 trillion, with a year-on-year growth of 8.33% [31]. - The non-performing loan ratio stood at 0.94%, with a slight increase of 0.04 percentage points from the previous year [34]. - The core tier one capital adequacy ratio was 10.65%, up 1.09 percentage points from the previous year, indicating a solid capital position [34]. Strategic Initiatives - The bank is focused on enhancing its asset-liability management and has seen a 17.91% increase in corporate loans, reflecting its commitment to supporting the real economy [17]. - The bank is actively pursuing a transformation towards a more diversified and sustainable growth model, with a focus on non-interest income and risk management [18][19]. - The bank has implemented various initiatives to optimize financial supply and ensure that policy benefits reach market entities effectively [20]. - The bank's retail assets under management (AUM) reached RMB 17.89 trillion, growing over 7% year-on-year, indicating strong customer engagement [20]. Shareholder Information - As of the report date, the total number of ordinary shareholders was 142,576, with significant holdings by the controlling shareholder, China Postal Group [12]. - The bank plans to distribute a mid-term cash dividend of RMB 1.230 per share, totaling approximately RMB 14.77 billion [38].