邮储银行：利润增速回正，存贷规模稳步增长

Investment Rating - The report maintains a "Buy" rating for Postal Savings Bank of China (01658.HK) [5] Core Views - The bank's revenue for the first three quarters reached 260.3 billion yuan, a slight increase of 0.1% year-on-year, while net profit attributable to shareholders was 75.8 billion yuan, up 0.2% year-on-year, marking the first positive profit growth of the year [1] - The bank's asset quality remains stable, with a non-performing loan ratio of 0.86%, slightly up by 2 basis points from the previous quarter [2] - The bank's total assets reached 16.7 trillion yuan, growing by 6.5% year-to-date, with loans amounting to 8.8 trillion yuan, an increase of 7.7% year-to-date [3] Summary by Sections Performance - Net interest income increased by 1.5% year-on-year, with a net interest margin of 1.89%, slightly down by 2 basis points [1] - Fee and commission income decreased by 12.7% year-on-year due to the "reporting and operation integration" policy, impacting insurance agency income [1] - Other non-interest income rose by 0.5%, with total investment income and other gains amounting to 23.9 billion yuan, a year-on-year increase of 0.9% [1] - The cost-to-income ratio improved to 60.0%, up by approximately 0.8 percentage points year-on-year [1] Asset Quality - As of September, the non-performing loan ratio was 0.86%, with a slight increase in the attention ratio to 0.91% and overdue ratio to 1.11% [2] - The bank made provisions for impairment losses totaling 19 billion yuan, a decrease of 10.4% year-on-year [2] - The provision coverage ratio stands at 302%, down 24 percentage points from the previous quarter [2] Asset and Liability Management - Total assets reached 16.7 trillion yuan, with a loan balance of 8.8 trillion yuan, reflecting a steady growth [3] - Deposits amounted to 15 trillion yuan, up 7.5% year-to-date, with a significant increase in personal deposits contributing to the growth [3] Investment Recommendation - The report suggests that the bank's performance is showing signs of recovery, with expectations for stable growth throughout the year [3] - The bank is positioned as a "growth-oriented" state-owned bank with significant development potential, supported by a low loan-to-deposit ratio and strong asset quality [3]