PSBC(SH:601658) 市值风云·2025-09-03 10:10Core Viewpoint - The article emphasizes the resilience and long-term strategy of Postal Savings Bank in the face of industry challenges, highlighting its commitment to sustainable development and high-quality growth amidst a low interest rate environment [4][5][29]. Group 1: Financial Performance - In H1 2025, Postal Savings Bank reported revenue of 179.446 billion yuan, a year-on-year increase of 1.5%, and net profit of 49.415 billion yuan, up 1.08% [5]. - Compared to other major banks, Postal Savings Bank's revenue growth of 1.5% and net profit growth of 1.08% stands out, especially as many peers reported declines in net profit [6]. - The bank's average balance of interest-earning assets grew by 9.62% year-on-year, reaching 16.5 trillion yuan, with total assets increasing by 6.47% to 18.19 trillion yuan [10][12]. Group 2: Growth Drivers - The growth in profitability is attributed to two main drivers: the continuous expansion of interest-earning assets and rapid growth in non-interest income, alongside effective cost control [8]. - The bank's customer loans totaled 9.54 trillion yuan, a year-on-year increase of 6.99%, indicating a stable lending growth trajectory [12]. - Non-interest income saw significant growth, with total non-interest income increasing by nearly 20% year-on-year, contributing to the overall revenue [34]. Group 3: Retail Banking Strategy - Postal Savings Bank aims to become a leading large retail bank characterized by inclusivity, balance, stability, intelligence, and vitality [13][24]. - The bank's retail business remains robust, with personal loans issued reaching 4.86 trillion yuan, a growth of 1.86% year-on-year, surpassing the industry average [14]. - The bank's customer deposit total reached 16.11 trillion yuan, up 5.37% from the previous year, with personal deposits accounting for over 80% [20]. Group 4: Balanced Development Strategy - The bank is shifting from a retail-dominated model to a dual-driven approach of "retail + corporate" to enhance value creation [30]. - Corporate loans reached 4.19 trillion yuan, with a year-on-year growth of 14.83%, focusing on key sectors like advanced manufacturing and green finance [14][32]. - The bank's non-interest income from middle business segments has seen an annual growth rate of 11.3% over the past five years, significantly outperforming peers [34]. Group 5: Asset Quality and Capital Strength - As of June 2025, the non-performing loan ratio stood at 0.92%, indicating strong loan quality management, particularly in corporate lending where the ratio was 0.49% [37]. - The bank's capital adequacy ratio reached 14.57%, with a core tier 1 capital ratio of 10.52%, reflecting a solid capital base for future growth [42]. - The recent 130 billion yuan capital injection from the state enhances the bank's risk resilience and supports its long-term development strategy [40][43].