PSBC(01658) 国盛证券·2024-09-01 10:18Investment Rating - The investment rating for Postal Savings Bank is "Buy" [3] Core Views - The bank's performance in the first half of 2024 shows revenue pressure with a slight decline in both revenue and net profit, but net interest margin has stabilized. The bank's asset quality remains strong, with a continued improvement in non-performing loan generation [6][2]. Summary by Sections Performance Overview - Postal Savings Bank reported a revenue of 176.8 billion, a year-on-year decrease of 0.1%, and a net profit attributable to shareholders of 48.8 billion, down 1.5% year-on-year. The non-performing loan ratio stands at 0.84%, unchanged from the previous quarter [1]. - Net interest income increased by 1.8% year-on-year, with a net interest margin of 1.91%, showing a slight decrease of 1 basis point from the previous quarter. The decline in loan rates for both retail and corporate loans contributed to this trend [1][2]. Asset and Liability Management - Total assets reached 16.4 trillion, growing by 4% since the beginning of the year. Loans increased by 136.7 billion in the second quarter, with retail loans showing a significant increase of 464 billion [2]. - Deposits reached 14.9 trillion, a 7% increase since the beginning of the year, with time deposits growing significantly while demand deposits decreased [2]. Asset Quality - The non-performing loan ratio remains stable at 0.84%, with a slight increase in the attention ratio to 0.81%. The non-performing loan generation rate improved to 0.74%, indicating a positive trend in asset quality [2][6]. Financial Projections - The bank's financial projections indicate a slight decline in revenue growth for 2024, with expected revenue of 342.4 billion, reflecting a year-on-year decrease of 0.02%. The net profit is projected to be 86.85 billion, a modest increase of 0.67% [7][8].