PSBC(01658) 国盛证券·2025-03-28 11:13Investment Rating - The investment rating for Postal Savings Bank is "Buy" [6] Core Views - The bank reported a revenue of 348.8 billion yuan for 2024, representing a year-on-year growth of 1.83%. The pre-provision profit reached 123 billion yuan, up 5% year-on-year, while the net profit attributable to shareholders was 86.5 billion yuan, a slight increase of 0.24% [1] - The bank has proactively adjusted its savings agency fee rates for the first time since its listing, aiming to optimize its liability structure and reduce interest costs. The comprehensive agency fee rate for 2024 decreased from 1.08% to 1.04%, resulting in a reduction of agency fees by 3.5 billion yuan [2] - Non-interest income has supported revenue growth, with net interest income increasing by 1.53% year-on-year. The net interest margin for 2024 was 1.87%, down 14 basis points from the previous year. Other non-interest income grew by 15.15%, driven by a 30.89% increase in investment income [3][4] Summary by Sections Financial Performance - For 2024, the bank's operating income and net profit attributable to shareholders grew by 1.83% and 0.24%, respectively. The growth in revenue was primarily supported by an increase in non-interest income [3] - The bank's net interest income rose by 1.53%, while the net interest margin decreased to 1.87%. The bank's interest-earning assets and loan yield were 3.32% and 3.78%, respectively [3] - The bank's total assets and loan amounts at the end of Q4 2024 were 17.1 trillion yuan and 8.9 trillion yuan, reflecting year-on-year growth of 8.64% and 9.38% [13] Asset Quality - The non-performing loan (NPL) ratio at the end of Q4 2024 was 0.90%, with a provision coverage ratio of 286.15%. The NPL ratio for personal loans was 1.28%, showing a slight increase [11][12] - The bank's credit cost for 2024 was 0.34%, a decrease of 1 basis point year-on-year. The NPL generation rate was 0.84%, down 1 basis point from the previous year [12] Dividends and Shareholder Returns - The bank declared a cash dividend of 2.616 yuan per 10 shares for 2024, resulting in a dividend payout ratio of 30% [1] Future Outlook - The bank is expected to continue its stable performance, with a focus on increasing its loan-to-deposit ratio and maintaining strong asset quality. The long-term growth potential remains significant as a state-owned bank [13]