数说者·2026-01-19 00:23Core Viewpoint - The article analyzes the comparison between Postal Savings Bank of China (PSBC) and Citic Bank, particularly in light of the appointment of Lu Wei, the former president of Citic Bank, as the president of PSBC, and discusses the potential impact of this leadership change on PSBC's operations and strategy [2]. Group 1: Background and Structure - PSBC traces its origins back to 1919 with the establishment of postal savings, and it officially became a limited liability company in 2007, transitioning to a joint-stock company in 2012 [3]. - Citic Bank was established in 1987, evolving from the banking department of the former China International Trust Investment Corporation, and was renamed in 2005 [5]. - As of September 2025, PSBC's major shareholders include China Post Group (51.87%), the Ministry of Finance (15.77%), and China Mobile (6.70%) [4]. - Citic Bank's major shareholders include Citic Financial Holdings (64.75%) and the Ministry of Finance (21.30%) [6]. Group 2: Operational Scale and Network - By the end of 2024, PSBC had 7,899 branches across China, leveraging its extensive postal network, while Citic Bank had 1,470 branches in 153 cities [8]. - PSBC's branch network is significantly larger, especially in rural areas, while Citic Bank has international branches in Hong Kong and London [8]. Group 3: Subsidiaries and Business Focus - PSBC has three major subsidiaries focused on consumer finance, wealth management, and direct banking [9]. - Citic Bank operates seven major subsidiaries, including those in international finance and asset management, indicating a broader range of services [10]. Group 4: Financial Performance - As of the end of 2024, PSBC's total assets were CNY 17.08 trillion, compared to Citic Bank's CNY 9.53 trillion, indicating that PSBC's assets are approximately twice that of Citic Bank [13][14]. - In terms of net profit, PSBC reported CNY 864.79 billion in 2024, while Citic Bank reported CNY 685.76 billion, showing PSBC's profitability advantage [13]. - PSBC's non-performing loan ratio was 0.90% in 2024, lower than Citic Bank's 1.16%, indicating better asset quality [14][37]. Group 5: Income Structure and Cost Efficiency - PSBC's operating income heavily relies on net interest income, which constituted 82.04% of its revenue in 2024, while Citic Bank's was 68.66% [13][25]. - The cost-to-income ratio for PSBC was 64.23% in 2024, significantly higher than Citic Bank's 30%, primarily due to its unique cost structure related to deposit acquisition [47][50]. Group 6: Employee and Compensation Analysis - As of 2024, PSBC employed 197,600 people, significantly more than Citic Bank's 65,500 employees, leading to lower average compensation at PSBC (CNY 324,100) compared to Citic Bank (CNY 600,000) [12][54].