营收正增长，资产质量保持平稳

Investment Rating - The report maintains a "Buy" rating for Postal Savings Bank of China (01658.HK) [6][9] Core Views - The bank achieved a revenue of 89.43 billion yuan in Q1 2024, reflecting a year-on-year growth of 1.4%, while the net profit attributable to shareholders decreased by 1.3% to 25.93 billion yuan [1] - The asset quality remains stable, with a non-performing loan (NPL) ratio of 0.84% and a provision coverage ratio of 326.87% as of the end of Q1 2024 [1][3] - The bank's net interest income grew by 3.1% in Q1 2024, supported by improved deposit costs and investment income [2] - The bank's retail loans showed a year-on-year increase, primarily driven by the growth in personal microloans [4] Summary by Sections Financial Performance - In Q1 2024, net interest margin was 1.92%, down by 9 basis points compared to the previous year, with interest-earning asset yield at 3.42% and interest-bearing liability cost at 1.52% [2] - Non-interest income decreased by 4.8% in Q1 2024, with net fee and commission income declining by 18.2% due to the impact of the "reporting and banking integration" policy [2] - The cost-to-income ratio increased to 59.3%, up by 3.4 percentage points year-on-year, primarily due to rising business and management expenses [2] Asset Quality - As of Q1 2024, the bank's NPL ratio was 0.84%, with a new NPL generation of 17.09 billion yuan, reflecting an annualized NPL generation rate of 0.81%, which is an improvement compared to the previous year [3] - The provision coverage ratio decreased by 20.7 percentage points year-on-year, indicating a stable asset quality [3] Asset and Liability Management - Total assets grew by 11.1% year-on-year, with loans increasing by 11.8%, contributing to a loan increment of 373.2 billion yuan in Q1 2024 [4] - Deposits increased by 10.5% year-on-year, with a total deposit increment of 672.1 billion yuan, primarily driven by retail deposits [4] Wealth Management - As of Q1 2024, the bank's retail assets under management (AUM) exceeded 16 trillion yuan, with a year-to-date increase of 845.5 billion yuan, maintaining a structure primarily based on deposits [5]