Core Viewpoint - Postal Savings Bank of China reported a slight increase in revenue and net profit for the first half of 2025, indicating a recovery in financial performance after previous declines [1][2]. Financial Performance - The bank achieved an operating income of 179.4 billion yuan, up 1.5% year-on-year, and a net profit attributable to shareholders of 49.2 billion yuan, up 0.8% year-on-year [1]. - The annualized weighted average ROE was 10.91% [1]. - Total assets reached 18.2 trillion yuan, a 10.8% increase year-on-year, with total loans and deposits growing by 10.1% and 8.4% respectively [1]. Revenue and Income Breakdown - Net interest income decreased by 2.7% year-on-year, but the decline was less severe than in the first quarter of 2025 [2]. - Non-interest income saw a significant increase of 19.1% year-on-year, with contributions from both middle-income and other non-interest revenues [2]. - Fee income rose by 11.6% year-on-year, driven by strong performance in investment banking and wealth management, which grew by 48.2% and 47.9% respectively [2]. Margin and Asset Quality - The net interest margin stabilized at 1.70%, with a narrowing decline compared to previous quarters [3]. - Loan rates decreased, with the average loan rate at 3.30%, down 48 basis points from the end of 2024 [3]. - The non-performing loan (NPL) ratio slightly increased to 0.92%, primarily due to fluctuations in personal loan quality, while corporate loan quality improved [4]. Risk Management and Outlook - The bank's provisioning coverage ratio remains high at 260%, indicating stable risk absorption capacity despite a slight decline [4]. - The bank's focus on retail banking and its unique "self-operated + agency" model continue to provide a competitive advantage, particularly in rural and central-western regions [5]. - Earnings per share (EPS) forecasts for 2025-2027 are projected at 0.74, 0.77, and 0.80 yuan, with corresponding growth rates of 2.6%, 3.6%, and 4.3% [5].

Investment Rating - The report maintains a "Strong Buy" rating for Postal Savings Bank of China (601658.SH), expecting the stock to outperform the market by over 20% within the next six months [13]. Core Views - The report highlights enhanced cost control and a significant improvement in non-interest income, with a notable recovery in fee-based income [5][7]. - The bank's first-quarter net profit decreased by 2.6% year-on-year, influenced by increased provisioning, while pre-provision profit grew by 6.2% [5][4]. - The bank's total assets reached 17.7 trillion yuan, up 8.3% year-on-year, with loans and deposits increasing by 9.8% and 9.2%, respectively [4][5]. Summary by Sections Financial Performance - In Q1 2025, Postal Savings Bank reported operating income of 894 billion yuan, a slight decline of 0.1% year-on-year, and a net profit attributable to shareholders of 252 billion yuan, down 2.6% [4]. - The annualized return on equity (ROE) for Q1 2025 was 11.33% [4]. Income and Expenses - The bank's net interest income fell by 3.8% year-on-year, while non-interest income rose by 14.8%, indicating a strong recovery in fee-based income [5][8]. - The cost-to-income ratio improved to 56.65% in Q1 2025, down from previous periods, reflecting better cost management [8]. Asset Quality - The non-performing loan (NPL) ratio slightly increased to 0.91% as of Q1 2025, with a coverage ratio of 266%, indicating stable risk mitigation capabilities [7][8]. - The report notes that the bank's asset quality remains strong, with a focus on retail banking and a solid customer base in rural and central-western regions [7]. Future Projections - The report projects EPS for 2025-2027 to be 0.89, 0.93, and 0.97 yuan, respectively, with corresponding profit growth rates of 2.6%, 3.6%, and 4.3% [7][10]. - The bank's total assets are expected to grow steadily, with loan growth rates projected at 9.0% annually [11].

非息拉动营收回暖，零售风险压力可控 强烈推荐（维持） 银行 2025 年 3 月 28 日 邮储银行(601658.SH) 行情走势图 相关研究报告 【平安证券】邮储银行（601658.SH）*半年报点评* 息 差显韧性，资产质量整体稳健*强烈推荐20240902 【平安证券】邮储银行（601658.SH）*季报点评*盈利 增速转正，代理费调降红利逐步释放 * 强 烈推荐 20241031 股价：5.33 元 主要数据 | 行业 | 银行 | | --- | --- | | 公司网址 | www.psbc.com;www.psbcltd.cn | | 大股东/持股 | 中国邮政集团有限公司/62.78% | | 实际控制人 | 中国邮政集团有限公司 | | 总股本(百万股) | 99,161 | | 流通 A 股(百万股) | 67,122 | | 流通 B/H 股(百万股) | 19,856 | | 总市值（亿元） | 5,160 | | 流通 A 股市值(亿元) | 3,578 | | 每股净资产(元) | 8.37 | | 资产负债率(%) | 94.0 | 证券分析师 | 袁喆奇 | 投资咨询资格编号 ...